Bill Text: NY S07413 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to increasing the amount of bond and note authorization totals that may be made by certain agencies.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2016-06-17 - SUBSTITUTED BY A10668 [S07413 Detail]
Download: New_York-2015-S07413-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7413--A IN SENATE April 29, 2016 ___________ Introduced by Sen. LITTLE -- (at request of the Division of Housing & Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Communi- ty Development -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14180-04-6S. 7413--A 2 1 other obligations shall be includable, under the United States Internal 2 Revenue Code of 1986, as amended or any subsequent corresponding inter- 3 nal revenue law of the United States, in the gross income of the holders 4 of the bonds to the same extent and in the same manner that the interest 5 on bills, bonds, notes or other obligations of the United States is 6 includable in the gross income of the holders thereof under said Inter- 7 nal Revenue Code or any such subsequent law. Pursuant to this subdivi- 8 sion, the agency shall not issue bonds, notes or other obligations in an 9 aggregate principal amount exceeding [eight hundred million] one billion 10 dollars, excluding from such limitation bonds, notes or other obli- 11 gations issued to refund outstanding bonds, notes or other obligations. 12 No such bond, note or other obligation shall be issued by the agency on 13 or after July twenty-third, two thousand seventeen, excluding bonds, 14 notes or other obligations issued to refund outstanding bonds, notes or 15 other obligations and no mortgages shall be purchased with the proceeds 16 of such bonds, notes or other obligations after such date. The board of 17 directors of the agency shall establish program guidelines for purposes 18 of bonds, notes or other obligations issued pursuant to this subdivi- 19 sion. The board of directors shall establish from time to time maximum 20 income limits of persons eligible to receive mortgages financed by 21 bonds, notes or other obligations issued pursuant to this subdivision, 22 which income limits with respect to one-third of the total principal 23 amount of mortgages authorized to be so financed shall not exceed one 24 hundred twenty-five percent of the latest maximum income limits permit- 25 ted under the Internal Revenue Code of 1986, as amended, for mortgagors 26 financed by mortgage revenue bonds, with respect to one-third of such 27 principal amount authorized to be so financed, shall not exceed one 28 hundred thirty-five percent of such income limits, and with respect to 29 one-third of such principal amount authorized to be so financed, shall 30 not exceed one hundred fifty percent of such limits, provided that 31 notwithstanding the foregoing, the maximum income limits of persons 32 eligible to receive mortgages financed by the agency under its neighbor- 33 hood revitalization program (and any successor program) shall not exceed 34 one hundred fifty percent of the latest maximum income limits permitted 35 under the Internal Revenue Code of 1986, as amended, for mortgagors 36 financed by mortgage revenue bonds. 37 § 3. This act shall take effect immediately.
