§ 69-a. Definitions. As used throughout this article, the following
terms shall have the following meanings:

1. "Variable rate bonds" shall mean any State-supported debt which
bears interest at a rate or rates which varies from time to time.

2. "Interest rate exchange or similar agreement" shall mean a written
contract entered into in connection with the issuance of State-supported
debt, or in connection with such State-supported debt already
outstanding, with a counterparty to provide for an exchange of payments
based upon fixed and/or variable interest rates, and shall be for
exchanges in currency of the United States of America only.

3. "State-supported debt" shall mean all debt included in subdivision
one of section sixty-seven-a of this chapter.

4. "Authorized issuer" shall mean the state or any state public
corporation which is authorized to issue State-supported debt.

5. "Governing board" shall mean, for each state public corporation
which is authorized to issue State-supported debt, its board of
directors or, in the absence of a board of directors, its other
appropriate supervising body and, in relation to state general
obligation debt, the state comptroller.

6. "Variable rate debt instruments" shall mean, for any calculation
purpose, (i) variable rate bonds or (ii) any state-supported debt and
related interest rate exchange or similar agreements which, when
considered together, result in an authorized issuer effectively paying
interest at a rate or rates which varies from time to time, but shall
not include any variable rate bonds, or any state-supported debt
considered together with related interest rate exchange or similar
agreements issued on or before July first, two thousand five, during any
period that such instrument or instruments provide for payment by the
authorized issuer of a fixed rate throughout the then current fiscal
year of the state.

7. "Excluded agreements" shall mean the total notional amount of
interest rate exchange or similar agreements entered into for the
purpose of reducing or eliminating a situation of risk or exposure under
an existing interest rate exchange or similar agreement, including, but
not limited to a counterparty downgrade, default, or other actual or
potential economic loss; provided, however, that for agreements entered
into on and after April first, two thousand seven "excluded agreements"
shall mean the total notional amount of interest rate exchange or
similar agreements entered into for the purpose of reducing or
eliminating a situation of imminent risk under an existing interest rate
exchange or similar agreement, including, but not limited to a
counterparty downgrade, default, or other actual or imminent economic
loss.