Assembly Bill A10562

Signed By Governor
2015-2016 Legislative Session

Relates to increasing the bonding authority of the New York city housing development corporation

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Archive: Last Bill Status - Signed by Governor

  • 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

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2015-A10562 (ACTIVE) - Details

See Senate Version of this Bill:
S7895
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง656, Priv Hous Fin L

2015-A10562 (ACTIVE) - Summary

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

2015-A10562 (ACTIVE) - Bill Text download pdf 

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

                                  10562

                          I N  A S S E M B L Y

                              June 3, 2016
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Wright) --
  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:

  Section 1. Paragraph c of subdivision 1 of section 656 of the  private
housing  finance  law, as amended by chapter 284 of the laws of 2013, is
amended to read as follows:
  c. No bonds or notes of the corporation shall be issued if  upon  such
issuance the aggregate principal amount of bonds and notes of the corpo-
ration  then  outstanding  exceeds the lesser of [eleven] TWELVE billion
[two hundred fifty] FIVE HUNDRED million dollars or such amount as would
cause the maximum capital reserve fund requirement to exceed eighty-five
million dollars; provided that, in determining such aggregate  principal
amounts  there  shall  be  deducted  (i) all sums then available for the
payment of such bonds or notes either at maturity or through the  opera-
tion of a sinking fund; (ii) the aggregate principal amount of outstand-
ing  bonds  issued (a) to refund notes and (b) to refund bonds, thereto-
fore issued and then outstanding;  and  (iii)  the  aggregate  principal
amount of outstanding notes issued to renew notes theretofore issued and
then  outstanding. The provisions of the prior sentence notwithstanding,
the corporation shall not issue bonds if such issuance shall  cause  the
maximum reserve fund requirement to exceed thirty million dollars unless
prior  to  such  issuance  the  senate and assembly shall have adopted a
concurrent resolution passed by the votes  of  a  majority  of  all  the
members elected to each such house and, subsequent thereto, the governor
shall  evidence in writing the governor's agreement with such resolution
to the chairperson of the corporation, which resolution shall be in full
force and effect on the date of issuance of the  bonds,  permitting  the
maximum  capital  reserve fund requirement to equal or exceed the amount
of the maximum capital reserve fund requirement which would be effective
upon the issuance of the bonds in question, but in no  event  shall  the
maximum  capital  reserve  fund  requirement  exceed eighty-five million
dollars.
  S 2. This act shall take effect immediately.

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