Authorizes school districts to borrow against certain reserve funds, subject to board of education resolution.

This bill amends the local finance law to allow school districts to borrow from specific reserve funds, such as the workers' compensation reserve fund and the unemployment insurance payment reserve fund. The borrowing is subject to a resolution adopted by the board of education, which must detail the amount to be borrowed, the reserve fund source, and the anticipated revenue for repayment. Borrowing is limited to 75% of the total reserve fund and must be repaid within the same fiscal year, with exceptions for borrowing initiated in the final two weeks of a fiscal year.

Authorizes school districts to borrow against certain reserve funds, subject to board of education resolution.

This bill amends the local finance law to allow school districts to borrow from specific reserve funds, such as the workers' compensation reserve fund and the unemployment insurance payment reserve fund. The borrowing is subject to a resolution adopted by the board of education, which must detail the amount to be borrowed, the reserve fund source, and the anticipated revenue for repayment. Borrowing is limited to 75% of the total reserve fund and must be repaid within the same fiscal year, with exceptions for borrowing initiated in the final two weeks of a fiscal year.