Albany, NY – A bill that would have allowed school districts to borrow up to $1 billion for pension contributions might get axed by the governor. Aides to Governor Andrew Cuomo said he will veto the bill that was approved in the final hours of last week's packed legislative session.
Critics have said the measure would undermine the state's recently enacted limit on property tax increases.
The endangered measure would have allowed, for the first time, schools to borrow the money without voter approval. The money also would have been exempt from the restriction on tax increases.
Cuomo has not confirmed that he would veto the bill.