Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 28, 2016 |
signed chap.470 |
Nov 16, 2016 |
delivered to governor |
Jun 17, 2016 |
returned to assembly passed senate 3rd reading cal.1362 substituted for s7895 |
Jun 17, 2016 |
substituted by a10562 |
Jun 07, 2016 |
advanced to third reading |
Jun 06, 2016 |
2nd report cal. |
Jun 02, 2016 |
1st report cal.1362 |
May 23, 2016 |
referred to housing, construction and community development |
Senate Bill S7895
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A10562 - 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
Actions
Votes
2015-S7895 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10562
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd ยง656, Priv Hous Fin L
2015-S7895 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7895 TITLE OF BILL : An act to amend the private housing finance law, in relation to increasing the bonding authority of the New York city housing development corporation SUMMARY OF PROVISIONS : Section one of this bill would authorize the New York City Housing Development Corporation ("HOC") to increase the maximum aggregate principal amount of its outstanding bonds and notes from $11.25 billion to $12.5 billion. Section two would provide that this bill take effect immediately. REASONS FOR SUPPORT : By the end of March 2016, HOC had approximately $10.4 billion of bonds sold or outstanding, leaving the corporation with slightly less than $850 million of unused bonding authority. HOC has also currently agreed to finance multi-year projects that will require an additional $133 million in bonds. In a little over a decade, since January 1,2005, HOC has issued in excess of$15.6 billion in bonds to finance the construction or preservation of tens of thousands of apartments throughout the City. These include bonds to finance the preservation of thousands of Mitchell-Lama apartments as well as Liberty Bonds to
2015-S7895 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7895 I N S E N A T E May 23, 2016 ___________ Introduced by Sen. GOLDEN -- 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 284 of the laws of 2013, 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 [eleven] TWELVE billion [two hundred fifty] FIVE HUNDRED 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.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.