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NY A07359
Bill
Status
10/23/2023
Primary Sponsor
Nikki Lucas
Click for details
AI Summary
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Amends the Private Housing Finance Law to increase the maximum bonding authority of the New York City Housing Development Corporation from $18 billion to $19 billion.
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Maintains the existing safeguard that bonds cannot be issued if the aggregate principal amount would cause the maximum capital reserve fund requirement to exceed $85 million.
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Preserves the requirement that Senate and Assembly must adopt a concurrent resolution (by majority vote) and obtain gubernatorial approval before issuing bonds that would increase the maximum reserve fund requirement beyond $30 million.
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Takes effect immediately upon enactment.
Legislative Description
Increases the bonding authority of the New York city housing development corporation.
Last Action
signed chap.534
10/23/2023