NY Pub Auth L § 3232 (2021)
2021 New York Laws PBA - Public Authorities Article 10-B Title 4 - New York Local Government Assistance Coporation 3232 - Definitions.

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