New York A 865: Establishes the community literacy fund

Bill Text

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A00865 Summary:

BILL NOA00865 

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SAME ASSAME AS S00612

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SPONSORForrest

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COSPNSR

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MLTSPNSR

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Amd §§2855 & 1950, Ed L

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Requires the appointment of an independent fiduciary upon the closing of a charter school to develop and implement the dissolution plan of such charter school, including the distribution of assets.

Go to top A00865 Actions:

BILL NOA00865 

&nbsp

01/08/2025referred to education

01/07/2026referred to education

Go to topA00865 Committee&nbspVotes:

Go to topA00865 Floor&nbspVotes:

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

Go to topA00865 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 865

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

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

 AN ACT to amend the education law, in relation to the appointment of an
 independent fiduciary upon the dissolution of a charter school

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

 1 Section 1. Section 2855 of the education law is amended by adding
 2 three new subdivisions 2-a, 2-b and 2-c to read as follows:
 3 2-a. (a) Within thirty days of a final decision, or as soon as practi-
 4 cable thereafter, by a charter entity to revoke, to not renew, or to
 5 acknowledge the expiration or surrender of a charter, the commissioner
 6 may appoint an independent fiduciary to implement the dissolution plan
 7 of such charter school, including the distribution of assets pursuant to
 8 paragraph (t) of subdivision two of section twenty-eight hundred fifty-
 9 one of this article, and shall notify the closing charter school, the
 10 school district of location for the charter school and the school
 11 districts of residence for the charter school in writing of the
 12 appointed independent fiduciary responsible for overseeing the school's
 13 dissolution and closure process.
 14 (b) The independent fiduciary may be a non-profit entity, board of
 15 cooperative educational services (BOCES), a school district other than
 16 the school district of location for the charter school or a school
 17 district of residence for pupils of such charter school, or an individ-
 18 ual.
 19 (c) The independent fiduciary shall contract with the charter school
 20 and shall be compensated, and shall be reimbursed for reasonable and
 21 necessary expenses incurred as determined by the commissioner. Such
 22 compensation and reimbursement shall be paid by the charter school. The
 23 independent fiduciary shall be entitled to defense and indemnification
 24 by the charter school to the same extent as a charter school employee.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02081-01-5

 A. 865 2

 1 The appointment of an independent fiduciary may be terminated by the
 2 commissioner for a violation of law or the commissioner's regulations or
 3 for breach of contract or neglect of duty as determined by the commis-
 4 sioner. In the event that an independent fiduciary's appointment is
 5 terminated by the commissioner, a replacement independent fiduciary
 6 shall be appointed by the commissioner as soon as practicable following
 7 the effective date of such termination.
 8 2-b. Notwithstanding any other provision of law to the contrary, the
 9 independent fiduciary shall have the power to review all existing
 10 disbursements and to review, disallow, modify or approve all new
 11 contracts and disbursements of the charter school subsequent to the date
 12 of the fiduciary's appointment, the authority to prepare and file a
 13 petition regarding the disposition of assets and/or a petition for
 14 dissolution on behalf of the charter school's board of trustees, and may
 15 supersede any decision or policy of the charter school that in the sole
 16 judgment of the independent fiduciary conflicts with the school dissol-
 17 ution plan. The independent fiduciary shall, within sixty days follow-
 18 ing the formal dissolution of the charter school, submit a comprehensive
 19 report to the commissioner including information pertaining to the
 20 disposition of assets pursuant to sec