Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 31, 2013 |
signed chap.284 |
Jul 19, 2013 |
delivered to governor |
Jun 19, 2013 |
returned to senate passed assembly ordered to third reading rules cal.457 substituted for a7405 |
Jun 13, 2013 |
referred to ways and means delivered to assembly passed senate |
May 23, 2013 |
advanced to third reading |
May 22, 2013 |
2nd report cal. |
May 21, 2013 |
1st report cal.677 |
May 08, 2013 |
referred to housing, construction and community development |
Senate Bill S5082
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) 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
2013-S5082 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7405
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd ยง656, Priv Hous Fin L
2013-S5082 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5082 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 PURPOSE OR GENERAL IDEA OF BILL: To amend the private housing finance law to allow the NYC Housing Development Corporation to increase the maximum aggregate principal amount of outstanding notes and bonds from $10.25 to $11.25 billion. SUMMARY OF SPECIFIC PROVISIONS: The Act amends section 656 of the private housing finance law to increase the bond cap of the NYC Housing Development Corporation (HDC) by $1 billion. JUSTIFICATION: By the end of December 2012, HDC had approximately $9.1 billion of bonds sold or outstanding, leaving the City with slightly more than $1 billion dollars of unused bonding authority. HDC expects to issue approximately $500 million in bonds supported by Federal funds to
2013-S5082 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5082 2013-2014 Regular Sessions I N S E N A T E May 8, 2013 ___________ Introduced by Sen. YOUNG -- 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 296 of the laws of 2010, 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 [ten] ELEVEN billion 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 operation of a sinking fund; (ii) the aggregate principal amount of outstanding bonds issued (a) to refund notes and (b) to refund bonds, theretofore 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 issu- ance 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 writ- ing the governor's agreement with such resolution to the chairperson of the corporation, which resolution shall be in full force and effect on EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10670-01-3
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