35-901. Definitions
In this chapter, unless the context otherwise requires:
1. "Bond" means any obligation which is subject to the provisions of section 146 of
the code, excluding obligations that received a carry-forward allocation in a prior year.
2. "Business day" means between the hours of 8:00 a.m. and 5:00 p.m., mountain
standard time, any day of the week other than a Saturday, a Sunday or a legal holiday or
a day on which the department is authorized or obligated by law or executive order to
close.
3. "Carry-forward project" means any project receiving a carry-forward allocation
pursuant to section 35-907.
4. "Certificate of closing" means the certificate of closing adopted for use by and
to be filed with the department declaring that bonds were issued or that a qualified
mortgage credit certificate program has been established.
5. "Code" means the United States internal revenue code of 1986, as amended, and
its applicable regulations.
6. "Confirmation" means the allocation confirmation which confirms an allocation to
a project in the form adopted for use by the department.
7. "Department" means the department of commerce.
8. "Director" means the director of the department and any other person authorized
to act on behalf of the department.
9. "Issued" means, with respect to a bond or bonds, either of the following:
(a) The bond or bonds have been delivered and paid for in full.
(b) For bonds issued pursuant to a draw-down loan for which a bond purchaser has
agreed to receive and pay for the bonds of the issue in increments from time to time, all
of the bonds are treated as issued on the first date on which the aggregate principal
amount of such bonds delivered and paid for exceeds the lesser of fifty thousand dollars
or five per cent of the aggregate issue price of the issue.
10. "Issuer" means an entity or person issuing bonds.
11. "Manufacturing project" means a project as described in section 35-701,
paragraph 8, subdivision (a), item (i), (ii), (x) or (xiii).
12. "Mortgage credit certificate" means a certificate as described in section
25(c)(1) of the code.
13. "Nonurban area" means all areas of this state not within the boundaries of the
urban cities.
14. "Notice of intent" means the notice of intent to be filed with the department in
the form adopted for use by the department.
15. "Project" means a qualified mortgage credit certificate program or any
construction, acquisition, planned expenditure or other activity, including all phases of
a multiphased project which requests allocations in the same year and including costs of
issuance, capitalized interest and discounts, financed with bonds and located in this
state or directly benefiting residents of this state. All qualified mortgage credit
certificate programs and qualified mortgage revenue bonds, or combinations of such
programs and bonds, of a single issuer or group of issuers acting together, constitute a
single project for the purposes of this paragraph.
16. "Qualified mortgage credit certificate program" means a qualified mortgage
credit certificate program as described in section 25(c)(2) of the code.
17. "Qualified mortgage revenue bonds" means an issue of bonds as described in
section 143(a) of the code.
18. "Qualified student loan project" means an issue of bonds as described in section
144(b) of the code.
19. "Request" means the request for allocation to be filed with the department in
the form adopted for use by the department.
20. "Security deposit" means cash, a bank cashier's check, a surety bond, a letter
of credit or any other form of security approved by the director in favor of the
department which is received by the department from an issuer or user to secure or extend
an allocation.
21. "State ceiling" means the dollar limit of the aggregate amount of private
activity bonds which may be issued in this state pursuant to section 146 of the code for
each calendar year, beginning in 1988.
22. "Tax reform act of 1986" means P.L. 99-514 enacted by the ninety-ninth Congress,
second session in 1986.
23. "Urban city" means a city having a population of not less than one hundred
thousand persons according to the most recent United States decennial or special
census. The area of each urban city is the boundary of the city as of January 1 of the
current calendar year.
24. "Year" means the calendar year.
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