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NY S09297

Bill

Official Source

Status

Passed

8/17/2022

Primary Sponsor

Brian Kavanagh

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Increases the bonding authority limit for the New York City Housing Development Corporation from $17 billion to $18 billion in aggregate principal amount of outstanding bonds and notes
  • Maintains the existing provision that bonds cannot be issued if the maximum capital reserve fund requirement would exceed $85 million
  • Requires Senate and Assembly approval by concurrent resolution and gubernatorial written agreement before issuing bonds that would cause the capital reserve fund requirement to exceed $30 million
  • Allows deductions from aggregate principal amounts for available payment sums, refunding bonds and notes, and note renewals when calculating bonding limits
  • Takes effect immediately upon enactment

Legislative Description

Increases the bonding authority of the New York city housing development corporation.

Last Action

SIGNED CHAP.546

8/17/2022

Committee Referrals

Ways and Means5/23/2022
Rules5/16/2022
Housing, Construction, and Community Development5/13/2022

Full Bill Text

No bill text available