Bill Text: NY A07359 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the bonding authority of the New York city housing development corporation.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2023-10-23 - signed chap.534 [A07359 Detail]

Download: New_York-2023-A07359-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7359

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      May 18, 2023
                                       ___________

        Introduced  by M. of A. LUCAS -- read once and referred to the Committee
          on Housing

        AN ACT to amend the private housing finance law, in relation to increas-
          ing the bonding authority of the New  York  city  housing  development
          corporation

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

     1    Section 1. Paragraph c of subdivision 1 of section 656 of the  private
     2  housing  finance  law, as amended by chapter 546 of the laws of 2022, is
     3  amended to read as follows:
     4    c. No bonds or notes of the corporation shall be issued if  upon  such
     5  issuance the aggregate principal amount of bonds and notes of the corpo-
     6  ration  then  outstanding  exceeds  the  lesser  of  [eighteen] nineteen
     7  billion dollars or such  amount  as  would  cause  the  maximum  capital
     8  reserve fund requirement to exceed eighty-five million dollars; provided
     9  that,  in  determining  such  aggregate principal amounts there shall be
    10  deducted (i) all sums then available for the payment of  such  bonds  or
    11  notes  either  at  maturity  or through the operation of a sinking fund;
    12  (ii) the aggregate principal amount of outstanding bonds issued  (a)  to
    13  refund  notes  and  (b)  to  refund  bonds,  theretofore issued and then
    14  outstanding; and (iii) the aggregate  principal  amount  of  outstanding
    15  notes issued to renew notes theretofore issued and then outstanding. The
    16  provisions  of the prior sentence notwithstanding, the corporation shall
    17  not issue bonds if such issuance shall cause the  maximum  reserve  fund
    18  requirement  to exceed thirty million dollars unless prior to such issu-
    19  ance the senate and assembly shall have adopted a concurrent  resolution
    20  passed  by  the  votes  of a majority of all the members elected to each
    21  such house and, subsequent thereto, the governor shall evidence in writ-
    22  ing the governor's agreement with such resolution to the chairperson  of
    23  the  corporation,  which resolution shall be in full force and effect on
    24  the date of issuance  of  the  bonds,  permitting  the  maximum  capital

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11208-01-3
        A. 7359                             2

     1  reserve  fund  requirement  to equal or exceed the amount of the maximum
     2  capital reserve fund requirement which would be effective upon the issu-
     3  ance of the bonds in question, but in no event shall the maximum capital
     4  reserve fund requirement exceed eighty-five million dollars.
     5    § 2. This act shall take effect immediately.