Assembly Bill A7609

Signed By Governor
2021-2022 Legislative Session

Increases the bonding authority of the New York City housing development corporation

download bill text pdf

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Archive: Last Bill Status Via S6917 - 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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2021-A7609 (ACTIVE) - Details

See Senate Version of this Bill:
S6917
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §656, Priv Hous Fin L

2021-A7609 (ACTIVE) - Summary

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

2021-A7609 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7609
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2021
                                ___________
 
 Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
   Committee on Housing
 
 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 section 1 of part T of chapter 56 of
 the laws of 2020, 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  [fifteen] SEVENTEEN
 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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