senate Bill S9297

Signed By Governor
2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 17, 2022 signed chap.546
Aug 05, 2022 delivered to governor
Jun 01, 2022 returned to senate
passed assembly
May 24, 2022 ordered to third reading rules cal.391
substituted for a10228
May 23, 2022 referred to ways and means
delivered to assembly
passed senate
May 16, 2022 ordered to third reading cal.1406
committee discharged and committed to rules
May 13, 2022 referred to housing, construction and community development

S9297 (ACTIVE) - Details

See Assembly Version of this Bill:
A10228
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §656, Priv Hous Fin L

S9297 (ACTIVE) - Summary

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

S9297 (ACTIVE) - Sponsor Memo

S9297 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9297
 
                             I N  S E N A T E
 
                               May 13, 2022
                                ___________
 
 Introduced  by  Sen.  KAVANAGH -- (at request of the NYC H.P.D.) -- 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 598 of the laws of  2021,  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  [seventeen]  EIGHTEEN
 billion  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
 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 upon the issu-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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