Terms Used In New York Laws > Public Authorities > Article 8 > Title 33 - New York City Transitional Finance Authority

• Allegation: something that someone says happened.
• Alternative revenues: means (i) sales and compensating use taxes that the city is authorized by the state to impose and (ii) taxes imposed pursuant to § 1107 of the tax law. See N.Y. Public Authorities Law 2799-BB
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Arrest: Taking physical custody of a person by lawful authority.
• Bonds: means bonds, notes and other evidences of indebtedness, issued by the authority. See N.Y. Public Authorities Law 2799-BB
• Capital financing need: means a period during which and only the extent to which the issuance of bonds in accordance with this title would assist the city in meeting its capital needs as determined by the mayor pursuant to section twenty-seven hundred ninety-nine-ff of this title. See N.Y. Public Authorities Law 2799-BB
• City: means the city of New York. See N.Y. Public Authorities Law 2799-BB
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Comptroller: means the comptroller of the city. See N.Y. Public Authorities Law 2799-BB
• 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.
• costs: means costs, appropriated in the capital budget of the city pursuant to chapters nine and ten of the New York city charter, as amended from time to time, providing for the construction, reconstruction, acquisition or installation of physical public betterments or improvements, or the costs of any preliminary studies, surveys, maps, plans, estimates and hearings, or incidental costs, including, but not limited to, legal fees, printing or engraving, publication of notices, taking of title, apportionment of costs, and interest during construction, or any underwriting or other costs incurred in connection with the financing thereof. See N.Y. Public Authorities Law 2799-BB
• Council: means the council of the city. See N.Y. Public Authorities Law 2799-BB
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• director: as used in this title shall include such alternates, except that no alternate may designate an alternate pursuant to this subdivision. See N.Y. Public Authorities Law 2799-DD
• Director of management and budget: means the director of management and budget of the city. See N.Y. Public Authorities Law 2799-BB
• Docket: A log containing brief entries of court proceedings.
• 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.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mayor: means the mayor of the city. See N.Y. Public Authorities Law 2799-BB
• New York city transitional finance authority: means the public benefit corporation created by this title. See N.Y. Public Authorities Law 2799-BB
• Personal property: All property that is not real property.
• Public corporation: means and includes the city, the state and every public corporation as defined in the general construction law. See N.Y. Public Authorities Law 2799-BB
• Quorum: The number of legislators that must be present to do business.
• Ranking minority member: The highest ranking (and usually longest serving) minority member of a committee or subcommittee.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Revenues: means the tax revenues and all aid, rents, fees, charges, payments and other income and receipts paid or payable to the authority or a trustee for the account of the authority. See N.Y. Public Authorities Law 2799-BB
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Speaker: means the speaker of the council, elected pursuant to the rules of the council. See N.Y. Public Authorities Law 2799-BB
• State: means the state of New York. See N.Y. Public Authorities Law 2799-BB
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• 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.
• Venue: The geographical location in which a case is tried.