N.Y.
Public Authorities Law Section 2432
Definitions
(1)
“Agency”. The state of New York municipal bond bank agency, the corporate governmental agency created by § 2433 (State of New York municipal bond bank agency)section two thousand four hundred thirty-three of this title.(2)
“Bonds” and “Notes”. The bonds and notes, including any special program bonds, special school purpose bonds, recovery act bonds, and public safety communications bonds respectively issued by the agency pursuant to this title. Bonds and notes shall not include any tax lien collateralized securities issued pursuant to this title.(3)
“Municipal Bond”. A bond or note or evidence of debt payable from any local revenues, including taxes, assessments and rents, which a municipality may lawfully issue to finance local improvements and public purposes, including local ARRA bonds and local public safety communications bonds, but does not include (a) any bond or note or evidence of debt issued by any other state or any public body or municipal corporation thereof, (b) any special program agreement, or(c)
any special school purpose agreement or any special school deficit program agreement.4.
“Municipality.” Any public corporation enumerated in subdivisions one, two, two-a, two-b, and three of section 2.00 of the local finance law.(5)
“State Aid”. All payments and contributions made by the state to and in aid of a municipality as may be provided by law, other than payments of state contributions for old age assistance, family assistance, aid to the blind, aid to the disabled, safety net assistance and local social services administration costs. (5-a) “School aid”. Any apportionment of public money made by the state to or for the benefit (i) of a city school district located within a special program municipality, or(ii)
a special school deficit program district, as provided for by article seventy-three of the education law; provided that, with respect to any provisions of this title relating to special school purpose bonds and special school purpose agreements, the term school aid shall have the meaning set forth in State Finance Law § 92-AA (Special school purpose school aid)section ninety-two-aa of the state finance law. (5-b) “School Aid Revenues”. School aid paid or payable by the comptroller to the agency pursuant to State Finance Law § 92-AA (Special school purpose school aid)section ninety-two-aa of the state finance law. (5-c) “Special School Purpose School Aid Revenues”. The balance of school aid that does not constitute school aid revenues and that is to be transferred by the comptroller to a special school purpose municipality pursuant to State Finance Law § 92-AA (Special school purpose school aid)section ninety-two-aa of the state finance law.(6)
“Comptroller”. The comptroller of the state of New York.(7)
“State”. The state of New York.(8)
“State Agency”. Any office, department, board, commission bureau, division, public benefit corporation, agency or instrumentality of the state.(9)
“Amortized Value”. When used with respect to securities purchased at a premium above or a discount below par, the value as of any given date obtained by dividing the total amount of the premium or discount at which such securities were purchased by the number of days remaining to maturity on such securities at the time of such purchase and by multiplying the amount so calculated by the number of days having passed since the date of such purchase; and(a)
in the case of securities purchased at a premium, by deducting the product thus obtained from the purchase price, and(b)
in the case of securities purchased at a discount, by adding the product thus obtained to the purchase price.(10)
“Debt Service Reserve Fund Requirement”. With respect to any debt service reserve fund created by § 2439 (Reserve funds and appropriations)section twenty-four hundred thirty-nine of this title relating to bonds other than special program bonds or special school purpose bonds or special school deficit program bonds or recovery act bonds or public safety communications bonds, as of any particular date of computation, an amount of money equal to the greatest of the respective amounts, for the then current or any succeeding calendar year, of annual debt service payments required to be made to the agency on all municipal bonds purchased with the proceeds of bonds which bonds are secured by such debt service reserve fund, such annual debt service payments for any calendar year being an amount of money equal to the aggregate of (a) all interest payable during such calendar year on all municipal bonds purchased by the agency and then outstanding on said date of computation which are secured by such debt service reserve fund, plus (b) the principal amount of all municipal bonds purchased by the agency and then outstanding on said date of computation which mature during such calendar year and are secured by such debt service reserve fund; and with respect to any debt service reserve fund created by § 2439 (Reserve funds and appropriations)section twenty-four hundred thirty-nine of this title relating to an issue or issues of special program bonds or special school purpose bonds or special school deficit program bonds or recovery act bonds or public safety communications bonds, such amount as shall be determined by the agency.(11)
“Sinking Fund Payments”. The amount of money specified in a resolution authorizing term bonds as payable into a sinking fund for the amortization of such term bonds.(12)
“Special Program Municipality”. Any city having a population of less than one million but more than three hundred fifty thousand; and any city having a population of less than two hundred fifty thousand but more than two hundred thousand, determined according to the federal decennial census of nineteen hundred eighty. Such term shall also include the city of Syracuse solely for the purpose of the city of Syracuse and the board of education of the city school district of the city of Syracuse cooperative school reconstruction act and the city of Yonkers solely for the purpose of the Yonkers city school district joint schools construction and modernization act.(13)
