S T A T E O F N E W Y O R K
________________________________________________________________________
8
Extraordinary Session
I N S E N A T E
June 23, 2009
___________
Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read
twice and ordered printed, and when printed to be committed to the
Committee on Rules
AN ACT to amend the private housing finance law, in relation to an
increase in bond and note authorization of the New York state housing
finance agency; and to amend chapter 514 of the laws of 1983, amending
the private housing finance law and the real property tax law relating
to the powers of the New York state housing finance agency to finance
certain multi-family housing; and to amend chapter 396 of the laws of
1984, amending the private housing finance law and the real property
tax law relating to the powers of the New York state housing finance
agency to finance certain multi-family housing, in relation to the
effectiveness of such chapters
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (c) of subdivision 1 of section 47 of the private
housing finance law, as amended by chapter 151 of the laws of 2008, is
amended to read as follows:
(c) The agency shall not issue bonds and notes other than state
university construction bonds and state university construction notes,
hospital and nursing home project bonds and hospital and nursing home
project notes, health facilities bonds and health facilities notes,
youth facilities project bonds and youth facilities project notes,
community mental health services and mental retardation services project
bonds and community mental health services and mental retardation
services project notes, community senior citizens services project notes
or community senior citizens services project bonds and mental hygiene
improvement bonds and mental hygiene improvement notes and bonds and
notes for the housing program for any of its corporate purposes in an
aggregate principal amount exceeding [thirteen] FOURTEEN billion [seven]
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD12126-01-9
S. 8 2
TWO hundred eighty million dollars, excluding bonds and notes issued to
refund outstanding bonds and notes.
S 2. Section 6 of chapter 514 of the laws of 1983, amending the
private housing finance law and the real property tax law relating to
the powers of the New York state housing finance agency to finance
certain multi-family housing, as amended by chapter 85 of the laws of
2007, is amended to read as follows:
S 6. This act shall take effect immediately and shall remain in full
force and effect until June 30, [2009] 2011 at which time it shall be
repealed.
S 3. Section 7 of chapter 396 of the laws of 1984, amending the
private housing finance law and the real property tax law relating to
the powers of the New York state housing finance agency to finance
certain multi-family housing, as amended by chapter 85 of the laws of
2007, is amended to read as follows:
S 7. This act shall take effect immediately, except that sections one,
three, four, five and six of this act shall remain in full force and
effect until June 30, [2009] 2011 at which time such sections shall be
repealed.
S 4. This act shall take effect immediately.