N.Y. Public Authorities Law § 3232: Definitions

§ 3232. Definitions. For the purpose of this title:

1. "Director of the budget" means the director of the budget of the

state of New York.

2. "Corporation" means the New York local government assistance

corporation as created by this title.

3. "Comptroller" means the comptroller of the state of New York.

4. "State" means the state of New York.

5. "Revenues" means all aid, rents, fees, charges, payments and other

income and receipts paid or payable to the corporation or to a trustee

for the account of the corporation, including any payment required to be

made to the corporation by this title.

6. "Operating expenses" means all expenses incurred by the corporation

in the administration of the corporation including but not limited to

salaries, administrative expenses, insurance premiums, fees payable to

providers of bond or note facilities, auditing and legal expenses and

fees and expenses incurred for professional consultants and fiduciaries.

7. "Capital reserve fund requirement" means, as of any particular date

of computation and with respect to any capital reserve fund, the maximum

amount required to pay, during the then current or any succeeding fiscal

year, on all bonds of the corporation secured by such capital reserve

fund outstanding as of the date of computation, the maximum combined

amount of all interest payable during such fiscal year and all

installments of principal (including mandatory sinking fund payments and

amounts, payable on principal so paid, that are treated as original

issue discount under the code and regulations thereunder) payable during

such fiscal year; provided that the corporation may, if it determines

that the security and marketability of bonds secured by a capital

reserve fund will not be unduly adversely affected, reduce the

requirement with respect to such capital reserve fund as so defined so

as to equal no less than half of the amount so calculated; and provided,

further, that the corporation may increase the amount calculated as

provided in this subdivision with respect to a capital reserve fund by

including any designated notes of the corporation as bonds, upon any

related issuance proceeds of which will fund the increase, and provided,

further, that interest payable at a variable rate on any bonds of the

corporation or payable at a rate then not determinable on short term

notes to be issue by the corporation in renewal or replacement of other

short term notes shall for purposes of any such calculation be assumed

to be payable at a rate or rates reasonably assumed by the corporation

having due regard for the security and marketability of all its bonds

and notes.

8. "Code" means the United States Internal Revenue Code of 1986, as

amended.

9. "Net proceeds" means the aggregate principal amount of any bonds or

notes issued by the corporation, reduced by any amount of such bonds or

notes that constitutes interest under the code and further reduced by

the portion of such aggregate principal amount issued (i) to fund the

capital reserve fund in accordance with the capital reserve fund

requirement and to fund any other reserves that the corporation

reasonably deems necessary for the security or marketability of its

bonds and notes, (ii) to provide capitalized interest, and (iii) to

provide fees and other charges and expenses, including underwriters'

discount, related to the issuance of such bonds or notes, including fees

and other charges payable from such proceeds to providers of bond or

note facilities.

10. "Bond or note facility" means any insurance policy, letter of

credit or other facility, agreement or arrangement referred to in

subdivision sixteen, seventeen or eighteen of section three thousand two

hundred thirty-five of this title.

11. "Local government" means a county, city, town, village, school

district, city school district or board of cooperative educational

services.