Bill Text: NY S09297 | 2021-2022 | General Assembly | Introduced

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Bill Title: Increases the bonding authority of the New York city housing development corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-08-17 - SIGNED CHAP.546 [S09297 Detail]

Download: New_York-2021-S09297-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9297

                    IN SENATE

                                      May 13, 2022
                                       ___________

        Introduced  by  Sen.  KAVANAGH -- (at request of the NYC H.P.D.) -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee on Housing, Construction and Community Development

        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 598 of the laws of  2021,  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  [seventeen]  eighteen
     7  billion  dollars  or  such  amount  as  would  cause the maximum capital
     8  reserve fund requirement to exceed eighty-five million dollars; provided
     9  that, in determining such aggregate principal  amounts  there  shall  be
    10  deducted  (i)  all  sums then available for the payment of such bonds or
    11  notes either at maturity or through the operation  of  a  sinking  fund;
    12  (ii)  the  aggregate principal amount of outstanding bonds issued (a) to
    13  refund notes and (b)  to  refund  bonds,  theretofore  issued  and  then
    14  outstanding;  and  (iii)  the  aggregate principal amount of outstanding
    15  notes issued to renew notes theretofore issued and then outstanding. The
    16  provisions of the prior sentence notwithstanding, the corporation  shall
    17  not  issue  bonds  if such issuance shall cause the maximum reserve fund
    18  requirement to exceed thirty million dollars unless prior to such  issu-
    19  ance  the senate and assembly shall have adopted a concurrent resolution
    20  passed by the votes of a majority of all the  members  elected  to  each
    21  such house and, subsequent thereto, the governor shall evidence in writ-
    22  ing  the governor's agreement with such resolution to the chairperson of
    23  the corporation, which resolution shall be in full force and  effect  on
    24  the  date  of  issuance  of  the  bonds,  permitting the maximum capital
    25  reserve fund requirement to equal or exceed the amount  of  the  maximum
    26  capital reserve fund requirement which would be effective upon the issu-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15784-01-2
        S. 9297                             2

     1  ance of the bonds in question, but in no event shall the maximum capital
     2  reserve fund requirement exceed eighty-five million dollars.
     3    § 2. This act shall take effect immediately.