STATE OF NEW YORK
________________________________________________________________________
7609
2021-2022 Regular Sessions
IN ASSEMBLY
May 19, 2021
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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:
1 Section 1. Paragraph c of subdivision 1 of section 656 of the private
2 housing finance law, as amended by section 1 of part T of chapter 56 of
3 the laws of 2020, is 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 [fifteen] seventeen
7 billion [five hundred million] dollars or such amount as would cause the
8 maximum capital reserve fund requirement to exceed eighty-five million
9 dollars; provided that, in determining such aggregate principal amounts
10 there shall be deducted (i) all sums then available for the payment of
11 such bonds or notes either at maturity or through the operation of a
12 sinking fund; (ii) the aggregate principal amount of outstanding bonds
13 issued (a) to refund notes and (b) to refund bonds, theretofore issued
14 and then outstanding; and (iii) the aggregate principal amount of
15 outstanding notes issued to renew notes theretofore issued and then
16 outstanding. The provisions of the prior sentence notwithstanding, the
17 corporation shall not issue bonds if such issuance shall cause the maxi-
18 mum 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11553-01-1
A. 7609 2
1 maximum capital reserve fund requirement to equal or exceed the amount
2 of the maximum capital reserve fund requirement which would be effective
3 upon the issuance of the bonds in question, but in no event shall the
4 maximum capital reserve fund requirement exceed eighty-five million
5 dollars.
6 § 2. This act shall take effect immediately.
