     As used in this act:

    a.   "Bond" means a revenue obligation, security, bond, note, debenture, certificate or other evidence of indebtedness of an issuer.

    b.   "Carryforward" means that portion of the State volume cap for any calendar year which is unused during that calendar year and which is available to be carried forward to be used in later years pursuant to the Code.

    c.   "Federal formula" means the formula or formulas for allocation of the State volume cap now or hereafter established pursuant to the Code.

    d.   "Governmental bond" means any tax-exempt bond which is not a private activity bond.

    e.   "Issuer" means the State or any political subdivision of the State or any entity issuing bonds on behalf of the State or any political subdivision of the State.

    f.   "Private activity bond" and "private activity portion of governmental bonds" means a bond or portion thereof subject to any allocation of State volume cap pursuant to the Code.

    g.   "Tax-exempt bond" means a bond, note or other obligation the interest on which is not includible in federal gross income pursuant to section 103 of the Code.

    h.   "Volume cap" means the annual dollar limitation on the issuance of tax-exempt private activity bonds and the private activity portion of governmental bonds now or hereafter imposed on issuers by the Code.

    1987,c.393, s.3.

Last modified: October 22, 2006