STATE OF NEW YORK
________________________________________________________________________
154
2011-2012 Regular Sessions
IN SENATE(Prefiled)
January 5, 2011
___________
Introduced by Sen. MAZIARZ -- 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 doubling the
maximum allowable income limitations for volunteer firefighters eligi-
bility to obtain a SONYMA mortgage
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 2 of section 2407 of the public authorities
2 law, as amended by chapter 218 of the laws of 2010, is amended to read
3 as follows:
4 (2) In connection with the issuance of bonds for the purpose of
5 furthering programs described in this title, the agency is authorized to
6 covenant and consent that the interest on any of its bonds, notes or
7 other obligations shall be includable, under the United States Internal
8 Revenue Code of 1986, as amended or any subsequent corresponding inter-
9 nal revenue law of the United States, in the gross income of the holders
10 of the bonds to the same extent and in the same manner that the interest
11 on bills, bonds, notes or other obligations of the United States is
12 includable in the gross income of the holders thereof under said Inter-
13 nal Revenue Code or any such subsequent law. Pursuant to this subdivi-
14 sion, the agency shall not issue bonds, notes or other obligations in an
15 aggregate principal amount exceeding eight hundred million dollars,
16 excluding from such limitation bonds, notes or other obligations issued
17 to refund outstanding bonds, notes or other obligations. No such bond,
18 note or other obligation shall be issued by the agency on or after July
19 sixteenth, two thousand eleven, excluding bonds, notes or other obli-
20 gations issued to refund outstanding bonds, notes or other obligations
21 and no mortgages shall be purchased with the proceeds of such bonds,
22 notes or other obligations after such date. The board of directors of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01345-01-1
S. 154 2
1 the agency shall establish program guidelines for purposes of bonds,
2 notes or other obligations issued pursuant to this subdivision. The
3 board of directors shall establish from time to time maximum income
4 limits of persons eligible to receive mortgages financed by bonds, notes
5 or other obligations issued pursuant to this subdivision, which income
6 limits with respect to one-third of the total principal amount of mort-
7 gages authorized to be so financed shall not exceed one hundred twenty-
8 five percent of the latest maximum income limits permitted under the
9 Internal Revenue Code of 1986, as amended, for mortgagors financed by
10 mortgage revenue bonds, with respect to one-third of such principal
11 amount authorized to be so financed, shall not exceed one hundred thir-
12 ty-five percent of such income limits, and with respect to one-third of
13 such principal amount authorized to be so financed, shall not exceed one
14 hundred fifty percent of such limits.
15 The maximum income limitations, as established by the board of direc-
16 tors, shall be doubled for any individual who is a member of a volunteer
17 fire department for five or more years.
18 § 2. This act shall take effect on the sixtieth day after it shall
19 have become a law.
