N.Y. Public Authorities Law § 2432: Definitions

§ 2432. Definitions. As used in this title, the following words and

terms shall have the following meanings unless the context shall

indicate another or different meaning or intent:

(1) "Agency". The state of New York municipal bond bank agency, the

corporate governmental agency created by section two thousand four

hundred thirty-three of this title.

(2) "Bonds" and "Notes". The bonds and notes, including any special

program bonds, special school purpose bonds, recovery act bonds, and

public safety communications bonds respectively issued by the agency

pursuant to this title. Bonds and notes shall not include any tax lien

collateralized securities issued pursuant to this title.

(3) "Municipal Bond". A bond or note or evidence of debt payable from

any local revenues, including taxes, assessments and rents, which a

municipality may lawfully issue to finance local improvements and public

purposes, including local ARRA bonds and local public safety

communications bonds, but does not include (a) any bond or note or

evidence of debt issued by any other state or any public body or

municipal corporation thereof, (b) any special program agreement, or (c)

any special school purpose agreement or any special school deficit

program agreement.

4. "Municipality." Any public corporation enumerated in subdivisions

one, two, two-a, two-b, and three of section 2.00 of the local finance

law.

(5) "State Aid". All payments and contributions made by the state to

and in aid of a municipality as may be provided by law, other than

payments of state contributions for old age assistance, family

assistance, aid to the blind, aid to the disabled, safety net assistance

and local social services administration costs.

(5-a) "School aid". Any apportionment of public money made by the

state to or for the benefit (i) of a city school district located within

a special program municipality, or (ii) a special school deficit program

district, as provided for by article seventy-three of the education law;

provided that, with respect to any provisions of this title relating to

special school purpose bonds and special school purpose agreements, the

term school aid shall have the meaning set forth in section

ninety-two-aa of the state finance law.

(5-b) "School Aid Revenues". School aid paid or payable by the

comptroller to the agency pursuant to section ninety-two-aa of the state

finance law.

(5-c) "Special School Purpose School Aid Revenues". The balance of

school aid that does not constitute school aid revenues and that is to

be transferred by the comptroller to a special school purpose

municipality pursuant to section ninety-two-aa of the state finance law.

(6) "Comptroller". The comptroller of the state of New York.

(7) "State". The state of New York.

(8) "State Agency". Any office, department, board, commission bureau,

division, public benefit corporation, agency or instrumentality of the

state.

(9) "Amortized Value". When used with respect to securities purchased

at a premium above or a discount below par, the value as of any given

date obtained by dividing the total amount of the premium or discount at

which such securities were purchased by the number of days remaining to

maturity on such securities at the time of such purchase and by

multiplying the amount so calculated by the number of days having passed

since the date of such purchase; and (a) in the case of securities

purchased at a premium, by deducting the product thus obtained from the

purchase price, and (b) in the case of securities purchased at a

discount, by adding the product thus obtained to the purchase price.

(10) "Debt Service Reserve Fund Requirement". With respect to any debt

service reserve fund created by section twenty-four hundred thirty-nine

of this title relating to bonds other than special program bonds or

special school purpose bonds or special school deficit program bonds or

recovery act bonds or public safety communications bonds, as of any

particular date of computation, an amount of money equal to the greatest

of the respective amounts, for the then current or any succeeding

calendar year, of annual debt service payments required to be made to

the agency on all municipal bonds purchased with the proceeds of bonds

which bonds are secured by such debt service reserve fund, such annual

debt service payments for any calendar year being an amount of money

equal to the aggregate of (a) all interest payable during such calendar

year on all municipal bonds purchased by the agency and then outstanding

on said date of computation which are secured by such debt service

reserve fund, plus (b) the principal amount of all municipal bonds

purchased by the agency and then outstanding on said date of computation

which mature during such calendar year and are secured by such debt

service reserve fund; and with respect to any debt service reserve fund

created by section twenty-four hundred thirty-nine of this title

relating to an issue or issues of special program bonds or special

school purpose bonds or special school deficit program bonds or recovery

act bonds or public safety communications bonds, such amount as shall be

determined by the agency.

(11) "Sinking Fund Payments". The amount of money specified in a

resolution authorizing term bonds as payable into a sinking fund for the

amortization of such term bonds.

