North Carolina Administrative Code
Title 04 - COMMERCE
Chapter 01 - DEPARTMENTAL RULES
Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM
Section .0100 - GENERAL DESCRIPTION
Section 01H .0103 - DEFINITIONS

(a) Act - shall mean the Tax Reform Act of 1986, as amended.

(b) Committee - shall mean the North Carolina Federal Tax Reform Allocation Committee created by Executive Order No. 37.

(c) Department - shall mean the North Carolina Department of Commerce.

(d) Issuer - shall mean the entity authorized to issue Private Activity Bonds, except that in the case of Private Activity Bonds issued pursuant to Article 22 of Chapter 160A of the General Statutes of North Carolina, or issued solely pursuant to regulations, rules, procedures or rulings of the Internal Revenue Service of the United States, "Issuer" shall mean the municipal corporation which created the issuing commission or the municipal corporation which approved the issuance of the bonds pursuant to such regulations, rules, procedures or rulings.

(e) "Private Activity Bond" - will mean any instrument of debt defined by federal law and regulation as a Private Activity Bond, thusly requiring an allocation of Private Activity Bond Volume capacity.

(f) "Private Activity Bond Volume Capacity" - will constitute a statewide resource which is measured by a formula contained in the Federal Tax Reform Act of 1986, as amended. The resource will constitute a total volume limitation of such bonds that can be issued by North Carolina issuers.

(g) "Uniform Volume Limitations" - shall mean the total volume capacity for North Carolina allowed by the formula contained in federal legislation pertaining to private activity bonds.

(h) "Election as Carryforward Purpose" - shall mean a designation made by the committee under the definitions continued in federal legislation. Generally, it allows an allocation made from the present year volume capacity to be used in a named subsequent year.