2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2432 - Definitions.

§  2432.  Definitions.  As used in this title, the following words and
terms shall  have  the  following  meanings  unless  the  context  shall
indicate another or different meaning or intent:
(1)  "Agency".  The  state of New York municipal bond bank agency, the
corporate governmental agency  created  by  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  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 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 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 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  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  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 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 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 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 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 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.