* § 1680-q. Self-insured bond financing. 1. As used in this section\nthe 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 section fifty-c of the\nworkers' compensation law.\n (i) "Director of the budget" or "director" means the director of the\nbudget of the state of New York.\n (j) "Financing costs" means all costs of issuance, capitalized\ninterest, capitalized operating expenses of the authority and, pursuant\nto the self-insured bond financing agreement, fees, cost of any\nancillary bond facility, and any other fees, discounts, expenses and\ncosts related to issuing, securing and marketing the bonds including,\nwithout limitation, any net original issue discount.\n (k) "Investment securities" shall have the same meaning as set forth\nin section one thousand six hundred eighty-l of this title.\n (l) "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 (m) "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 self-insured bond financing agreement.\n (n) "Operating expenses" means the reasonable or necessary operating\nexpenses of the authority for purposes of this section, including,\nwithout limitation, the costs of: retention of auditors, preparation of\naccounting and other reports, maintenance of the ratings on the bonds,\nany operating expense reserve fund, insurance premiums, ancillary bond\nfacilities, rebate payments, annual meetings or other required\nactivities of the authority, and professional consultants and\nfiduciaries.\n (o) "Outstanding", when used with respect to bonds, shall exclude\nbonds that shall have been paid in full at maturity, or shall have\notherwise been refunded, redeemed, defeased or discharged, or that may\nbe deemed not outstanding pursuant to agreements with the holders\nthereof.\n (p) "Pledged assessments revenues", "pledged revenues" or "pledged\nassessments" means receipts of the assessments imposed pursuant to\nsection one hundred fifty-one of the workers' compensation law and\npledged for the payment of debt service on the bonds or amounts due\npursuant to an ancillary bond facility, including the right to receive\nsame.\n (q) "Self-insurer offset fund" shall mean the fund composed of\nrevenues, including those obtained by the bonds issued
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