N.Y. State Finance Law § 69-a: Definitions

§ 69-a. Definitions. As used throughout this article, the following

terms shall have the following meanings:

1. "Variable rate bonds" shall mean any State-supported debt which

bears interest at a rate or rates which varies from time to time.

2. "Interest rate exchange or similar agreement" shall mean a written

contract entered into in connection with the issuance of State-supported

debt, or in connection with such State-supported debt already

outstanding, with a counterparty to provide for an exchange of payments

based upon fixed and/or variable interest rates, and shall be for

exchanges in currency of the United States of America only.

3. "State-supported debt" shall mean all debt included in subdivision

one of section sixty-seven-a of this chapter.

4. "Authorized issuer" shall mean the state or any state public

corporation which is authorized to issue State-supported debt.

5. "Governing board" shall mean, for each state public corporation

which is authorized to issue State-supported debt, its board of

directors or, in the absence of a board of directors, its other

appropriate supervising body and, in relation to state general

obligation debt, the state comptroller.

6. "Variable rate debt instruments" shall mean, for any calculation

purpose, (i) variable rate bonds or (ii) any state-supported debt and

related interest rate exchange or similar agreements which, when

considered together, result in an authorized issuer effectively paying

interest at a rate or rates which varies from time to time, but shall

not include any variable rate bonds, or any state-supported debt

considered together with related interest rate exchange or similar

agreements issued on or before July first, two thousand five, during any

period that such instrument or instruments provide for payment by the

authorized issuer of a fixed rate throughout the then current fiscal

year of the state.

7. "Excluded agreements" shall mean the total notional amount of

interest rate exchange or similar agreements entered into for the

purpose of reducing or eliminating a situation of risk or exposure under

an existing interest rate exchange or similar agreement, including, but

not limited to a counterparty downgrade, default, or other actual or

potential economic loss; provided, however, that for agreements entered

into on and after April first, two thousand seven "excluded agreements"

shall mean the total notional amount of interest rate exchange or

similar agreements entered into for the purpose of reducing or

eliminating a situation of imminent risk under an existing interest rate

exchange or similar agreement, including, but not limited to a

counterparty downgrade, default, or other actual or imminent economic

loss.