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Senate Bill S154

2011-2012 Legislative Session

Doubles maximum income limitations for volunteer firefighters

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Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

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2011-S154 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2407, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S2531

2011-S154 (ACTIVE) - Summary

Doubles maximum income limitations for volunteer firefighters who have been members for 5 or more years.

2011-S154 (ACTIVE) - Sponsor Memo

2011-S154 (ACTIVE) - 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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