Terms Used In New York Laws > State Finance > Article 5-B - Limitations On State-supported Debt

• 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.
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• 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}
• 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.
• State-supported debt: shall mean any bonds or notes, including bonds or notes issued to fund reserve funds and costs of issuance, issued by the state or a state public corporation for which the state is constitutionally obligated to pay debt service or is contractually obligated to pay debt service subject to an appropriation, except where the state has a contingent contractual obligation. See N.Y. State Finance Law 67-A
• Total governmental funds receipts: shall mean the total amount of receipts of all governmental funds of the state including general fund, special revenue funds, capital funds and debt service funds as finally reported by the state comptroller on a cash basis of accounting for the state fiscal year, but shall exclude cash transfers between funds and include any cash management or other related transactions whereby receipts in a state fiscal year were reduced and maintained for subsequent use. See N.Y. State Finance Law 67-A
• Total personal income of the state: shall mean the most recently published estimate of the immediately preceding calendar year annual total personal income of the state of New York as published by the United States department of commerce or any successor agency from which information is available most proximate and prior to October thirty-first, two thousand one and to October thirty-first of each year thereafter. See N.Y. State Finance Law 67-A