Section 69-A. Definitions

As used throughout this article, the following
  terms shall have the following meanings:
    1. "Variable rate bonds" shall mean  any  State-supported  debt  which
  bears interest at a rate or rates which varies from time to time.
    2.  "Interest rate exchange or similar agreement" shall mean a written
  contract entered into in connection with the issuance of State-supported
  debt,  or  in  connection  with  such   State-supported   debt   already
  outstanding,  with a counterparty to provide for an exchange of payments
  based upon fixed and/or  variable  interest  rates,  and  shall  be  for
  exchanges in currency of the United States of America only.
    3.  "State-supported debt" shall mean all debt included in subdivision
  one of section sixty-seven-a of this chapter.
    4. "Authorized issuer" shall  mean  the  state  or  any  state  public
  corporation which is authorized to issue State-supported debt.
    5.  "Governing  board"  shall  mean, for each state public corporation
  which  is  authorized  to  issue  State-supported  debt,  its  board  of
  directors  or,  in  the  absence  of  a  board  of  directors, its other
  appropriate  supervising  body  and,  in  relation  to   state   general
  obligation debt, the state comptroller.
    6.  "Variable  rate  debt instruments" shall mean, for any calculation
  purpose, (i) variable rate bonds or (ii) any  state-supported  debt  and
  related  interest  rate  exchange  or  similar  agreements  which,  when
  considered together, result in an authorized issuer  effectively  paying
  interest  at  a  rate or rates which varies from time to time, but shall
  not include  any  variable  rate  bonds,  or  any  state-supported  debt
  considered  together  with  related  interest  rate  exchange or similar
  agreements issued on or before July first, two thousand five, during any
  period that such instrument or instruments provide for  payment  by  the
  authorized  issuer  of  a  fixed rate throughout the then current fiscal
  year of the state.
    7. "Excluded agreements" shall  mean  the  total  notional  amount  of
  interest  rate  exchange  or  similar  agreements  entered  into for the
  purpose of reducing or eliminating a situation of risk or exposure under
  an existing interest rate exchange or similar agreement, including,  but
  not  limited  to  a  counterparty downgrade, default, or other actual or
  potential economic loss; provided, however, that for agreements  entered
  into  on and after April first, two thousand seven "excluded agreements"
  shall mean the total  notional  amount  of  interest  rate  exchange  or
  similar   agreements  entered  into  for  the  purpose  of  reducing  or
  eliminating a situation of imminent risk under an existing interest rate
  exchange  or  similar  agreement,  including,  but  not  limited  to   a
  counterparty  downgrade,  default,  or other actual or imminent economic
  loss.