* § 2. Definitions. As used in this act, unless the context requires\notherwise:\n 1. "Bonds" means bonds, notes or other obligations.\n 2. "Carryforward" means an amount of unused private activity bond\nceiling available to an issuer pursuant to an election filed with the\ninternal revenue service pursuant to section 146(f) of the code.\n 3. "Code" means the internal revenue code of 1986, as amended.\n 4. "Commissioner" means the commissioner of the New York state\ndepartment of economic development.\n 5. "Covered bonds" means those tax exempt private activity bonds and\nthat portion of the non qualified amount of an issue of governmental use\nbonds for which an allocation of the statewide ceiling is required for\nthe interest earned by holders of such bonds to be excluded from the
Free access — add to your briefcase to read the full text and ask questions with AI
* § 2. Definitions. As used in this act, unless the context requires\notherwise:\n 1. "Bonds" means bonds, notes or other obligations.\n 2. "Carryforward" means an amount of unused private activity bond\nceiling available to an issuer pursuant to an election filed with the\ninternal revenue service pursuant to section 146(f) of the code.\n 3. "Code" means the internal revenue code of 1986, as amended.\n 4. "Commissioner" means the commissioner of the New York state\ndepartment of economic development.\n 5. "Covered bonds" means those tax exempt private activity bonds and\nthat portion of the non qualified amount of an issue of governmental use\nbonds for which an allocation of the statewide ceiling is required for\nthe interest earned by holders of such bonds to be excluded from the\ngross income of such holders for federal income tax purposes under the\ncode.\n 6. "Director" means the director of the New York state division of the\nbudget.\n 7. "Issuer" means a local agency, state agency or other issuer.\n 8. "Local agency" means an industrial development agency established\nor operating pursuant to article 18-A of the general municipal law, the\nTroy industrial development authority and the Auburn industrial\ndevelopment authority.\n 9. "Other issuer" means any agency, political subdivision or other\nentity, other than a local agency or state agency, that is authorized to\nissue covered bonds.\n 10. "Qualified small issue bonds" means qualified small issue bonds,\nas defined in section 144(a) of the code.\n 11. "State agency" means the state of New York, New York state energy\nresearch and development authority, New York job development authority,\nNew York state environmental facilities corporation, New York state\nurban development corporation and its subsidiaries, Battery Park city\nauthority, port authority of New York and New Jersey, power authority of\nthe state of New York, dormitory authority of the state of New York, New\nYork state housing finance agency, state of New York mortgage agency,\nand any other public benefit corporation or public authority designated\nby the governor for the purposes of this act.\n 12. "Statewide ceiling" means for any calendar year the highest state\nceiling (as such term is used in section 146 of the code) applicable to\nNew York state.\n* NB Repealed January 1, 1991\n