payments of total debt service and scheduled, periodic, net
payments, which would be due under all of the qualified
interest rate management agreements.
(7) The local government unit's plan to monitor interest
rate risk, basis risk, termination risk, credit risk, market-
access risk and other risks. This paragraph includes the
valuation of the market or termination value of all
outstanding qualified interest rate management agreements.
* * *
"Qualified interest rate management agreement." An
agreement, including a confirmation evidencing a transaction
effected under a master agreement, entered into by a local
government unit in accordance with and fulfilling the
requirements of section [8281] 8281.3 (relating to qualified
interest rate management agreements), which agreement in the
judgment of the local government unit is designed to manage
interest rate risk or interest cost of the local government unit
on any debt a local government unit is authorized to incur under
this subpart, including, but not limited to, swaps, interest
rate caps, collars, corridors, ceiling and floor agreements,
forward agreements, float agreements and other similar
arrangements which in the judgment of the local government unit
will assist the local government unit in managing the interest
rate risk or interest cost of the local government unit.
* * *
Section 2. Section 8281 of Title 53 is repealed:
[§ 8281. Qualified interest rate management agreements.
(a) General rule.--
(1) Except as set forth in paragraph (4),
notwithstanding any other law to the contrary, a local
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