§ 21-03.1-01 — Definitions

North Dakota § 21-03.1-01

• Jurisdiction: North Dakota
• Title 21: Governmental Finance
• Ch. 21-03.1: Registration of Public Obligations

Text

As used in this chapter, the following terms have the following meanings:
1. "Authorized officer" means any individual required or permitted, alone or with others,
by any provision of law or by the issuing public entity, to execute on behalf of the public
entity a certificated registered public obligation or a writing relating to an uncertificated
registered public obligation.
2. "Certificated registered public obligation" means a registered public obligation which is
represented by an instrument.
3. "Code" means the Internal Revenue Code of 1954, as amended.
4. "Financial intermediary" means a bank, broker, clearing corporation, or other person or
the nominee of any of them, which in the ordinary course of its business maintains
registered public obligation accounts for its customers, when so acting.
5. "Issuer" means a public entity which issues an obligation.
6. "Obligation" means an agreement of a public entity to pay principal and any interest
thereon, and includes a share, participation, or other interest in any such agreement.
7. "Official actions" means the actions by statute, order, ordinance, resolution, contract,
or other authorized means by which the issuer provides for issuance of a registered
public obligation.
8. "Official or official body" means the officer that is empowered under the laws of this
state to provide for original issuance of an obligation of the issuer, by defining the
obligation and its terms, conditions, and other incidents, the successor or successors
of any such official or official body, and such other person or group of persons as shall
be assigned duties of such official or official body with respect to a registered public
obligation under applicable law from time to time.
9. "Public entity" means any entity, department, or agency which is empowered under the
laws of this state to issue obligations any interest with respect to which may, under any
provision of law, be provided an exemption from the income tax referred to in the
Code.
10. "Registered public obligation" means an obligation issued by a public entity pursuant
to a system of registration.
11. "System of registration" and its variants means a plan that provides:
a. With respect to a certificated registered public obligation, that:
(1) The certificated registered public obligation specify a person entitled to the
registered public obligation and the rights it represents; and
(2) Transfer of the certificated registered public obligation and the rights it
represents may be registered upon books maintained for that purpose by or
on behalf of the issuer.
b. With respect to an uncertificated registered public obligation, that:
(1) Books maintained by or on behalf of the issuer for the purpose of
registration of the transfer of a registered public obligation specify a person
entitled to the registered public obligation and the rights evidenced thereby;
and
(2) Transfer of the uncertificated registered public obligation and the rights
evidenced thereby be registered upon such books.
12. "Uncertificated registered public obligation" means a registered public obligation which
is not represented by an instrument.