Bill Text: NY A08405 | 2019-2020 | General Assembly | Introduced


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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-06-20 - substituted by s6545 [A08405 Detail]

Download: New_York-2019-A08405-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          8405

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 16, 2019
                                       ___________

        Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
          Committee on Ways and Means

        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 255 of the laws of 2018, 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  [thirteen] fourteen
     7  billion five hundred million dollars or such amount as would  cause  the
     8  maximum  capital  reserve fund requirement to exceed eighty-five million
     9  dollars; provided that, in determining such aggregate principal  amounts
    10  there  shall  be deducted (i) all sums then available for the payment of
    11  such bonds or notes either at maturity or through  the  operation  of  a
    12  sinking  fund;  (ii) the aggregate principal amount of outstanding bonds
    13  issued (a) to refund notes and (b) to refund bonds,  theretofore  issued
    14  and  then  outstanding;  and  (iii)  the  aggregate  principal amount of
    15  outstanding notes issued to renew  notes  theretofore  issued  and  then
    16  outstanding.  The  provisions of the prior sentence notwithstanding, the
    17  corporation shall not issue bonds if such issuance shall cause the maxi-
    18  mum 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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13402-01-9

        A. 8405                             2

     1  maximum  capital  reserve fund requirement to equal or exceed the amount
     2  of the maximum capital reserve fund requirement which would be effective
     3  upon the issuance of the bonds in question, but in no  event  shall  the
     4  maximum  capital  reserve  fund  requirement  exceed eighty-five million
     5  dollars.
     6    § 2. This act shall take effect immediately.
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