Signed by Governor Kathy Hochul

Vote Smart's Synopsis:

Vote to pass a bill that increases the bonding authority of the New York City Housing Development Corporation.

Highlights:

• Establishes that no bonds or notes of the Corporation will be issued if upon such issuance the aggregate principal amount of bonds and notes of the Corporation then outstanding exceeds the lesser of seventeen 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 will be deducted (Sec. 1):

• All sums then available for the payment of such bonds or notes either at maturity or through the operation of a sinking fund;

• The aggregate principal amount of outstanding bonds issued to refund notes and to refund bonds, theretofore issued and then outstanding; and

• The aggregate principal amount of outstanding notes issued to renew notes heretofore 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 issuance 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 writing 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 issuance of the bonds in question, but in no event shall the maximum capital reserve fund requirement exceed eighty-five million dollars.

Full Bill Text

Highlights:

• Establishes that no bonds or notes of the Corporation will be issued if upon such issuance the aggregate principal amount of bonds and notes of the Corporation then outstanding exceeds the lesser of seventeen 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 will be deducted (Sec. 1):

• All sums then available for the payment of such bonds or notes either at maturity or through the operation of a sinking fund;

• The aggregate principal amount of outstanding bonds issued to refund notes and to refund bonds, theretofore issued and then outstanding; and

• The aggregate principal amount of outstanding notes issued to renew notes heretofore 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 issuance 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 writing 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 issuance of the bonds in question, but in no event shall the maximum capital reserve fund requirement exceed eighty-five million dollars.