Senate Bill S897

2009-2010 Legislative Session

Limits sinking funds for reserves for retirement of stocks and debentures

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2009-S897 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง28, Priv Hous Fin L
Versions Introduced in 2011-2012 Legislative Session:
S2067

2009-S897 (ACTIVE) - Summary

Provides that a sinking fund for a limited-profit housing company (Mitchell-Lama) for the retirement of stocks and debentures shall be authorized only when the earnings of such housing company exceed six percent; provides that deposits in such sinking fund shall not be a factor in the determination of rents.

2009-S897 (ACTIVE) - Sponsor Memo

2009-S897 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   897

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 21, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- 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 the
  reserves for the retirement of stocks and debentures

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Subdivision 1 of section 28 of the private housing finance
law,  as  amended by chapter 628 of the laws of 1962, is amended to read
as follows:
  1.  There shall be paid annually out of the earnings of  the  company,
after  providing  for  all  taxes,  assessments  and expenses, a sum for
interest on and amortization of the mortgage indebtedness of  all  mort-
gages  of the company, depreciation charges and reserves if, when and to
the extent deemed necessary by the commissioner or the supervising agen-
cy, as the case may be, plus a dividend of six per centum on outstanding
stock and interest not exceeding  six  per  centum  on  the  outstanding
income  debentures  of  the  company;  the obligation in respect of such
payments shall be cumulative, and any deficiency  in  interest,  amorti-
zation,  depreciation, reserves, if any, and dividends in any year shall
be paid either from any cash surplus derived from earnings remaining  in
the treasury of the company in excess of the amount necessary to provide
such  cumulative  annual  sums  or  from the first available earnings in
subsequent years.  If, at the end of any three year  period,  the  gross
receipts  should  exceed  the  payments  or  charges  necessary  for the
purposes of the project or projects and are not  needed  for  a  sinking
fund,  reserves  or  other  purposes, the balance may be paid in further
reduction of any indebtedness to the extent and upon  terms  and  condi-
tions  approved  by the commissioner and the state comptroller or by the
supervising agency, as the case may be.  A sinking fund may  be  author-
ized  by  the  commissioner  or  the supervising agency, to purchase and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06429-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.