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S06545 Summary:

S06545 Actions:

S06545 Committee Votes:

S06545 Floor Votes:

S06545 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6545
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                      June 15, 2019
                                       ___________
 
        Introduced  by  Sen.  JACKSON  -- (at request of the NYC H.P.D.) -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee on Rules
 
        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 255 of the laws of  2018,  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  [thirteen]  fourteen
     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
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13402-01-9
        S. 6545                             2
 
     1  force  and  effect  on the date of issuance of the bonds, permitting the
     2  maximum capital reserve fund requirement to equal or exceed  the  amount
     3  of the maximum capital reserve fund requirement which would be effective
     4  upon  the  issuance  of the bonds in question, but in no event shall the
     5  maximum capital reserve  fund  requirement  exceed  eighty-five  million
     6  dollars.
     7    § 2. This act shall take effect immediately.