Bill Text: NY A10668 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to increasing the amount of bond and note authorization totals that may be made by certain agencies.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2016-07-21 - signed chap.163 [A10668 Detail]

Download: New_York-2015-A10668-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10668
                   IN ASSEMBLY
                                      June 10, 2016
                                       ___________
        Introduced  by  COMMITTEE  ON  RULES  -- (at request of M. of A. Gjonaj,
          Wright) -- read once and referred to the Committee on Housing
        AN ACT to amend the private housing finance law and the public  authori-
          ties  law,  in  relation  to  providing  an  increase in bond and note
          authorization
          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 47 of the private
     2  housing  finance  law,  as amended by chapter 85 of the laws of 2015, is
     3  amended to read as follows:
     4    (c) The agency shall not  issue  bonds  and  notes  other  than  state
     5  university  construction  bonds and state university construction notes,
     6  hospital and nursing home project bonds and hospital  and  nursing  home
     7  project  notes,  health  facilities  bonds  and health facilities notes,
     8  youth facilities project  bonds  and  youth  facilities  project  notes,
     9  community mental health services and mental retardation services project
    10  bonds  and  community  mental  health  services  and  mental retardation
    11  services project notes, community senior citizens services project notes
    12  or community senior citizens services project bonds and  mental  hygiene
    13  improvement  bonds  and  mental  hygiene improvement notes and bonds and
    14  notes for the housing program for any of its corporate  purposes  in  an
    15  aggregate  principal  amount  exceeding [twenty-one] twenty-four billion
    16  [seven] two hundred eighty million dollars, excluding  bonds  and  notes
    17  issued to refund outstanding bonds and notes.
    18    §2.  Subdivision  2  of section 2407 of the public authorities law, as
    19  amended by chapter 85 of the  laws  of  2015,  is  amended  to  read  as
    20  follows:
    21    (2)  In  connection  with  the  issuance  of  bonds for the purpose of
    22  furthering programs described in this title, the agency is authorized to
    23  covenant and consent that the interest on any of  its  bonds,  notes  or
    24  other  obligations shall be includable, under the United States Internal
    25  Revenue Code of 1986, as amended or any subsequent corresponding  inter-
    26  nal revenue law of the United States, in the gross income of the holders
    27  of the bonds to the same extent and in the same manner that the interest
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14180-05-6
        A. 10668                            2
     1  on  bills,  bonds,  notes  or  other obligations of the United States is
     2  includable in the gross income of the holders thereof under said  Inter-
     3  nal  Revenue  Code or any such subsequent law. Pursuant to this subdivi-
     4  sion, the agency shall not issue bonds, notes or other obligations in an
     5  aggregate principal amount exceeding [eight hundred million] one billion
     6  dollars,  excluding  from  such  limitation  bonds, notes or other obli-
     7  gations issued to refund outstanding bonds, notes or other  obligations.
     8  No  such bond, note or other obligation shall be issued by the agency on
     9  or after July twenty-third, two  thousand  seventeen,  excluding  bonds,
    10  notes  or other obligations issued to refund outstanding bonds, notes or
    11  other obligations and no mortgages shall be purchased with the  proceeds
    12  of  such bonds, notes or other obligations after such date. The board of
    13  directors of the agency shall establish program guidelines for  purposes
    14  of  bonds,  notes  or other obligations issued pursuant to this subdivi-
    15  sion. The board of directors shall establish from time to  time  maximum
    16  income  limits  of  persons  eligible  to  receive mortgages financed by
    17  bonds, notes or other obligations issued pursuant to  this  subdivision,
    18  which  income  limits  with  respect to one-third of the total principal
    19  amount of mortgages authorized to be so financed shall  not  exceed  one
    20  hundred  twenty-five percent of the latest maximum income limits permit-
    21  ted under the Internal Revenue Code of 1986, as amended, for  mortgagors
    22  financed  by  mortgage  revenue bonds, with respect to one-third of such
    23  principal amount authorized to be so  financed,  shall  not  exceed  one
    24  hundred  thirty-five  percent of such income limits, and with respect to
    25  one-third of such principal amount authorized to be so  financed,  shall
    26  not  exceed  one  hundred  fifty  percent  of such limits, provided that
    27  notwithstanding the foregoing, the  maximum  income  limits  of  persons
    28  eligible to receive mortgages financed by the agency under its neighbor-
    29  hood revitalization program (and any successor program) shall not exceed
    30  one  hundred fifty percent of the latest maximum income limits permitted
    31  under the Internal Revenue Code of  1986,  as  amended,  for  mortgagors
    32  financed by mortgage revenue bonds.
    33    § 3. This act shall take effect immediately.