17-5-1302. Definitions. As used in this part, unless the context clearly requires otherwise, the following definitions apply:
     (1) "Allocation" means an allocation of a part of the volume cap to an issuer pursuant to this part.
     (2) "Board" means the board of examiners.
     (3) "Bonds" means bonds, notes, or other interest-bearing obligations of an issuer.
     (4) "Cap bonds" means those private activity bonds and that portion of governmental bonds for which a part of the volume cap is required to be allocated pursuant to the tax act.
     (5) "Department" means the department of administration.
     (6) "Governmental bonds" means bonds other than private activity bonds.
     (7) "Issuer" means a state issuer or local issuer.
     (8) "Local issuer" means a city, town, county, or other political subdivision of the state authorized to issue private activity bonds or governmental bonds.
     (9) "Local portion" means that portion of the volume cap reserved for local issuers.
     (10) "Montana board of housing" (MBH) means the board created in 2-15-1814.
     (11) "Montana board of investments" (MBI) means the board provided for in 2-15-1808.
     (12) "Montana health facility authority" (MHFA) means the authority provided for in 2-15-1815.
     (13) "Montana higher education student assistance corporation" (MHESAC) means the nonprofit corporation established under Title 20, chapter 26, part 11.
     (14) "Private activity bonds" (PABs) has the meaning prescribed under section 1301 of the tax act.
     (15) "State issuer" means the state and any agency thereof authorized to issue private activity bonds. For this part only, the Montana higher education student assistance corporation is considered an agency of the state.
     (16) "State portion" means that portion of the volume cap reserved for state issuers.
     (17) "Tax act" means the Tax Reform Act of 1986 enacted by the United States congress.
     (18) "Volume cap" means, with respect to each calendar year, the principal amount of cap bonds that may be issued in the state in a calendar year as determined under the provisions of the tax act.

     History: En. Sec. 2, Ch. 190, L. 1987; amd. Sec. 1, Ch. 168, L. 1991.