Assembly Bill A11248

Signed By Governor
2009-2010 Legislative Session

Increases the bonding authority of the NYC housing development corporation

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S7225 - 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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2009-A11248 (ACTIVE) - Details

See Senate Version of this Bill:
S7225
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง656, Priv Hous Fin L

2009-A11248 (ACTIVE) - Summary

Increases the bonding authority of the NYC housing development corporation.

2009-A11248 (ACTIVE) - Bill Text download pdf 

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

                                  11248

                          I N  A S S E M B L Y

                              May 25, 2010
                               ___________

Introduced  by  M.  of A. V. LOPEZ, JAFFEE, BING, MAYERSOHN, CYMBROWITZ,
  BARRON -- Multi-Sponsored by -- M. of  A.  COOK,  FARRELL,  GOTTFRIED,
  MILLMAN -- 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 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.

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