2023 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.