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Senate Bill S3694

Signed By Governor

2009-2010 Legislative Session

Relates to the powers of the state of New York mortgage agency and the effectiveness thereof

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Archive: Last Bill Status Via A8529 - Signed by Governor

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Bill Amendments

co-Sponsors

2009-S3694 - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd §16, Chap 915 of 1982; amd §2407, Pub Auth L

2009-S3694 - Summary

Relates to the powers of the state of New York mortgage agency and the effectiveness thereof.

2009-S3694 - Sponsor Memo

2009-S3694 - Bill Text download pdf

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

                                  3694

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 27, 2009
                               ___________

Introduced by Sen. PERKINS -- (at request of the State of New York Mort-
  gage Agency) -- read twice and ordered printed, and when printed to be
  committed  to  the  Committee on Corporations, Authorities and Commis-
  sions

AN ACT to amend chapter 915 of the laws of  1982,  amending  the  public
  authorities  law relating to the powers of the state of New York mort-
  gage agency, in relation to the effective date thereof; and  to  amend
  the  public authorities law, in relation to the powers of the state of
  New York mortgage agency

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

  Section  1. Section 16 of chapter 915 of the laws of 1982 amending the
public authorities law relating to the powers of the state of  New  York
mortgage  agency,  as  amended  by  chapter  148 of the laws of 2008, is
amended to read as follows:
  S 16. This act shall take effect immediately except  that  the  amend-
ments  to  law  effected  by  sections  one  through ten of this act, as
amended, shall cease to be of force and effect on  and  after  July  16,
[2009]  2010, on which date the provisions of the public authorities law
amended by such sections shall be as they were in force and effect imme-
diately prior to this act taking effect.
  S 2. Section 2407 of the public authorities law, as amended by chapter
148 of the laws of 2008, is amended to read as follows:
  S 2407. Bond limits. (1) Except for notes issued in  nineteen  hundred
seventy  and  nineteen  hundred  seventy-one, the agency shall not issue
bonds and notes, the interest on which is  not  included  in  the  gross
income  of  the  holders  of the bonds and notes under the United States
Internal Revenue Code of 1986, as amended, or any subsequent correspond-
ing internal revenue law of the United States, in an aggregate principal
amount exceeding  eight  billion  [four]  NINE  hundred  twenty  million
dollars,  excluding  from  such  limitation  (a)  an amount equal to any
original issue discount from the principal amount of any bonds or  notes
issued,  (b)  bonds  and  notes  issued  to refund outstanding bonds and
notes, and (c) bonds and notes not described in paragraph  (b)  of  this

              

co-Sponsors

2009-S3694A (ACTIVE) - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd §16, Chap 915 of 1982; amd §2407, Pub Auth L

2009-S3694A (ACTIVE) - Summary

Relates to the powers of the state of New York mortgage agency and the effectiveness thereof.

2009-S3694A (ACTIVE) - Sponsor Memo

2009-S3694A (ACTIVE) - Bill Text download pdf

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

                                 3694--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 27, 2009
                               ___________

Introduced by Sens. PERKINS, THOMPSON -- (at request of the State of New
  York  Mortgage  Agency)  --  read  twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions -- reported favorably from said committee and commit-
  ted to the Committee on Finance -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend chapter 915 of the laws of  1982,  amending  the  public
  authorities  law relating to the powers of the state of New York mort-
  gage agency, in relation to the effective date thereof; and  to  amend
  the  public authorities law, in relation to the powers of the state of
  New York mortgage agency

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

  Section  1. Section 16 of chapter 915 of the laws of 1982 amending the
public authorities law relating to the powers of the state of  New  York
mortgage  agency,  as  amended  by  chapter  148 of the laws of 2008, is
amended to read as follows:
  S 16. This act shall take effect immediately except  that  the  amend-
ments  to  law  effected  by  sections  one  through ten of this act, as
amended, shall cease to be of force and effect on  and  after  July  16,
[2009]  2010, on which date the provisions of the public authorities law
amended by such sections shall be as they were in force and effect imme-
diately prior to this act taking effect.
  S 2. Section 2407 of the public authorities law, as amended by chapter
148 of the laws of 2008, is amended to read as follows:
  S 2407. Bond limits. (1) Except for notes issued in  nineteen  hundred
seventy  and  nineteen  hundred  seventy-one, the agency shall not issue
bonds and notes, the interest on which is  not  included  in  the  gross
income  of  the  holders  of the bonds and notes under the United States
Internal Revenue Code of 1986, as amended, or any subsequent correspond-
ing internal revenue law of the United States, in an aggregate principal

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09019-03-9
              

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