31-23-53 - Definitions.
§ 31-23-53. Definitions.
As used in this act, the following terms shall have the following meanings:
(a) "Act" means the Mississippi Private Activity Bonds Allocation Act.
(b) "Allocation shortfall" means the difference between a partial allocation and the full amount of the allocation requested in the approved application by reason of the exhaustion of the amount available in the threshold portion or the undesignated portion.
(c) "Amount," when used with respect to bonds, notices of allocation or parts of the state's ceiling, means a principal amount measured in terms of United States dollars.
(d) "Application" means the application for a notice of allocation required to be filed by issuers with the board pursuant to this act. All applications on file with the board shall terminate at the close of business on December 31 of each year.
(e) "Approved application" means a completed application containing all items necessary for the board to issue a notice of allocation from the threshold portion or from the undesignated portion with respect to a project.
(f) "Board" means the Mississippi Board of Economic Development, or its successor.
(g) "Bond committee" means the bond committee established by the Board of Economic Development pursuant to Section 57-1-3, Mississippi Code of 1972.
(h) "Bond counsel" means an attorney or a firm of attorneys listed in the "Directory of Municipal Bond Dealers of the United States," published by The Bond Buyer and commonly known as the "Red Book," in the section listing municipal bond attorneys of the United States. The edition of this publication which is current from time to time shall determine the listing of bond counsel. If the "Red Book" ceases to be published or ceases to include such a listing of municipal bond attorneys of the United States, the board shall designate another list of municipal bond attorneys for purposes of the system.
(i) "Bonds" means any bonds, notes or other obligations which would constitute private activity bonds.
(j) "Borrower" means, with respect to private activity bonds, any person or legal entity whose trade or business would cause any bonds issued with respect to a project to constitute private activity bonds. If there is more than one (1) such person or legal entity with respect to any issue of bonds, then the term "borrower" shall mean and include each and every such person or legal entity known at the time that the issuer files an application.
(k) "Business day" means a day on which the board is open for business; however, if December 31 is a Saturday or Sunday, "business day" shall include the preceding Friday.
(l) "Code" means the Internal Revenue Code of 1986.
(m) "Confirmation of issuance" means the issuer's confirmation to the board, in writing, with a reference to the appropriate notice of allocation, or with respect to the student loan portion, that the bonds authorized by a notice of allocation or student loan bonds have been issued. Such confirmation of issuance may be given in any of the following ways:
(i) By filing with the board the information filing required by Section 149(e) of the code, with proof of filing;
(ii) By Telex, telegram, telecopier or other written means of communication to the board.
(n) "Exempt facility bonds" means any obligations described in Section 142 of the code (excluding the obligations described in paragraphs (1) and (2) of Section 142(a) of the code to the extent that such obligations are not included as private activity bonds under Sections 146(g) and (h)) of the code.
(o) "Exempt facility project" means a project which qualifies to be financed with exempt facility bonds.
(p) "Exempt small issue bonds" means any obligations described in Section 144(a) of the code.
(q) "Expiration date" means the final date on which bonds covered by a notice of allocation may be issued and by which date the board must have received confirmation of issuance.
(r) "Federal legislation" means Public Law 99-514, Title XIII, "Tax-Exempt Bonds," Sections 1301-1318, or any successor thereto.
(s) "Governing body" means the mayor and board of aldermen, city council, board of supervisors, board of directors or other governing body of the issuer.
(t) "Issued" means, with respect to any issue of bonds, that such bonds have actually been delivered and paid for in full. The date of issuance shall be the date on which the bonds have been delivered and paid for in full.
(u) "Issuer" means any political subdivision, governmental unit, authority, corporation or other entity which has the legal authority to issue bonds and, with respect to student loan bonds, shall mean the Mississippi Higher Education Assistance Corporation, or its successor.
(v) "Legal counsel" means an attorney, or firm of attorneys, duly authorized to practice law in the state and admitted to practice before the highest court in the state.
(w) "Mortgage revenue bonds" means any obligations described in Section 143 of the code.
(x) "Mortgage revenue project" means a project which qualifies to be financed with mortgage revenue bonds.
(y) "Notice of allocation" means the notice given by the board allocating a specified amount of the state's ceiling from the threshold portion or from the undesignated portion for a specific issue of bonds. The notice of allocation shall be in writing, shall be given to the issuer at the address specified in the application and shall specify: (i) the amount of the state's ceiling; (ii) the amount of the threshold portion or the undesignated portion, as may be applicable, remaining after such notice of allocation is given; (iii) the amount of bonds which may be issued; and (iv) the expiration date. The notice of allocation shall be in such form as the board may determine.
(z) "Partial allocation" means an amount allocated from the threshold portion or the undesignated portion which is less than the full amount of the allocation requested in the approved application by reason of the exhaustion of the amount available in the threshold portion or the undesignated portion.
(aa) "Private activity bonds" means any bonds which are described in Sections 103 and 141 through 150 of the code.
(bb) "Project" means, with respect to private activity bonds, the facility proposed to be financed, in whole or in part, by an issue of such bonds.
(cc) "Redevelopment bonds" means any obligation described in Section 144(c) of the code.
(dd) "Redevelopment project" means a project which qualifies to be financed with redevelopment bonds.
(ee) "Related persons" means any "related person" as that term is used in Section 144(a)(3) of the code.
(ff) "State" means the State of Mississippi.
(gg) "State's ceiling" means for any calendar year the state's ceiling (as such term is used in Section 146 of the code) applicable to the state. The state's ceiling shall be determined in accordance with the provisions of the federal legislation.
(hh) "Student loan allocation" means the allocation from the state's ceiling for a particular year to the student loan portion pursuant to Section 31-23-63, excluding any portion of the state's ceiling for any prior year allocated to a carry-forward project.
(ii) "Student loan bonds" means any bond issued, all or a major portion of the proceeds of which are to be issued directly or indirectly to finance loans to individuals for educational expenses.
(jj) "Student loan portion" means the amounts prescribed in Section 31-23-63.
(kk) "Student loan project" means a project which qualifies to be financed with student loan bonds.
(ll) "System" means the system for allocating and distributing the state's ceiling among issuers, as outlined in this act.
(mm) "Threshold portion" means the part of the state's ceiling to be allocated to exempt small issue bonds and to be administered as the threshold portion in accordance with Section 31-23-59.
(nn) "Undesignated portion" means the part of the state's ceiling to be allocated to bonds other than exempt small issue bonds and to be administered in accordance with Section 31-23-61. The undesignated portion is an amount equal to the state's ceiling less the threshold portion plus any amount transferred to the undesignated portion by the board pursuant to this act.
(oo) "Unused amount" with respect to the threshold portion or the undesignated portion means, as of any time: (i) the amount of the threshold portion or the undesignated portion with respect to which notices of allocation are authorized to be given during a calendar year, but with respect to which no notices of allocation have been given; plus (ii) the amount of the threshold portion or the undesignated portion with respect to which notices of allocation were given, but with respect to which confirmations of issuance were not received by the board on or before the applicable expiration date.
Sources: Laws, 1987, ch. 522, § 2, eff from and after passage (approved April 21, 1987).