Relates to the bonding authority of the New York city housing development corporation

More New York City housing bonds with limits

The law lets New York City’s housing development corporation issue more bonds, up to a total of $22 billion. It cannot issue debt that would push its maximum capital reserve fund requirement above $85 million. When counting outstanding debt, it can subtract money set aside to pay bonds, refunding bonds, and notes that only renew earlier notes. If an issue would raise the maximum reserve requirement above $30 million, both the State Senate and Assembly must pass the same resolution by a majority of all members, and the Governor must give written agreement to the chair before issuance. That resolution must be in effect on the issue date, and the reserve cap still cannot exceed $85 million. The act takes effect immediately.