New York Laws
Title 18 - State of New York Municipal Bond Bank Agency Act
2432 - Definitions.

(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.