(12) "Special Program Municipality". Any city having a population of

less than one million but more than three hundred fifty thousand; and

any city having a population of less than two hundred fifty thousand but

more than two hundred thousand, determined according to the federal

decennial census of nineteen hundred eighty. Such term shall also

include the city of Syracuse solely for the purpose of the city of

Syracuse and the board of education of the city school district of the

city of Syracuse cooperative school reconstruction act and the city of

Yonkers solely for the purpose of the Yonkers city school district joint

schools construction and modernization act.

(13) "Special Program Bonds". An issue of bonds of the agency, all or

a portion of the proceeds of which are made available to a special

program municipality in connection with the execution by the agency and

such special program municipality of a special program agreement.

(14) "Special Program Agreement". An agreement between the agency and

a special program municipality entered into pursuant to section two

thousand four hundred thirty-five-a of this title.

(15) "Tax Lien". An interest in or encumbrance on real property,

whether or not evidenced by a written instrument, arising from an unpaid

tax, special ad valorem levy, special assessment or other charge imposed

upon real property by or on behalf of a municipal corporation or special

district. The amount represented by a tax lien shall include all

interest, penalties, charges and surcharges imposed pursuant to law.

(16) "Tax Lien Entity". A trust, limited liability company or other

special purpose entity or entities created by or at the request of the

agency for the purpose of purchasing tax liens from municipalities and

issuing tax lien collateralized securities or in connection with such a

purchase or issuance.

(17) "Tax Lien Collateralized Securities". Bonds, notes, certificates

of participation or other obligations issued by the agency or its tax

lien entity the repayment of which are secured only by tax liens and any

other funds pledged for the repayment of such securities.

(18) "Purchase and Sale Agreement". An agreement between the agency or

its tax lien entity and a municipality entered into pursuant to section

twenty-four hundred thirty-five-b of this title.

(19) "Special School Purpose Municipality". For purposes of this

title, a special school purpose municipality shall be (a) each of the

cities of New York, Buffalo, Yonkers, Rochester, or Syracuse in the

state of New York, or (b) any school district in the state of New York

which has prior year claims due and payable pursuant to section

thirty-six hundred four of the education law as of May fifteenth, two

thousand two which exceeds one million dollars, or (c) any school

district in the state of New York other than a city school district in a

city having a population of one million or more which has a prior year

claim due and payable pursuant to section thirty-six hundred four of the

education law as of February fifteenth, two thousand six which exceeds

thirty million dollars.

(20) "Special School Purpose Bonds". An issue of bonds of the agency,

all or a portion of the proceeds of which are made available to a

special school purpose municipality in connection with the execution by

the agency and such special school purpose municipality of a special

school purpose agreement. The proceeds of such special school purpose

bonds shall only be made available to a special school purpose

municipality if (i) the interest payable on the special school purpose

bonds of such special school purpose municipality qualify for exclusion

from gross income for federal income tax purposes pursuant to the

Internal Revenue Code of 1986, as amended, and (ii) under the principles

relating to such exclusion, such special school purpose bonds may be

issued with a final maturity of not less than ten years.

(21) "Special School Purpose Agreement". An agreement between the

agency and a special school purpose municipality entered into pursuant

to section two thousand four hundred thirty-five-d of this title.

(22) "Special School Deficit Program District". The enlarged city

school district of the city of Troy in the state of New York is a

special school deficit program district for the purposes of this

chapter.

(23) "Special School Deficit Program Bonds". An issue of bonds of the

agency, all or a portion of the proceeds of which are made available to

a special school deficit program district in connection with the

execution by the agency and such special school deficit program district

of a special school deficit program agreement.

(24) "Special School Deficit Program Agreement". An agreement between

the agency and a special school deficit program district entered into

pursuant to section two thousand four hundred thirty-five-e of this

title.

(25) "Public safety communications bonds". Bonds of the agency, all or

a portion of the proceeds of which are used to purchase a local public

safety communication bond. The amount of such bonds issued by the agency

shall not exceed one billion dollars.

(26) "Recovery Act Bonds". An issue of bonds of the agency, all or a

portion of the proceeds of which are used to purchase local ARRA bonds.

(27) "Local ARRA Bonds". A municipal bond issued to finance or

refinance purposes eligible, in whole or in part, for subsidies or tax

credits under the American Recovery and Reinvestment Act of 2009.

(28) "Local public safety communications bonds". A municipal bond

issued to finance or fund all or a portion of the costs of building

regional, interoperable public communications networks for statewide use

by first-responder agencies in the state, including equipment and

incidental costs. Local public safety communication bonds may also be

issued to refinance outstanding bonds issued by municipalities for the

purposes described herein provided that present value savings are

realized from such a refunding.