21-12-01. Definitions

21-12-01. Definitions As used in this chapter, unless the context clearly requires otherwise, the following definitions apply: 1. "Ceiling" means the dollar amount applicable to North Dakota for any calendar year for the issuance of tax-exempt private activity bonds, as determined under the Tax Reform Act. 2. "Governmental unit" means any political subdivision of North Dakota or other authority in the state, including the state or any of its agencies, instrumentalities, or authorities, having the authority to issue private activity bonds. 3. "Private activity bond" means a tax-exempt evidence of indebtedness which is a private activity bond under the Tax Reform Act. 4. "Tax Reform Act" means the Tax Reform Act of 1986 [Pub. L. 99-514] and any federal regulations issued thereunder relating to the allocation of North Dakota's ceiling for the issuance of tax-exempt private activity bonds.