|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to corporations, authorities and commissions|
|Jan 05, 2011||referred to corporations, authorities and commissions|
senate Bill S154
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S154 - Details
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §2407, Pub Auth L
- Versions Introduced in 2009-2010 Legislative Session:
S154 - Sponsor Memo
BILL NUMBER:S154 TITLE OF BILL: An act to amend the public authorities law, in relation to doubling the maximum allowable income limitations for volunteer firefighters eligibility to obtain a SONYMA mortgage PURPOSE OR GENERAL IDEA OF BILL: To promote the recruitment of more volunteer firefighters. By becoming a volunteer firefighter the maximum income limitation will be doubled for anyone who is a member for more than five years. This will provide for low interest mortgages for first time homebuyers. SUMMARY OF SPECIFIC PROVISIONS: Section 1- Establishes the amendment of subdivision 2 of section 2407 of the public authorities' law. section 2- Establishes the effective date of the bill. JUSTIFICATION: This bill is aimed at recruiting and retaining individuals in regards to volunteer fire departments. This bill also offers a remedy and assistance to first time home buyers. This bill provides affordable housing solutions, as well as a strong incentive to become a volunteer firefighter. Volunteer firefighters provide invaluable
S154 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 154 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to doubling the maximum allowable income limitations for volunteer firefighters eligi- bility to obtain a SONYMA mortgage THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 2407 of the public authorities law, as amended by chapter 218 of the laws of 2010, is amended to read as follows: (2) In connection with the issuance of bonds for the purpose of furthering programs described in this title, the agency is authorized to covenant and consent that the interest on any of its bonds, notes or other obligations shall be includable, under the United States Internal Revenue Code of 1986, as amended or any subsequent corresponding inter- nal revenue law of the United States, in the gross income of the holders of the bonds to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includable in the gross income of the holders thereof under said Inter- nal Revenue Code or any such subsequent law. Pursuant to this subdivi- sion, the agency shall not issue bonds, notes or other obligations in an aggregate principal amount exceeding eight hundred million dollars, excluding from such limitation bonds, notes or other obligations issued to refund outstanding bonds, notes or other obligations. No such bond, note or other obligation shall be issued by the agency on or after July sixteenth, two thousand eleven, excluding bonds, notes or other obli- gations issued to refund outstanding bonds, notes or other obligations and no mortgages shall be purchased with the proceeds of such bonds, notes or other obligations after such date. The board of directors of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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