Relates to increasing the bonding authority of the New York city housing development corporation, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8235
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 27, 2025
                                ___________
 
 Introduced  by  Sen.  KAVANAGH -- (at request of the NYC H.P.D.) -- 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:
 
   Section  1. Paragraph c of subdivision 1 of section 656 of the private
 housing finance law, as amended by chapter 534 of the laws of  2023,  is
 amended to read as follows:
   c.  No  bonds or notes of the corporation shall be issued if upon such
 issuance the aggregate principal amount of bonds and notes of the corpo-
 ration then outstanding exceeds the lesser of [nineteen] TWENTY  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 shall be deducted (i)
 all sums then available for the payment of such bonds or notes either at
 maturity  or through the operation of a sinking fund; (ii) the aggregate
 principal amount of outstanding bonds issued (a) to refund notes and (b)
 to refund bonds, theretofore issued and then outstanding; and (iii)  the
 aggregate  principal  amount  of outstanding notes issued to renew notes
 theretofore 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, subse-
 quent 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  issu-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13238-01-5
 S. 8235                             2
 
 ance  of the bonds, permitting the maximum capital reserve fund require-
 ment 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.
   § 2. This act shall take effect immediately.