Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 25, 2022 |
returned to assembly passed senate 3rd reading cal.1395 substituted for s9052 |
May 25, 2022 |
substituted by a10223 |
May 16, 2022 |
ordered to third reading cal.1395 committee discharged and committed to rules |
May 05, 2022 |
referred to corporations, authorities and commissions |
Senate Bill S9052
2021-2022 Legislative Session
Sponsored By
(D) 27th Senate District
Archive: Last Bill Status Via A10223 - Passed Senate
- 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
2021-S9052 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10223
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §2407, Pub Auth L
2021-S9052 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9052 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the public authorities law, in relation to increasing the bond and note authorization of the state of New York mortgage agency PURPOSE: This bill increases the taxable bonding authority of the State of New York Mortgage Agency (SONYMA) by $500 million. SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill increases the taxable bonding authority by $500 million to a maximum aggregate of $1.5 billion. Section 2 of the bill provides for an immediate effective date. JUSTIFICATION:
2021-S9052 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9052 I N S E N A T E May 5, 2022 ___________ Introduced by Sen. KAVANAGH -- 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 increasing the bond and note authorization of the state of New York mortgage agency 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 232 of the laws of 2021, 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 one billion FIVE HUNDRED MILLION dollars, excluding from such limitation bonds, notes or other obli- gations 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 twenty-third, two thousand twenty-three, excluding bonds, notes or other obligations 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 the agency shall establish program guidelines for purposes of bonds, notes or other obligations issued pursuant to this subdivi- sion. The board of directors shall establish from time to time maximum income limits of persons eligible to receive mortgages financed by EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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