N.Y. Public Authorities Law Section 3003
Definitions

As used in this article, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent:

1.

“Municipality” means any city in the state.

2.

“State” means the state of New York.

3.

“Governor” means the governor of the state of New York.

4.

“Comptroller” means the comptroller of the state of New York.

5.

“Director of the budget” means the director of the budget of the state of New York.

6.

“Legislature” means the legislature of the state of New York.

7.

“Special law” means the special law of the legislature pursuant to which a municipal assistance corporation is created.

8.

“Municipal assistance corporation” means a corporation created pursuant to § 3010 (Creation)section three thousand ten of this article.

9.

“Bonds” and “notes” means bonds and notes, respectively, issued by a municipal assistance corporation pursuant to this article.

10.

“Obligations” means bonds and notes.

11.

“Amortized value” means 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

(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.

12.

“Revenues” means all federal or state aid, rents, fees, charges, payments and other income and receipts paid or payable to a municipal assistance corporation or for the account of a municipal assistance corporation, including any payment permitted or required to be made to such a corporation by this article.

13.

“Board of directors” means the board of directors of a municipal assistance corporation.

Source: Section 3003 — Definitions, https://www.­nysenate.­gov/legislation/laws/PBA/3003 (updated Sep. 22, 2014; accessed Feb. 15, 2025).

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Accessed:
Feb. 15, 2025

Last modified:
Sep. 22, 2014

§ 3003’s source at nysenate​.gov

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