§ 2432 — Definitions

New York § 2432

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 18: State of New York Municipal Bond Bank Agency Act
• Art. 8: Miscellaneous Authorities

Text

§ 2432. Definitions. As used in this title, the following words and\nterms shall have the following meanings unless the context shall\nindicate another or different meaning or intent:\n (1) "Agency". The state of New York municipal bond bank agency, the\ncorporate governmental agency created by section two thousand four\nhundred thirty-three of this title.\n (2) "Bonds" and "Notes". The bonds and notes, including any special\nprogram bonds, special school purpose bonds, recovery act bonds, and\npublic safety communications bonds respectively issued by the agency\npursuant to this title. Bonds and notes shall not include any tax lien\ncollateralized securities issued pursuant to this title.\n (3) "Municipal Bond". A bond or note or evidence of debt payable from\nany local revenues, including taxes, assessments and rents, which a\nmunicipality may lawfully issue to finance local improvements and public\npurposes, including local ARRA bonds and local public safety\ncommunications bonds, but does not include (a) any bond or note or\nevidence of debt issued by any other state or any public body or\nmunicipal corporation thereof, (b) any special program agreement, or (c)\nany special school purpose agreement or any special school deficit\nprogram agreement.\n 4. "Municipality." Any public corporation enumerated in subdivisions\none, two, two-a, two-b, and three of section 2.00 of the local finance\nlaw.\n (5) "State Aid". All payments and contributions made by the state to\nand in aid of a municipality as may be provided by law, other than\npayments of state contributions for old age assistance, family\nassistance, aid to the blind, aid to the disabled, safety net assistance\nand local social services administration costs.\n (5-a) "School aid". Any apportionment of public money made by the\nstate to or for the benefit (i) of a city school district located within\na special program municipality, or (ii) a special school deficit program\ndistrict, as provided for by article seventy-three of the education law;\nprovided that, with respect to any provisions of this title relating to\nspecial school purpose bonds and special school purpose agreements, the\nterm school aid shall have the meaning set forth in section\nninety-two-aa of the state finance law.\n (5-b) "School Aid Revenues". School aid paid or payable by the\ncomptroller to the agency pursuant to section ninety-two-aa of the state\nfinance law.\n (5-c) "Special School Purpose School Aid Revenues". The balance of\nschool aid that does not constitute school aid revenues and that is to\nbe transferred by the comptroller to a special school purpose\nmunicipality pursuant to section ninety-two-aa of the state finance law.\n (6) "Comptroller". The comptroller of the state of New York.\n (7) "State". The state of New York.\n (8) "State Agency". Any office, department, board, commission bureau,\ndivision, public benefit corporation, agency or instrumentality of the\nstate.\n (9) "Amortized Value". When used with respect to securities purchased\nat a premium above or a discount below par, the value as of any given\ndate obtained by dividing the total amount of the premium or discount at\nwhich such securities were purchased by the number of days remaining to\nmaturity on such securities at the time of such purchase and by\nmultiplying the amount so calculated by the number of days having passed\nsince the date of such purchase; and (a) in the case of securities\npurchased at a premium, by deducting the product thus obtained from the\npurchase price, and (b) in the case of securities purchased at a\ndiscount, by adding the product thus obtained to the purchase price.\n (10) "Debt Service Reserve Fund Requirement". With respect to any debt\nservice reserve fund created by section twenty-four hundred thirty-nine\nof this title relating to bonds other than special program bonds or\nspecial school purpose bonds or special school deficit program bonds or\nrecovery act bonds or public safety communications bonds, as of any\nparticular date of computation, an amount of money equal to the greatest\nof the respective amounts, for the then current or any succeeding\ncalendar year, of annual debt service payments required to be made to\nthe agency on all municipal bonds purchased with the proceeds of bonds\nwhich bonds are secured by such debt service reserve fund, such annual\ndebt service payments for any calendar year being an amount of money\nequal to the aggregate of (a) all interest payable during such calendar\nyear on all municipal bonds purchased by the agency and then outstanding\non said date of computation which are secured by such debt service\nreserve fund, plus (b) the principal amount of all municipal bonds\npurchased by the agency and then outstanding on said date of computation\nwhich mature during such calendar year and are secured by such debt\nservice reserve fund; and with respect to any debt service reserve fund\ncreated by section twenty-four hundred thirty-nine of this title\nrelating to an issue or issues of special program bonds or special\nschool purpose bonds or special school deficit program bonds or recovery\nact bonds or public safety communications bonds, such amount as shall be\ndetermined by the agency.\n (11) "Sinking Fund Payments". The amount of money specified in a\nresolution authorizing term bonds as payable into a sinking fund for the\namortization of such term bonds.