STATE OF NEW YORK
________________________________________________________________________
7895
IN SENATE
May 23, 2016
___________
Introduced by Sen. GOLDEN -- 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:
1 Section 1. Paragraph c of subdivision 1 of section 656 of the private
2 housing finance law, as amended by chapter 284 of the laws of 2013, is
3 amended to read as follows:
4 c. No bonds or notes of the corporation shall be issued if upon such
5 issuance the aggregate principal amount of bonds and notes of the corpo-
6 ration then outstanding exceeds the lesser of [eleven] twelve billion
7 [two hundred fifty] five hundred million dollars or such amount as would
8 cause the maximum capital reserve fund requirement to exceed eighty-five
9 million dollars; provided that, in determining such aggregate principal
10 amounts there shall be deducted (i) all sums then available for the
11 payment of such bonds or notes either at maturity or through the opera-
12 tion of a sinking fund; (ii) the aggregate principal amount of outstand-
13 ing bonds issued (a) to refund notes and (b) to refund bonds, thereto-
14 fore issued and then outstanding; and (iii) the aggregate principal
15 amount of outstanding notes issued to renew notes theretofore issued and
16 then outstanding. The provisions of the prior sentence notwithstanding,
17 the corporation shall not issue bonds if such issuance shall cause the
18 maximum reserve fund requirement to exceed thirty million dollars unless
19 prior to such issuance the senate and assembly shall have adopted a
20 concurrent resolution passed by the votes of a majority of all the
21 members elected to each such house and, subsequent thereto, the governor
22 shall evidence in writing the governor's agreement with such resolution
23 to the chairperson of the corporation, which resolution shall be in full
24 force and effect on the date of issuance of the bonds, permitting the
25 maximum capital reserve fund requirement to equal or exceed the amount
26 of the maximum capital reserve fund requirement which would be effective
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15518-01-6
S. 7895 2
1 upon the issuance of the bonds in question, but in no event shall the
2 maximum capital reserve fund requirement exceed eighty-five million
3 dollars.
4 § 2. This act shall take effect immediately.
