New York A 7904: Relates to investment of moneys of retirement funds in foreign equity securities

Bill Text

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A07904 Summary:

BILL NOA07904 

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SAME ASSAME AS S06622

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SPONSORSmullen

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COSPNSR

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MLTSPNSR

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Amd §3651, Ed L

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Authorizes school districts to establish reserve funds for special services or programs upon approval by the board of education of such district in an amount not to exceed 10% of other reserve funds of the district.

Go to top A07904 Actions:

BILL NOA07904 

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04/11/2025referred to education

01/07/2026referred to education

05/18/2026held for consideration in education

Go to topA07904 Committee&nbspVotes:

Committee:EDUCATION Chair:Benedetto 
DATE:05/18/2026AYE/NAY:17/7 Action: Held for Consideration Correction Date:05/22/2026BenedettoAyeSmithNay

MagnarelliAyeMcDonoughExcused

PaulinAyeMikulinExcused

RamosAyeReillyNay

KimExcusedBrownNay

OtisAyeChangNay

HyndmanAyePirozzoloNay

BronsonAyeSempolinskiNay

RomeroAyeMillerNay

Bichotte HermelAbsent

JacobsonAye

ButtenschonAbsent

ConradAbsent

JacksonAye

MitaynesAye

SeptimoAbsent

De Los SantosAye

Pheffer AmatoAye

GibbsAye

ClarkAye

ZaccaroAye

TorresAye

Go to topA07904 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07904 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7904

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 11, 2025
 ___________

 Introduced by M. of A. SMULLEN -- read once and referred to the Commit-
 tee on Education

 AN ACT to amend the education law, in relation to authorizing school
 districts to establish reserve funds for special services or programs

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 3651 of the education law is amended by adding two
 2 new subdivisions 1-c and 3-b to read as follows:
 3 1-c. Notwithstanding the provisions of subdivision one of this
 4 section, any school district may establish a reserve fund for special
 5 services or programs upon approval by the board of education of such
 6 school district, and without any further approval being required by the
 7 qualified voters of such school district, provided, however, that the
 8 total of the monies held in such reserve fund shall not exceed ten
 9 percent of the monies held by such school district in a reserve fund
 10 established pursuant to subdivision one of this section. Such reserve
 11 fund may be established for funding, in whole or in part, the cost of
 12 any special services or programs established by such school district.
 13 Upon approval of the creation of such reserve fund, the board of educa-
 14 tion of shall determine the ultimate amount, the probable term, and the
 15 source from which the monies of such reserve fund are to be obtained.
 16 There shall be paid into such reserve fund an annual amount sufficient
 17 to meet the requirements of such board of education's determination. In
 18 addition, the board of education of such school district may from time
 19 to time direct the school authorities to pay into such reserve fund
 20 monies derived from any other source. Upon the creation of a reserve
 21 fund under this subdivision, the board of education of the school
 22 district may authorize a one-time removal of restrictions from any other
 23 protected reserves of such school district to initially fund such
 24 reserve fund. For the purposes of this subdivision, the term "special

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10896-01-5

 A. 7904 2

 1 services or programs" shall have the same meaning as defined by section
 2 forty-four hundred one of this chapter.
 3 3-b. Notwithstanding the provisions of subdivision three of this
 4 section, any school district which establishes a reserve fund in accord-
 5 ance with subdivision one-c of this section may make expenditures from
 6 such reserve fund for the purposes specified in such subdivision without
 7 authorization of the voters.
 8 § 2. This act shall take effect immediately.

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