§ 69-a. Definitions. As used throughout this article, the following\nterms shall have the following meanings:\n 1. "Variable rate bonds" shall mean any State-supported debt which\nbears interest at a rate or rates which varies from time to time.\n 2. "Interest rate exchange or similar agreement" shall mean a written\ncontract entered into in connection with the issuance of State-supported\ndebt, or in connection with such State-supported debt already\noutstanding, with a counterparty to provide for an exchange of payments\nbased upon fixed and/or variable interest rates, and shall be for\nexchanges in currency of the United States of America only.\n 3. "State-supported debt" shall mean all debt included in subdivision\none of section sixty-seven-a of this chapter.\n 4. "Authorized issuer" shall mean the state or any state public\ncorporation which is authorized to issue State-supported debt.\n 5. "Governing board" shall mean, for each state public corporation\nwhich is authorized to issue State-supported debt, its board of\ndirectors or, in the absence of a board of directors, its other\nappropriate supervising body and, in relation to state general\nobligation debt, the state comptroller.\n 6. "Variable rate debt instruments" shall mean, for any calculation\npurpose, (i) variable rate bonds or (ii) any state-supported debt and\nrelated interest rate exchange or similar agreements which, when\nconsidered together, result in an authorized issuer effectively paying\ninterest at a rate or rates which varies from time to time, but shall\nnot include any variable rate bonds, or any state-supported debt\nconsidered together with related interest rate exchange or similar\nagreements issued on or before July first, two thousand five, during any\nperiod that such instrument or instruments provide for payment by the\nauthorized issuer of a fixed rate throughout the then current fiscal\nyear of the state.\n 7. "Excluded agreements" shall mean the total notional amount of\ninterest rate exchange or similar agreements entered into for the\npurpose of reducing or eliminating a situation of risk or exposure under\nan existing interest rate exchange or similar agreement, including, but\nnot limited to a counterparty downgrade, default, or other actual or\npotential economic loss; provided, however, that for agreements entered\ninto on and after April first, two thousand seven "excluded agreements"\nshall mean the total notional amount of interest rate exchange or\nsimilar agreements entered into for the purpose of reducing or\neliminating a situation of imminent risk under an existing interest rate\nexchange or similar agreement, including, but not limited to a\ncounterparty downgrade, default, or other actual or imminent economic\nloss.\n
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