§ 3. Definitions. 1. "Ancillary bond facility" means any interest rate\nexchange or similar agreement or any bond insurance policy, letter of\ncredit or other credit enhancement facility, liquidity facility,\nguaranteed investment or reinvestment agreement, or other similar\nagreement, arrangement or contract.\n 2. "Authority" means the state of New York municipal bond bank agency\nestablished in section 2433 of the public authorities law.\n 3. "Benefited party" means any person, firm or corporation that enters\ninto an ancillary bond facility with the corporation according to the\nprovisions of this act.\n 4. "Board" means the members of the corporation.\n 5. "Bonds" means any bonds, notes, certificates of participation and\nother evidence of indebtedness issued by the corporation pursuant to\nsection six of this act.\n 6. "Code" means the United States Internal Revenue Code of 1986, as\namended.\n 7. "Complementary legislation" means sections 480-b, paragraph (c) of\nsubdivision 1 of section 481 and subdivision (a-1) of section 1846 of\nthe tax law.\n 8. "Consent decree" means the consent decree and final judgment of the\nsupreme court of the state of New York, county of New York, dated\nDecember 23, 1998, as the same has been and may be corrected, amended or\nmodified, in the action entitled State of New York, et al. v. Philip\nMorris Incorporated, et al. (Index No. 400361/97).\n 9. "Contingent contractual obligation" means a contract under which\nthe obligation of the state is a contingent contractual obligation as\nsuch term is used in section 67-a of the state finance law.\n 10. "Costs of issuance" means any item of expense directly or\nindirectly payable or reimbursable by the corporation 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 11. "Director of the budget" means the director of the budget of the\nstate of New York.\n 12. "Financing costs" means all costs of issuance, capitalized\ninterest, capitalized operating expenses 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 13. "Investment securities" means, subject to or, as otherwise\nprovided in, the provisions of any contract with bondholders of the\ncorporation, (i) general obligations of, or obligations guaranteed by,\nany state of the United States of America or political subdivision\nthereof, or the District of Columbia or any agency or instrumentality of\nany of them, receiving one of the three highest long-term unsecured debt\nrating categories available for such securities of at least one\nindependent rating agency, or (ii) certificates of deposit, savings\naccounts, time deposits or other obligations or accounts of banks or\ntrust companies in the state, secured, if the corporation shall so\nrequire, in such manner as the corporation may so determine, or (iii)\notherwise, in the discretion of the corporation, obligations in which\nthe comptroller is authorized to invest, pursuant to either section 98\nor 98-a of the state finance law.\n 14. "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 15. "Master settlement agreement" means the master settlement\nagreement, dated November 23, 1998, among the attorneys general of 46\nstates, including the state, the District of Columbia, the Commonwealth\nof Puerto Rico, Guam, the United States Virgin Islands, American Samoa\nand the Territory of the Northern Mariana Islands, on the
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