Bill Text: NY A07609 | 2021-2022 | General Assembly | Introduced
Bill Title: Increases the bonding authority of the New York City housing development corporation.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2021-06-03 - substituted by s6917 [A07609 Detail]
Download: New_York-2021-A07609-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7609 2021-2022 Regular Sessions IN ASSEMBLY May 19, 2021 ___________ Introduced by M. of A. CYMBROWITZ -- 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 section 1 of part T of chapter 56 of 3 the laws of 2020, is 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 [fifteen] seventeen 7 billion [five hundred million] dollars or such amount as would cause the 8 maximum capital reserve fund requirement to exceed eighty-five million 9 dollars; provided that, in determining such aggregate principal amounts 10 there shall be deducted (i) all sums then available for the payment of 11 such bonds or notes either at maturity or through the operation of a 12 sinking fund; (ii) the aggregate principal amount of outstanding bonds 13 issued (a) to refund notes and (b) to refund bonds, theretofore issued 14 and then outstanding; and (iii) the aggregate principal amount of 15 outstanding notes issued to renew notes theretofore issued and then 16 outstanding. The provisions of the prior sentence notwithstanding, the 17 corporation shall not issue bonds if such issuance shall cause the maxi- 18 mum reserve fund requirement to exceed thirty million dollars unless 19 prior to such issuance the senate and assembly shall have adopted a 20 concurrent resolution passed by the votes of a majority of all the 21 members elected to each such house and, subsequent thereto, the governor 22 shall evidence in writing the governor's agreement with such resolution 23 to the chairperson of the corporation, which resolution shall be in full 24 force and effect on the date of issuance of the bonds, permitting the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11553-01-1A. 7609 2 1 maximum capital reserve fund requirement to equal or exceed the amount 2 of the maximum capital reserve fund requirement which would be effective 3 upon the issuance of the bonds in question, but in no event shall the 4 maximum capital reserve fund requirement exceed eighty-five million 5 dollars. 6 § 2. This act shall take effect immediately.