North Dakota Code 6-09.4-03 – Definitions
In this chapter, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 6-09.4-03
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- Statute: A law passed by a legislature.
1. “Bondholder” or “holder” or any similar term when used with reference to a bond of the public finance authority means any person who is the bearer of any outstanding bond of the public finance authority.
2. “Bonds” or “bond” means evidences of indebtedness of the public finance authority issued pursuant to this chapter.
3. “Fully marketable form” means a municipal security duly executed and accompanied by an approving legal opinion of a counsel whose opinions are generally accepted by the public finance authority or other purchasers of municipal securities.
4. “Municipal security” means an evidence of indebtedness issued by a political subdivision, including a clean renewable energy bond issued under 26 U.S.C. § 54 [Pub. L. 109-58; 119 Stat. 991], and a revenue agreement entered into by a contracting party as those terms are used in chapter 40-57, but does not generally include an evidence of indebtedness issued pursuant to chapter 40-57 other than an evidence of indebtedness that qualifies as a qualified small issue bond as defined under 26 U.S.C. § 144(a) [Pub. L. 99-514; 100 Stat. 2606], as amended, and regulations promulgated and officially proposed to be promulgated thereunder, or as an “exempt facility bond” as defined under 26 U.S.C. § 142(a)(4), (5), or (6) [Pub. L. 99-514; 100 Stat. 2606], as amended, and regulations promulgated and officially proposed to be promulgated thereunder, issued to provide one of the following:
a. A facility for the furnishing of water. b. A wastewater facility.
c. A solid waste disposal facility.
5. “Political subdivision” means:
a. A local governmental unit created by statute or by the Constitution of North Dakota for local governmental or other public purposes.
b. The department of environmental quality, or any other state agency or authority, or any member-owned association or publicly owned and nonprofit corporation:
(1) Operating any public water system that is subject to chapter 61-28.1.
(2) Operating any facility, system, or other related activity that is eligible for financial assistance under chapter 61-28.2.
c. The Bank of North Dakota for purposes of the revolving loan fund program established by chapter 61-28.2.
d. The state water commission for purposes of the revolving loan fund program established by chapter 61-28.1.
e. A qualified borrower within the meaning of 26 U.S.C. § 54(j)(5) [Pub. L. 109-58; 119 Stat. 995].
f. The Garrison Diversion Conservancy District or any successor entity or improvement district created under chapter 61-24.8 to finance or refinance irrigation and water supply projects.
g. The Lake Agassiz water authority, for use in financing the construction, acquisition, extension, expansion, alteration, betterment, maintenance, or renovation of a project under section 61-39-16.
6. “Public finance authority” means the public finance authority created by section 6-09.4-04.
7. “Required debt service reserve” means the amount required to be on deposit in the reserve fund.
8. “Reserve fund” means the public finance authority reserve fund or funds created as provided in section 6-09.4-10.
9. “Revenues” means any or all fees, charges, moneys, profits, payments of principal of or interest on municipal securities, investment income, revenues, appropriations, and all other income derived or to be derived by the public finance authority under this chapter.