§ 42. Definitions. For the purposes of this article, the following\nterms shall have the following meanings:\n 1. "Cooperative investment agreement" shall mean the temporary\ninvestment of moneys by more than one municipal corporation pursuant\nto a municipal cooperation agreement entered into in accordance with\nthe provisions of article five-G of this chapter and this article. Such\nterm, however, shall not include investments made pursuant to a\nmunicipal cooperation agreement that:
(a)has as its primary purpose\nthe performance of a function, power or duty, or the provision of a\njoint service, other than the investment of funds, provided that the\nonly moneys invested pursuant to such an agreement are those reasonably\nnecessary to perform such other function,
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§ 42. Definitions. For the purposes of this article, the following\nterms shall have the following meanings:\n 1. "Cooperative investment agreement" shall mean the temporary\ninvestment of moneys by more than one municipal corporation pursuant\nto a municipal cooperation agreement entered into in accordance with\nthe provisions of article five-G of this chapter and this article. Such\nterm, however, shall not include investments made pursuant to a\nmunicipal cooperation agreement that: (a) has as its primary purpose\nthe performance of a function, power or duty, or the provision of a\njoint service, other than the investment of funds, provided that the\nonly moneys invested pursuant to such an agreement are those reasonably\nnecessary to perform such other function, power or duty or provide\nsuch other joint service; or (b) identifies the specific investments\nto be made thereunder and provides for the termination of the agreement\nupon the sale, redemption or maturity of such investments.\n 2. "Irrevocable letter of credit" shall mean an irrevocable letter of\ncredit issued in favor of every participant in the agreement by a bank\nwhose commercial paper and other unsecured short-term debt obligations\n(or, in the case of a bank which is the principal subsidiary of a\nholding company, whose holding company's commercial paper and other\nunsecured short-term debt obligations) are rated in one of the three\nhighest rating categories (based on the credit of such bank or holding\ncompany) by at least one nationally recognized statistical rating\norganization or by a bank that is in compliance with applicable federal\nminimum risk-based capital requirements.\n 3. "Market value" shall mean market prices obtained from a nationally\nrecognized security pricing service or from a minimum of three primary\nreporting dealers in government securities as determined by the federal\nreserve bank.\n 4. "Municipal corporation" shall have the same meaning as in section\none hundred nineteen-n of this chapter.\n 5. "Participant" shall mean each municipal corporation that enters\ninto a cooperative investment agreement in accordance with the\nprovisions of this article.\n