Terms Used In Idaho Code 50-2801
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(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.