“Special Program Bonds”. An issue of bonds of the agency, all or a portion of the proceeds of which are made available to a special program municipality in connection with the execution by the agency and such special program municipality of a special program agreement.(14)
“Special Program Agreement”. An agreement between the agency and a special program municipality entered into pursuant to § 2435-A (Special program agreements)section two thousand four hundred thirty-five-a of this title.(15)
“Tax Lien”. An interest in or encumbrance on real property, whether or not evidenced by a written instrument, arising from an unpaid tax, special ad valorem levy, special assessment or other charge imposed upon real property by or on behalf of a municipal corporation or special district. The amount represented by a tax lien shall include all interest, penalties, charges and surcharges imposed pursuant to law.(16)
“Tax Lien Entity”. A trust, limited liability company or other special purpose entity or entities created by or at the request of the agency for the purpose of purchasing tax liens from municipalities and issuing tax lien collateralized securities or in connection with such a purchase or issuance.(17)
“Tax Lien Collateralized Securities”. Bonds, notes, certificates of participation or other obligations issued by the agency or its tax lien entity the repayment of which are secured only by tax liens and any other funds pledged for the repayment of such securities.(18)
“Purchase and Sale Agreement”. An agreement between the agency or its tax lien entity and a municipality entered into pursuant to § 2435-B (Tax lien purchase and sale agreements)section twenty-four hundred thirty-five-b of this title.(19)
“Special School Purpose Municipality”. For purposes of this title, a special school purpose municipality shall be (a) each of the cities of New York, Buffalo, Yonkers, Rochester, or Syracuse in the state of New York, or(b)
any school district in the state of New York which has prior year claims due and payable pursuant to Education Law § 3604 (Conditions under which districts are entitled to apportionment)section thirty-six hundred four of the education law as of May fifteenth, two thousand two which exceeds one million dollars, or(c)
any school district in the state of New York other than a city school district in a city having a population of one million or more which has a prior year claim due and payable pursuant to Education Law § 3604 (Conditions under which districts are entitled to apportionment)section thirty-six hundred four of the education law as of February fifteenth, two thousand six which exceeds thirty million dollars.(20)
“Special School Purpose Bonds”. An issue of bonds of the agency, all or a portion of the proceeds of which are made available to a special school purpose municipality in connection with the execution by the agency and such special school purpose municipality of a special school purpose agreement. The proceeds of such special school purpose bonds shall only be made available to a special school purpose municipality if (i) the interest payable on the special school purpose bonds of such special school purpose municipality qualify for exclusion from gross income for federal income tax purposes pursuant to the Internal Revenue Code of 1986, as amended, and(ii)
under the principles relating to such exclusion, such special school purpose bonds may be issued with a final maturity of not less than ten years.(21)
“Special School Purpose Agreement”. An agreement between the agency and a special school purpose municipality entered into pursuant to § 2435-D (Special school purpose agreements)section two thousand four hundred thirty-five-d of this title.(22)
“Special School Deficit Program District”. The enlarged city school district of the city of Troy in the state of New York is a special school deficit program district for the purposes of this chapter.(23)
“Special School Deficit Program Bonds”. An issue of bonds of the agency, all or a portion of the proceeds of which are made available to a special school deficit program district in connection with the execution by the agency and such special school deficit program district of a special school deficit program agreement.(24)
“Special School Deficit Program Agreement”. An agreement between the agency and a special school deficit program district entered into pursuant to § 2435-E (Special School Deficit Program Agreements)section two thousand four hundred thirty-five-e of this title.(25)
“Public safety communications bonds”. Bonds of the agency, all or a portion of the proceeds of which are used to purchase a local public safety communication bond. The amount of such bonds issued by the agency shall not exceed one billion dollars.(26)
“Recovery Act Bonds”. An issue of bonds of the agency, all or a portion of the proceeds of which are used to purchase local ARRA bonds.(27)
“Local ARRA Bonds”. A municipal bond issued to finance or refinance purposes eligible, in whole or in part, for subsidies or tax credits under the American Recovery and Reinvestment Act of 2009.(28)
“Local public safety communications bonds”. A municipal bond issued to finance or fund all or a portion of the costs of building regional, interoperable public communications networks for statewide use by first-responder agencies in the state, including equipment and incidental costs. Local public safety communication bonds may also be issued to refinance outstanding bonds issued by municipalities for the purposes described herein provided that present value savings are realized from such a refunding.
Source:
Section 2432 — Definitions, https://www.nysenate.gov/legislation/laws/PBA/2432 (updated Dec. 2, 2016; accessed Apr. 27, 2024).
