TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 28

IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT

50-2801.  Definitions. As used in sections 50-2801 through 50-2805, Idaho Code:

(1)  "Bond" means any obligation for which an allocation of the volume cap is required by the code.

(2)  "Certificates" mean mortgage credit certificates described in section 25 of the code.

(3)  "Code" means the Internal Revenue Code of 1986, as amended, and any related treasury regulations.

(4)  "Executive order" means the executive order or other administrative action of the governor pursuant to section 50-2804, Idaho Code, and any amendments thereto.

(5)  "Governmental unit" means (i) any county, city or port district, (ii) any public corporation created pursuant to section 50-2703, Idaho Code, or other entity acting on behalf of one or more counties, cities, or both, (iii) the state, or (iv) any other entity authorized to issue bonds.

(6)  "Project" means the facility or facilities to be financed in whole or in part with the proceeds of the bonds, or a program in which the proceeds of the bonds are used directly or indirectly to finance loans to individuals for educational expenses.

(7)  "State" means the state of Idaho, any of its agencies, and any of its institutions of higher education.

(8)  "State ceiling" means the ceiling for the state as computed under section 146(d) of the code.

(9)  "Volume cap" means the volume cap for the state as computed under section 146 of the code.

(10)  "Year" means each calendar year beginning calendar year 1987.

History:

[50-2801, added 1985, ch. 227, sec. 1, p. 543; am. 1988, ch. 303, sec. 1, p. 959.]