NY Pub Auth L § 2407 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 17 - State of New York Mortgage Agency Act Part 1 2407 - Bond Limits.

§  2407.  Bond limits. (1) Except for notes issued in nineteen hundred seventy and nineteen hundred seventy-one, the  agency  shall  not  issue bonds  and  notes,  the  interest  on which is not included in the gross income of the holders of the bonds and notes  under  the  United  States Internal   Revenue   Code   of  1986,  as  amended,  or  any  subsequent corresponding internal revenue law of the United States, in an aggregate principal amount  exceeding  ten  billion  two  hundred  twenty  million dollars,  excluding  from  such  limitation  (a)  an amount equal to any original issue discount from the principal amount of any bonds or  notes issued,  (b)  bonds  and  notes  issued  to refund outstanding bonds and notes, and (c) bonds and notes not described in paragraph  (b)  of  this subdivision  issued  to refund outstanding bonds and notes in accordance with the provisions of the Internal Revenue Code  of  1986  or  the  Tax Reform  Act  of  1986,  as  amended,  where  such bonds or notes are not included in the statewide volume cap  on  private  purpose  bonds  under section  146  of  such  code  provided, however, that upon any refunding pursuant to this paragraph or paragraph (b) of  this  subdivision,  such exclusion  shall  apply  only  to  the  extent  that  the  amount of the refunding bonds or notes does not exceed (i) the outstanding  amount  of the  refunded  bonds  or  notes,  plus  (ii)  to the extent permitted by applicable federal tax law, costs of issuance of the refunding bonds  or notes  to be financed from the proceeds of the refunding bonds or notes. No such bond or note shall be issued by the  agency  on  or  after  July twenty-third,  two  thousand  twenty-three,  excluding  bonds  and notes issued to refund outstanding bonds and notes. No more than  one  billion dollars  of  proceeds of bonds or notes issued by the agency pursuant to this subdivision shall be used for mortgage purposes  by  blending  with proceeds of bonds issued pursuant to subdivision two of this section.  (2)  In  connection  with  the  issuance  of  bonds for the purpose of furthering programs described in this title, the agency is authorized to covenant and consent that the interest on any of  its  bonds,  notes  or other  obligations shall be includable, under the United States Internal Revenue Code  of  1986,  as  amended  or  any  subsequent  corresponding internal  revenue  law  of the United States, in the gross income of the holders of the bonds to the same extent and in the same manner that  the interest  on  bills,  bonds,  notes  or  other obligations of the United States is includable in the gross income of the  holders  thereof  under said  Internal Revenue Code or any such subsequent law. Pursuant to this subdivision,  the  agency  shall  not  issue  bonds,  notes   or   other obligations  in  an  aggregate  principal  amount  exceeding one billion dollars,  excluding  from  such  limitation  bonds,   notes   or   other obligations   issued   to  refund  outstanding  bonds,  notes  or  other obligations. No such bond, note or other obligation shall be  issued  by the  agency  on  or  after July twenty-third, two thousand twenty-three, excluding bonds, notes or other obligations issued to refund outstanding bonds, notes or other obligations and no mortgages  shall  be  purchased with  the  proceeds of such bonds, notes or other obligations after such date. The board of directors  of  the  agency  shall  establish  program guidelines  for  purposes  of  bonds,  notes or other obligations issued pursuant to this subdivision. The board  of  directors  shall  establish from  time  to time maximum income limits of persons eligible to receive mortgages financed by bonds, notes or other obligations issued  pursuant to  this  subdivision,  which income limits with respect to one-third of the total principal amount of mortgages authorized  to  be  so  financed shall  not  exceed one hundred twenty-five percent of the latest maximum income limits permitted under the Internal  Revenue  Code  of  1986,  as amended, for mortgagors financed by mortgage revenue bonds, with respect to  one-third  of  such  principal  amount authorized to be so financed,  shall not exceed one hundred thirty-five percent of such income  limits, and  with respect to one-third of such principal amount authorized to be so financed, shall not exceed one hundred fifty percent of such  limits, provided  that  notwithstanding the foregoing, the maximum income limits of persons eligible to receive mortgages financed by  the  agency  under its  neighborhood  revitalization  program  (and  any successor program) shall not exceed one hundred fifty percent of the latest maximum  income limits  permitted  under  the Internal Revenue Code of 1986, as amended, for mortgagors financed by mortgage revenue bonds.  (3) The fixing of the statutory maximums in this section shall not  be construed  as constituting a contract between the agency and the holders of its bonds or notes that additional bonds and notes may not be  issued subsequently  by  the  agency  in the event that such statutory maximums shall subsequently be increased by law.