§ 3232 — Definitions

§ 3232. Definitions. For the purpose of this title:\n 1. "Director of the budget" means the director of the budget of the\nstate of New York.\n 2. "Corporation" means the New York local government assistance\ncorporation as created by this title.\n 3. "Comptroller" means the comptroller of the state of New York.\n 4. "State" means the state of New York.\n 5. "Revenues" means all aid, rents, fees, charges, payments and other\nincome and receipts paid or payable to the corporation or to a trustee\nfor the account of the corporation, including any payment required to be\nmade to the corporation by this title.\n 6. "Operating expenses" means all expenses incurred by the corporation\nin the administration of the corporation including but not limited to\nsalaries, administrative expenses, insurance premiums, fees payable to\nproviders of bond or note facilities, auditing and legal expenses and\nfees and expenses incurred for professional consultants and fiduciaries.\n 7. "Capital reserve fund requirement" means, as of any particular date\nof computation and with respect to any capital reserve fund, the maximum\namount required to pay, during the then current or any succeeding fiscal\nyear, on all bonds of the corporation secured by such capital reserve\nfund outstanding as of the date of computation, the maximum combined\namount of all interest payable during such fiscal year and all\ninstallments of principal (including mandatory sinking fund payments and\namounts, payable on principal so paid, that are treated as original\nissue discount under the code and regulations thereunder) payable during\nsuch fiscal year; provided that the corporation may, if it determines\nthat the security and marketability of bonds secured by a capital\nreserve fund will not be unduly adversely affected, reduce the\nrequirement with respect to such capital reserve fund as so defined so\nas to equal no less than half of the amount so calculated; and provided,\nfurther, that the corporation may increase the amount calculated as\nprovided in this subdivision with respect to a capital reserve fund by\nincluding any designated notes of the corporation as bonds, upon any\nrelated issuance proceeds of which will fund the increase, and provided,\nfurther, that interest payable at a variable rate on any bonds of the\ncorporation or payable at a rate then not determinable on short term\nnotes to be issue by the corporation in renewal or replacement of other\nshort term notes shall for purposes of any such calculation be assumed\nto be payable at a rate or rates reasonably assumed by the corporation\nhaving due regard for the security and marketability of all its bonds\nand notes.\n 8. "Code" means the United States Internal Revenue Code of 1986, as\namended.\n 9. "Net proceeds" means the aggregate principal amount of any bonds or\nnotes issued by the corporation, reduced by any amount of such bonds or\nnotes that constitutes interest under the code and further reduced by\nthe portion of such aggregate principal amount issued (i) to fund the\ncapital reserve fund in accordance with the capital reserve fund\nrequirement and to fund any other reserves that the corporation\nreasonably deems necessary for the security or marketability of its\nbonds and notes, (ii) to provide capitalized interest, and (iii) to\nprovide fees and other charges and expenses, including underwriters'\ndiscount, related to the issuance of such bonds or notes, including fees\nand other charges payable from such proceeds to providers of bond or\nnote facilities.\n 10. "Bond or note facility" means any insurance policy, letter of\ncredit or other facility, agreement or arrangement referred to in\nsubdivision sixteen, seventeen or eighteen of section three thousand two\nhundred thirty-five of this title.\n 11. "Local government" means a county, city, town, village, school\ndistrict, city school district or board of cooperative educational\nservices.\n