Terms Used In New York Laws > Public Authorities > Article 10 > Title 3 - Municipal Assistance Corporation For the City of New York

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• 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. See N.Y. Public Authorities Law 3003
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board of directors: means the board of directors of a municipal assistance corporation. See N.Y. Public Authorities Law 3003
• City: means the city of New York. See N.Y. Public Authorities Law 3032
• City budget director: means the director of management and budget of the city of New York. See N.Y. Public Authorities Law 3032
• City comptroller: means the comptroller of the city of New York. See N.Y. Public Authorities Law 3032
• Comptroller: means the comptroller of the state of New York. See N.Y. Public Authorities Law 3003
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means the corporate governmental agency created by section three thousand thirty-three of this chapter. See N.Y. Public Authorities Law 3032
• Director of the budget: means the director of the budget of the state of New York. See N.Y. Public Authorities Law 3003
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Governor: means the governor of the state of New York. See N.Y. Public Authorities Law 3003
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legislature: means the legislature of the state of New York. See N.Y. Public Authorities Law 3003
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mayor: means the mayor of the city of New York. See N.Y. Public Authorities Law 3032
• Minority leader: See Floor Leaders
• Municipal assistance corporation: means a corporation created pursuant to section three thousand ten of this article. See N.Y. Public Authorities Law 3003
• municipality: as used in this article shall mean a city, a village, a county on behalf of a county water district and a town acting on behalf of a water district or water storage and distribution district, including a water district governed by a separate board of commissioners. See N.Y. General Municipal Law 110
• notes: means bonds and notes, respectively, issued by a municipal assistance corporation pursuant to this article. See N.Y. Public Authorities Law 3003
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Obligations: means bonds and notes. See N.Y. Public Authorities Law 3003
• public corporation: as used in this article shall mean a public corporation as defined in the general corporations law. See N.Y. General Municipal Law 118
• public corporation: as used in this article shall mean a public corporation as defined in the general corporation law. See N.Y. General Municipal Law 119
• public corporation: as used in this article shall mean a public corporation as defined in the general corporations law. See N.Y. General Municipal Law 119-C
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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. See N.Y. Public Authorities Law 3003
• Short-term obligations: means tax anticipation notes, revenue anticipation notes, bond anticipation notes, budget notes and urban renewal notes. See N.Y. Public Authorities Law 3032
• State: means the state of New York. See N.Y. Public Authorities Law 3003
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.