Section 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 and special school purpose 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  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  two  thousand  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,  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  two  thousand 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, 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.
    (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.