35-901. Definitions

In this chapter, unless the context otherwise requires:

1. "Authority" means the Arizona finance authority established by title 41, chapter 53, article 2.

2. "Board" means the board of directors of the authority.

3. "Bond" means any obligation that is subject to the provisions of section 146 of the code, excluding obligations that received a carry-forward allocation in a prior year.

4. "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 authority is authorized or obligated by law or executive order to close.

5. "Carry-forward project" means any project receiving a carry-forward allocation pursuant to section 35-907.

6. "Certificate of closing" means the certificate of closing adopted for use by and to be filed with the authority declaring that bonds were issued or that a qualified mortgage credit certificate program has been established.

7. "Code" means the United States internal revenue code of 1986, as amended, and its applicable regulations.

8. "Confirmation" means the allocation confirmation that confirms an allocation to a project in the form adopted for use by the authority.

9. "Director" means the director of the authority.

10. "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 percent of the aggregate issue price of the issue.

11. "Issuer" means an entity or person issuing bonds.

12. "Manufacturing project" means a project as described in section 35-701, paragraph 7, subdivision (a), item (vii) or (xiii).

13. "Mortgage credit certificate" means a certificate as described in section 25(c)(1) of the code.

14. "Nonurban area" means all areas of this state not within the boundaries of the urban cities.

15. "Notice of intent" means the notice of intent to be filed with the authority in the form adopted for use by the authority.

16. "Project" means a qualified mortgage credit certificate program or any construction, acquisition, planned expenditure or other activity, including all phases of a multiphased project that 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.

17. "Qualified mortgage credit certificate program" means a qualified mortgage credit certificate program as described in section 25(c)(2) of the code.

18. "Qualified mortgage revenue bonds" means an issue of bonds as described in section 143(a) of the code.

19. "Qualified student loan project" means an issue of bonds as described in section 144(b) of the code.

20. "Request" means the request for allocation to be filed with the authority in the form adopted for use by the authority.

21. "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 authority that is received by the authority from an issuer or user to secure or extend an allocation.

22. "State ceiling" means the dollar limit of the aggregate amount of private activity bonds that may be issued in this state pursuant to section 146 of the code for each calendar year, beginning in 1988.

23. "Tax reform act of 1986" means P.L. 99-514 enacted by the ninety-ninth Congress, second session in 1986.

24. "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.

25. "Year" means the calendar year.