Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 30, 2010 |
signed chap.296 |
Jul 19, 2010 |
delivered to governor |
Jun 24, 2010 |
returned to senate passed assembly ordered to third reading rules cal.371 substituted for a11248 |
Jun 10, 2010 |
referred to housing delivered to assembly passed senate |
May 27, 2010 |
advanced to third reading |
May 26, 2010 |
2nd report cal. |
May 25, 2010 |
1st report cal.632 |
May 10, 2010 |
reported and committed to finance |
Mar 24, 2010 |
referred to housing, construction and community development |
Senate Bill S7225
Signed By Governor2009-2010 Legislative Session
Sponsored By
(D) Senate District
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
Actions
Votes
2009-S7225 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A11248
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd ยง656, Pri Hous Fin L
2009-S7225 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7225 TITLE OF BILL : An act to amend the private housing finance law, in relation to increasing the bonding authority of the New York city housing development corporation SUMMARY OF PROVISIONS : This proposed legislation would amend the Private Housing Finance Law to allow the New York City Housing Development Corporation ("HDC") to increase the maximum aggregate principal amount of its outstanding notes and bonds from $8.75 billion to $10.25 billion. JUSTIFICATION : Since January 7, 2005, HDC has issued in excess of $6.5 billion in bonds to finance the construction or preservation of some 20,000 apartments throughout the City and the preservation of approximately 13,800 additional Mitchell-Lama apartments. Separately, HDC has issued a total of $814 million in Liberty Bonds to finance the construction or conversion from nonresidential use of approximately 3,500 units in Lower Manhattan since 2003. Over the last five years, in the aggregate, HDC has been the largest issuer of affordable multi-family
2009-S7225 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7225 I N S E N A T E March 24, 2010 ___________ Introduced by Sen. ESPADA -- 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: Section 1. Paragraph c of subdivision 1 of section 656 of the private housing finance law, as amended by chapter 129 of the laws of 2008, 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 [eight] TEN billion [seven] TWO hundred fifty 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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.