\n (12) "Special Program Municipality". Any city having a population of\nless than one million but more than three hundred fifty thousand; and\nany city having a population of less than two hundred fifty thousand but\nmore than two hundred thousand, determined according to the federal\ndecennial census of nineteen hundred eighty. Such term shall also\ninclude the city of Syracuse solely for the purpose of the city of\nSyracuse and the board of education of the city school district of the\ncity of Syracuse cooperative school reconstruction act and the city of\nYonkers solely for the purpose of the Yonkers city school district joint\nschools construction and modernization act.\n (13) "Special Program Bonds". An issue of bonds of the agency, all or\na portion of the proceeds of which are made available to a special\nprogram municipality in connection with the execution by the agency and\nsuch special program municipality of a special program agreement.\n (14) "Special Program Agreement". An agreement between the agency and\na special program municipality entered into pursuant to section two\nthousand four hundred thirty-five-a of this title.\n (15) "Tax Lien". An interest in or encumbrance on real property,\nwhether or not evidenced by a written instrument, arising from an unpaid\ntax, special ad valorem levy, special assessment or other charge imposed\nupon real property by or on behalf of a municipal corporation or special\ndistrict. The amount represented by a tax lien shall include all\ninterest, penalties, charges and surcharges imposed pursuant to law.\n (16) "Tax Lien Entity". A trust, limited liability company or other\nspecial purpose entity or entities created by or at the request of the\nagency for the purpose of purchasing tax liens from municipalities and\nissuing tax lien collateralized securities or in connection with such a\npurchase or issuance.\n (17) "Tax Lien Collateralized Securities". Bonds, notes, certificates\nof participation or other obligations issued by the agency or its tax\nlien entity the repayment of which are secured only by tax liens and any\nother funds pledged for the repayment of such securities.\n (18) "Purchase and Sale Agreement". An agreement between the agency or\nits tax lien entity and a municipality entered into pursuant to section\ntwenty-four hundred thirty-five-b of this title.\n (19) "Special School Purpose Municipality". For purposes of this\ntitle, a special school purpose municipality shall be (a) each of the\ncities of New York, Buffalo, Yonkers, Rochester, or Syracuse in the\nstate of New York, or (b) any school district in the state of New York\nwhich has prior year claims due and payable pursuant to section\nthirty-six hundred four of the education law as of May fifteenth, two\nthousand two which exceeds one million dollars, or (c) any school\ndistrict in the state of New York other than a city school district in a\ncity having a population of one million or more which has a prior year\nclaim due and payable pursuant to section thirty-six hundred four of the\neducation law as of February fifteenth, two thousand six which exceeds\nthirty million dollars.\n (20) "Special School Purpose Bonds". An issue of bonds of the agency,\nall or a portion of the proceeds of which are made available to a\nspecial school purpose municipality in connection with the execution by\nthe agency and such special school purpose municipality of a special\nschool purpose agreement. The proceeds of such special school purpose\nbonds shall only be made available to a special school purpose\nmunicipality if (i) the interest payable on the special school purpose\nbonds of such special school purpose municipality qualify for exclusion\nfrom gross income for federal income tax purposes pursuant to the\nInternal Revenue Code of 1986, as amended, and (ii) under the principles\nrelating to such exclusion, such special school purpose bonds may be\nissued with a final maturity of not less than ten years.\n (21) "Special School Purpose Agreement". An agreement between the\nagency and a special school purpose municipality entered into pursuant\nto section two thousand four hundred thirty-five-d of this title.\n (22) "Special School Deficit Program District". The enlarged city\nschool district of the city of Troy in the state of New York is a\nspecial school deficit program district for the purposes of this\nchapter.\n (23) "Special School Deficit Program Bonds". An issue of bonds of the\nagency, all or a portion of the proceeds of which are made available to\na special school deficit program district in connection with the\nexecution by the agency and such special school deficit program district\nof a special school deficit program agreement.\n (24) "Special School Deficit Program Agreement". An agreement between\nthe agency and a special school deficit program district entered into\npursuant to section two thousand four hundred thirty-five-e of this\ntitle.\n (25) "Public safety communications bonds". Bonds of the agency, all or\na portion of the proceeds of which are used to purchase a local public\nsafety communication bond. The amount of such bonds issued by the agency\nshall not exceed one billion dollars.\n (26) "Recovery Act Bonds". An issue of bonds of the agency, all or a\nportion of the proceeds of which are used to purchase local ARRA bonds.\n (27) "Local ARRA Bonds". A municipal bond issued to finance or\nrefinance purposes eligible, in whole or in part, for subsidies or tax\ncredits under the American Recovery and Reinvestment Act of 2009.\n (28) "Local public safety communications bonds". A municipal bond\nissued to finance or fund all or a portion of the costs of building\nregional, interoperable public communications networks for statewide use\nby first-responder agencies in the state, including equipment and\nincidental costs. Local public safety communication bonds may also be\nissued to refinance outstanding bonds issued by municipalities for the\npurposes described herein provided that present value savings are\nrealized from such a refunding.\n