New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter V - Public Authorities › Part 204 - Accounting And Reporting For Public Authorities That Issue State-supported Debt › Section 204.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Accretion shall
				refer to the process by which a discount is earned over the life of a zero
				coupon or capital appreciation bond.
(b) Accrued interest shall mean the amount of
				interest earned by the bondholder since the last payment date.
(c) Arbitrage rebate shall mean a payment,
				including a late payment, to the United States Treasury for earnings from
				proceeds of tax-exempt bonds in excess of federally allowed
				limitations.
(d) Date of issuance
				shall mean the earliest date by which either securities were delivered to the
				purchaser or the issuer received payment of proceeds from the issuance of
				debt.
(e) Debt shall mean all
				State-supported debt as defined in section 67-a  of the State Finance Law.
(f) Debt service account shall mean an
				account or accounts used for the payment of principal and interest on
				securities and also payments made or received under swap agreements.
(g) Debt service reserves shall mean any cash
				and investments in a fund that has been established to pay future debt
				service.
(h) Effective interest
				rate shall mean the rate that, when used to discount the debt service
				requirements on new debt, produces a present value equal to the proceeds of
				such new debt (including accrued interest) net of any premiums or discounts and
				any underwriting spread and issuance costs that are not recoverable through
				escrow account earnings.
(i) Fiscal
				year shall mean the State fiscal year.
(j) Issuance costs include all costs incurred
				to issue debt, including, but not limited to, underwriters' discount, insurance
				costs (net of rebates from refunded debt, if any), financing costs (including,
				but not limited to, rating agency fees, financial advisor fees, swap advisor
				fees, and State bond issuance fees), and other related costs (including, but
				not limited to, printing, legal, accounting, administrative, and trustee
				expenses).
(k) Market discount
				shall mean the amount by which the gross proceeds received for securities
				issued was less than their par amount.
(l) Market premium shall mean the original
				issue premium received in excess of the par amount of securities.
(m) Par amount shall mean the face amount of
				a security at which it will be redeemed at maturity except in the case of zero
				coupon and capital appreciation bonds in which case it shall mean original
				issue value equal to the amount received at issuance.
(n) Project proceeds account shall mean the
				account or accounts related to a specific statutory debt authorization
				established to receive and hold proceeds from a debt issue, exclusive of
				issuance costs and payments on refunded debt, if any.
(o) State bond issuance fee shall mean any
				fee paid upon the issuance of debt collected pursuant to section 2976  of the Public Authorities
				Law.
(p) Statutory purpose shall
				mean the purpose for which debt may be issued as established in State
				statute.
(q) State-reported debt
				shall mean debt excluding debt issued by:
(1)
				an issuer:
(i) for the State University of
				New York (other than community colleges); or
(ii) for the senior colleges of the City
				University of New York; or