Bill Text: NY S07679 | 2009-2010 | General Assembly | Introduced

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Bill Title: Exempts the NYC Housing Development Corporation from the state bond issuance charge.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-06-16 - REPORTED AND COMMITTED TO RULES [S07679 Detail]

Download: New_York-2009-S07679-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7679
                                   I N  S E N A T E
                                    April 30, 2010
                                      ___________
       Introduced  by  Sen.  ESPADA -- read twice and ordered printed, and when
         printed to be committed to the Committee on Corporations,  Authorities
         and Commissions
       AN ACT to amend the public authorities law, in relation to exempting the
         New  York  city  housing  development  corporation from the state bond
         issuance charge
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Legislative intent. This act enacts into law a component of
    2  legislation  that  would  exempt  the  New York city housing development
    3  corporation from the state bond issuance charge.
    4    S 2. Subdivision 1 of section 2976 of the public authorities  law,  as
    5  amended  by  section  1  of part C of chapter 19 of the laws of 2010, is
    6  amended to read as follows:
    7    1. Notwithstanding any other  law  to  the  contrary,  public  benefit
    8  corporations  (which  for  purposes of this section shall include indus-
    9  trial development agencies created pursuant  to  title  one  of  article
   10  eighteen-A  of  the  general municipal law or any other provision of law
   11  [and the New York city housing development corporation created  pursuant
   12  to  article  twelve  of  the  private  housing finance law]) which issue
   13  bonds, notes or other obligations shall pay to the state a bond issuance
   14  charge upon the issuance of such bonds in an amount determined  pursuant
   15  to  subdivision  two  of  this section. Such charge shall be paid to the
   16  state department of taxation and finance, upon forms  prescribed  there-
   17  for,  no  later than fifteen days from the end of the month within which
   18  such bonds are issued.
   19    S 3.  Severability clause.  If any clause, sentence, paragraph, subdi-
   20  vision, section or part of this act shall be adjudged by  any  court  of
   21  competent  jurisdiction  to  be invalid, such judgment shall not affect,
   22  impair, or invalidate the remainder thereof, but shall  be  confined  in
   23  its  operation  to the clause, sentence, paragraph, subdivision, section
   24  or part thereof directly involved in the controversy in which such judg-
   25  ment shall have been rendered.  It is hereby declared to be  the  intent
   26  of  the  legislature  that this act would have been enacted even if such
   27  invalid provisions had not been included herein.
   28    S 4. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD17126-01-0