Assembly Bill A8405

Signed By Governor
2019-2020 Legislative Session

Relates to increasing the bonding authority of the New York city housing development corporation

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Archive: Last Bill Status Via S6545 - 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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2019-A8405 (ACTIVE) - Details

See Senate Version of this Bill:
S6545
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §656, Priv Hous Fin L

2019-A8405 (ACTIVE) - Summary

Increases the bonding authority of the New York city housing development corporation.

2019-A8405 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8405
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 16, 2019
                                ___________
 
 Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
   Committee on Ways and Means
 
 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 255 of the laws of 2018, 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  [thirteen] FOURTEEN
 billion 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  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 maxi-
 mum 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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