§ 1680-l. The special disability fund financing. 1. As used in this\nsection the following terms shall have the following meanings:\n (a) "Ancillary bond facility" means any interest rate exchange or\nsimilar agreement or any bond insurance policy, letter of credit or\nother credit enhancement facility, liquidity facility, guaranteed\ninvestment or reinvestment agreement, or other similar agreement,\narrangement or contract.\n (b) "Benefited party" means any person, firm or corporation that\nenters into an ancillary bond facility with the authority according to\nthe provisions of this section.\n (c) "Bonds" means any bonds, notes, certificates of participation and\nother evidence of indebtedness issued by the authority pursuant to\nsubdivision five of this section.\n (d) "Bond owners or owners of bonds" means any registered owners of\nbonds.\n (e) "Chair" means the chair of the workers' compensation board.\n (f) "Code" means the United States Internal Revenue Code of 1986, as\namended.\n (g) "Costs of issuance" means any item of expense directly or\nindirectly payable or reimbursable by the authority and related to the\nauthorization, sale, or issuance of bonds, including, but not limited\nto, underwriting fees and fees and expenses of professional consultants\nand fiduciaries.\n (h) "Debt service" means actual debt service, comprised of principal,\ninterest and associated costs, as defined in subparagraph five of\nparagraph (h) of subdivision eight of section fifteen of the workers'\ncompensation law.\n (i) "Director of the budget" or "director" means the director of the\nbudget of the state of New York.\n (j) "Financing agreement" means any agreement authorized pursuant to\nsubdivision four of this section between the chair and the commissioner\nof taxation and finance, and the authority.\n (k) "Financing costs" means all costs of issuance, capitalized\ninterest, capitalized operating expenses of the authority and, pursuant\nto the financing agreement, the initial capitalized operating expenses\nof the waiver agreement management office and debt service reserves,\nfees, cost of any ancillary bond facility, and any other fees,\ndiscounts, expenses and costs related to issuing, securing and marketing\nthe bonds including, without limitation, any net original issue\ndiscount.\n (l) "Investment securities" means: (i) general obligations of, or\nobligations guaranteed by, any state of the United States of America or\npolitical subdivision thereof, or the District of Columbia or any agency\nor instrumentality of any of them, receiving one of the three highest\nlong-term unsecured debt rating categories available for such securities\nof at least one independent rating agency, or (ii) certificates of\ndeposit, savings accounts, time deposits or other obligations or\naccounts of banks or trust companies in the state, secured, if the\nauthority shall so require, in such manner as the authority may so\ndetermine, or (iii) obligations in which the comptroller is authorized\nto invest pursuant to either section ninety-eight or ninety-eight-a of\nthe state finance law, or (iv) investments which the commissioner of\ntaxation and finance is permitted to make with surplus or reserve moneys\nof the special disability fund under subparagraph seven of paragraph (h)\nof subdivision eight of section fifteen of the workers' compensation\nlaw.\n (m) "Interest rate exchange or similar agreement" means a written\ncontract entered into in connection with the issuance of bonds or with\nsuch bonds outstanding with a counterparty to provide for an exchange or\nswap of payments based upon fixed and/or variable interest rates, and\nshall be for exchanges in currency of the United States of America only.\n (n) "Net proceeds" means the amount of proceeds remaining following\neach sale of bonds which are not required by the authority for purposes\nof this section to pay or provide for debt service or financing costs,\nas provided in the financin
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