N.Y. Public Authorities Law 2462 – Definitions
* § 2462. Definitions. As used or referred to in this title, unless a different meaning clearly appears from the context:
Terms Used In N.Y. Public Authorities Law 2462
- 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.
1. The term "state" shall mean the state of New York;
2. The term "authority" shall mean the corporate body created by section two thousand four hundred sixty-three of this title;
3. The terms "bonds and notes" shall mean the bonds and notes authorized in this title;
4. The term "participating municipality" shall mean any public benefit corporation, city, county, town, village or any combination thereof exercising its powers throughout the political subdivision in which a sports facility is or is proposed to be located, which submits a plan pursuant to the provisions of section twenty-four hundred sixty-five of this title or which joins in the submission of such plan with such a municipality or corporation;
5. The term "sports facility" shall mean a sports complex, stadium, or arena and other related facilities suitable for the holding of athletic or sporting events, including parking therefor;
6. The "comptroller" shall be the comptroller of the state;
7. The "commissioner of taxation and finance" shall be the commissioner of taxation and finance of the state;
8. The term "state aid" shall mean any moneys payable by the comptroller to any participating municipality pursuant to § 54 of the state finance law and § 112 of the highway law;
9. The term "amortized value" shall mean that 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.
* NB (Disbanded March, 1980)