N.Y. Public Authorities Law Section 2462

As used or referred to in this title, unless a different meaning clearly appears from the context:


The term “state” shall mean the state of New York;


The term “authority” shall mean the corporate body created by § 2463 (New York state sports authority)section two thousand four hundred sixty-three of this title;


The terms “bonds and notes” shall mean the bonds and notes authorized in this title;


The term “participating municipality” shall mean any public benefit corporation, city, county, town, village or any combination thereof exercising its powers throughout the political subdivision in which a sports facility is or is proposed to be located, which submits a plan pursuant to the provisions of § 2465 (Plans for sports facilities)section twenty-four hundred sixty-five of this title or which joins in the submission of such plan with such a municipality or corporation;


The term “sports facility” shall mean a sports complex, stadium, or arena and other related facilities suitable for the holding of athletic or sporting events, including parking therefor;


The “comptroller” shall be the comptroller of the state;


The “commissioner of taxation and finance” shall be the commissioner of taxation and finance of the state;


The term “state aid” shall mean any moneys payable by the comptroller to any participating municipality pursuant to State Finance Law § 54 (Per capita state aid for the support of local government)section fifty-four of the state finance law and section one hundred twelve of the highway law;


The term “amortized value” shall mean that for 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


in the case of securities purchased at a premium, by deducting the product thus obtained from the purchase price, and


in the case of securities purchased at a discount, by adding the product thus obtained to the purchase price. * NB (Disbanded March, 1980)

Source: Section 2462 — Definitions, https://www.­nysenate.­gov/legislation/laws/PBA/2462 (updated Sep. 22, 2014; accessed Jul. 13, 2024).

Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 2462’s source at nysenate​.gov

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