Senate Bill S5082

Signed By Governor
2013-2014 Legislative Session

Increase the bonding authority of the New York city housing development corporation from $10,250,000,000 to $11,250,000,000

download bill text pdf

Sponsored By

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

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2013-S5082 (ACTIVE) - Details

See Assembly Version of this Bill:
A7405
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §656, Priv Hous Fin L

2013-S5082 (ACTIVE) - Summary

Increases the bonding authority of the New York city housing development corporation from $10,250,000,000 to $11,250,000,000.

2013-S5082 (ACTIVE) - Sponsor Memo

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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