Bill Text: NY A10562 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to increasing the bonding authority of the New York city housing development corporation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2016-11-28 - signed chap.470 [A10562 Detail]
Download: New_York-2015-A10562-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10562 IN ASSEMBLY June 3, 2016 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Wright) -- 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 284 of the laws of 2013, 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 [eleven] twelve billion 7 [two hundred fifty] five hundred million dollars or such amount as would 8 cause the maximum capital reserve fund requirement to exceed eighty-five 9 million dollars; provided that, in determining such aggregate principal 10 amounts there shall be deducted (i) all sums then available for the 11 payment of such bonds or notes either at maturity or through the opera- 12 tion of a sinking fund; (ii) the aggregate principal amount of outstand- 13 ing bonds issued (a) to refund notes and (b) to refund bonds, thereto- 14 fore issued and then outstanding; and (iii) the aggregate principal 15 amount of outstanding notes issued to renew notes theretofore issued and 16 then outstanding. The provisions of the prior sentence notwithstanding, 17 the corporation shall not issue bonds if such issuance shall cause the 18 maximum 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 25 maximum capital reserve fund requirement to equal or exceed the amount 26 of the maximum capital reserve fund requirement which would be effective 27 upon the issuance of the bonds in question, but in no event shall the 28 maximum capital reserve fund requirement exceed eighty-five million 29 dollars. 30 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15518-01-6
