Bill Text: NY A10828 | 2017-2018 | General Assembly | Introduced
Bill Title: Increases the bonding authority of the New York city housing corporation.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2018-08-24 - signed chap.255 [A10828 Detail]
Download: New_York-2017-A10828-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10828 IN ASSEMBLY May 22, 2018 ___________ Introduced by M. of A. CYMBROWITZ -- read once and referred to the Committee on Housing 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 470 of the laws of 2016, 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 [twelve] thirteen billion 7 five hundred million dollars or such amount as would cause the maximum 8 capital reserve fund requirement to exceed eighty-five million dollars; 9 provided that, in determining such aggregate principal amounts there 10 shall be deducted (i) all sums then available for the payment of such 11 bonds or notes either at maturity or through the operation of a sinking 12 fund; (ii) the aggregate principal amount of outstanding bonds issued 13 (a) to 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. LBD15984-01-8A. 10828 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.