§ 47-e. Housing program bonds and notes. 1. Definitions. For the\npurposes of this section and paragraph (c) of subdivision one of section\nforty-seven of this chapter:\n (a) "Housing program" shall mean the housing assistance projects or\nprograms funded from an appropriation or an apportionment to the:\n (1) housing assistance fund created by section ninety-two-q of the\nstate finance law;\n (2) the affordable housing corporation and deposited in the affordable\nhousing development account established pursuant to section fifty-nine-b\nof this chapter;\n (3) the housing trust fund corporation and deposited in the housing\ntrust fund account established pursuant to section fifty-nine-a of this\nchapter; and\n (4) the homeless housing and assistance account established pursuant\nto section fifty-nine-i of this chapter.\n (5) Housing project repair fund created by section sixty of this\nchapter.\n (b) "Housing program bonds and housing program notes" shall mean bonds\nand notes issued by the agency pursuant to subdivision two of this\nsection.\n (c) "Code" shall mean the federal internal revenue code.\n 2. (a) Subject to the provisions of chapter fifty-nine of the laws of\ntwo thousand, in order to enhance and encourage the promotion of housing\nprograms and thereby achieve the stated purposes and objectives of such\nhousing programs, the agency shall have the power and is hereby\nauthorized from time to time to issue negotiable housing program bonds\nand notes in such principal amount as shall be necessary to provide\nsufficient funds for the repayment of amounts disbursed (and not\npreviously reimbursed) pursuant to law or any prior year making capital\nappropriations or reappropriations for the purposes of the housing\nprogram; provided, however, that the agency may issue such bonds and\nnotes in an aggregate principal amount not exceeding eighteen billion\neighty-four million seven hundred sixty-four thousand dollars\n$18,084,764,000, excluding bonds issued after April first, two thousand\ntwenty-five to (i) fund one or more debt service reserve funds, (ii) pay\ncosts of issuance of such bonds, and (iii) refund or otherwise repay\nsuch bonds or notes previously issued, provided that nothing herein\nshall affect the exclusion of refunding debt issued prior to such date.\nNo reserve fund securing the housing program bonds shall be entitled or\neligible to receive state funds apportioned or appropriated to maintain\nor restore such reserve fund at or to a particular level, except to the\nextent of any deficiency resulting directly or indirectly from a failure\nof the state to appropriate or pay the agreed amount under any of the\ncontracts provided for in subdivision four of this section.\n (b) In computing for the purposes of this section the aggregate amount\nof bonds and notes of the agency issued pursuant to this section, there\nshall be excluded (i) the amount of bonds and notes issued that would\nconstitute interest under the code, and (ii) the amount of bonds and\nnotes issued to refund bonds and notes, provided, that the amount so\nexcluded under this subparagraph (ii) may exceed the amount of the bonds\nand notes which the refunding bonds or notes were issued to refund only\nif the present value of the aggregate debt service on the refunding\nbonds or notes does not exceed the present value of the aggregate debt\nservice of the bonds or notes to be refunded, such present value in each\ncase to be calculated by using the effective interest rate of the\nrefunding bonds or notes, which shall be that rate arrived at by\ndoubling the semi-annual interest rate (compounded semi-annually)\nnecessary to discount the debt service payments on the refunding bonds\nor notes from the payment date thereof to the date of issue of the\nrefunding bonds or notes and to the price bid therefor, or to the\nproceeds received by the agency from the sale thereof, in each case\nincluding estimated accrued interest.\n (c) The agency s
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