* § 2. Definitions. As used in this act, unless the context requires
otherwise:

1. "Bonds" means bonds, notes or other obligations.

2. "Carryforward" means an amount of unused private activity bond
ceiling available to an issuer pursuant to an election filed with the
internal revenue service pursuant to section 146(f) of the code.

3. "Code" means the internal revenue code of 1986, as amended.

4. "Commissioner" means the commissioner of the New York state
department of economic development.

5. "Covered bonds" means those tax exempt private activity bonds and
that portion of the non qualified amount of an issue of governmental use
bonds for which an allocation of the statewide ceiling is required for
the interest earned by holders of such bonds to be excluded from the
gross income of such holders for federal income tax purposes under the
code.

6. "Director" means the director of the New York state division of the
budget.

7. "Issuer" means a local agency, state agency or other issuer.

8. "Local agency" means an industrial development agency established
or operating pursuant to article 18-A of the general municipal law, the
Troy industrial development authority and the Auburn industrial
development authority.

9. "Other issuer" means any agency, political subdivision or other
entity, other than a local agency or state agency, that is authorized to
issue covered bonds.

10. "Qualified small issue bonds" means qualified small issue bonds,
as defined in section 144(a) of the code.

11. "State agency" means the state of New York, New York state energy
research and development authority, New York job development authority,
New York state environmental facilities corporation, New York state
urban development corporation and its subsidiaries, Battery Park city
authority, port authority of New York and New Jersey, power authority of
the state of New York, dormitory authority of the state of New York, New
York state housing finance agency, state of New York mortgage agency,
and any other public benefit corporation or public authority designated
by the governor for the purposes of this act.

12. "Statewide ceiling" means for any calendar year the highest state
ceiling (as such term is used in section 146 of the code) applicable to
New York state.
* NB Repealed January 1, 1991