§ 21-12-01 — Definitions

As used in this chapter, unless the context clearly requires otherwise, the following
definitions apply:
1. "Ceiling" means the dollar amount applicable to North Dakota for any calendar year for
the issuance of tax-exempt private activity bonds, as determined under the Tax Reform
Act.
2. "Governmental unit" means any political subdivision of North Dakota or other authority
in the state, including the state or any of its agencies, instrumentalities, or authorities,
having the authority to issue private activity bonds.
3. "Private activity bond" means a tax-exempt evidence of indebtedness which is a
private activity bond under the Tax Reform Act.
4. "Tax Reform Act" means the Tax Reform Act of 1986 [Pub. L. 99-514] and any federal
regulations issued thereunder relating to the allocation of North Dakota's ceiling for the
issuance of tax-exempt private activity bonds.