Bill Text: NY S07895 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to increasing the bonding authority of the New York city housing development corporation.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-17 - SUBSTITUTED BY A10562 [S07895 Detail]

Download: New_York-2015-S07895-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7895
                    IN SENATE
                                      May 23, 2016
                                       ___________
        Introduced  by  Sen.  GOLDEN -- 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 284 of the laws of  2013,  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  [eleven]  twelve  billion
     7  [two hundred fifty] five hundred million dollars or such amount as would
     8  cause the maximum capital reserve fund requirement to exceed eighty-five
     9  million  dollars; provided that, in determining such aggregate principal
    10  amounts there shall be deducted (i) all  sums  then  available  for  the
    11  payment  of such bonds or notes either at maturity or through the opera-
    12  tion of a sinking fund; (ii) the aggregate principal amount of outstand-
    13  ing bonds issued (a) to refund notes and (b) to refund  bonds,  thereto-
    14  fore  issued  and  then  outstanding;  and (iii) the aggregate principal
    15  amount of outstanding notes issued to renew notes theretofore issued and
    16  then outstanding. The provisions of the prior sentence  notwithstanding,
    17  the  corporation  shall not issue bonds if such issuance shall cause the
    18  maximum 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
    25  maximum capital reserve fund requirement to equal or exceed  the  amount
    26  of the maximum capital reserve fund requirement which would be effective
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15518-01-6
        S. 7895                             2
     1  upon  the  issuance  of the bonds in question, but in no event shall the
     2  maximum capital reserve  fund  requirement  exceed  eighty-five  million
     3  dollars.
     4    § 2. This act shall take effect immediately.