Definitions

  1. Law
  2. Georgia Code
  3. Local Government
  4. Bonds
  5. Georgia Allocation System
  6. Definitions

Checkout our iOS App for a better way to browser and research.

As used in this article, the term:

  1. "Amount" means, when used with respect to bonds, notices of allocation, or portions of the state ceiling, an amount measured in terms of United States dollars.
  2. "Application" means the application and amendments thereto for a notice of allocation required to be filed by an issuer with the department pursuant to this article.
  3. "Bonds" means any bonds, notes, or other obligations which would be included or treated as private activity bonds for the purpose of the state's volume cap under Section 146 of the Federal Code.Section 146 of the Federal Code provides that, for purposes of that section, the term "private activity bond" shall not include the specifically designated types of bonds which would, under other provisions of the Federal Code, constitute private activity bonds; and for purposes of this article, the term "bonds" shall mean only those bonds, notes, or other obligations subject to the volume cap under Section 146 of the Federal Code.For purposes of this article, the term "bonds" shall include the private activity portion of governmental use bonds.
  4. "Borrower" means any person or persons whose private business use, within the meaning of Section 141 of the Federal Code, would cause any bonds to constitute private activity bonds within the meaning of Section 141 of the Federal Code. If there is more than one such person with respect to any issue of bonds, then the term "borrower" shall mean and include each and every such person known at the time that the issuer files an application.
  5. "Business day" means a day on which the department is open for business.The term "business day" shall not include any Saturday, Sunday, or legal holiday officially observed by the state.
  6. "Carryforward election application" means the application for a notice of allocation for a carryforward project required to be filed by an issuer with all attachments and amendments.
  7. "Commissioner" means the commissioner of the Department of Community Affairs.
  8. "Competitive pool" means that portion of the state ceiling set aside prior to April 1, 1990.
  9. "Confirmation of issuance" means the issuer's confirmation, in writing, that the bonds authorized by a notice of allocation have been issued, in such form as the commissioner may promulgate from time to time.
  10. "Department" means the Department of Community Affairs.
  11. "Economic development share" means that portion of the state ceiling established in accordance with Code Section 36-82-186.
  12. "Employment test" means either of the employment tests set forth in Code Section 36-82-188.
  13. "Exempt facility bond" means any bond described as an exempt facility bond in Section 142 of the Federal Code, other than any obligation described in Section 142(a)(1) or Section 142(a)(2) of the Federal Code and any obligation described in Section 142(a)(6) of the Federal Code which is issued as part of an issue if all of the property to be financed by the net proceeds of such issue is to be owned by a governmental unit, within the meaning of Section 146 of the Federal Code.
  14. "Expiration date" means the final date on which bonds covered by a notice of allocation may be issued and by which date confirmation of issuance must be filed with the department.
  15. "Federal Code" means the Internal Revenue Code of 1986, as amended.
  16. "Filing date" means the final date for filing an application as specified in this article.
  17. "Flexible pool" means that portion of the state ceiling set aside prior to April 1, 1990.
  18. "Flexible share" means that portion of the state ceiling set aside, in accordance with Code Section 36-82-193, for discretionary use by the department.
  19. "Georgia Housing and Finance Authority" means the authority established under Chapter 26 of Title 50.
  20. "HoDAG" means a housing development action grant as administered by the United States Department of Housing and Urban Development.
  21. "Housing bonds" means multifamily housing bonds, single-family housing bonds, or other qualified housing bonds, as the case may be.
  22. "Housing share" means the portion of the state ceiling established in accordance with Code Section 36-83-189.
  23. "Issued" means, with respect to any issue of bonds, that such bonds have been delivered and paid for in full.Payment in full may be made, in whole or in part, by a binding, enforceable agreement to make payment in the future.
  24. "Issuer" means the political subdivision, governmental unit, authority, or other entity which issues any bonds.
  25. "Legal counsel" means an attorney or firm of attorneys duly authorized to practice law in the State of Georgia and admitted to practice before the highest court in the State of Georgia.
  26. "Local housing authorities" means any issuers of multifamily housing bonds, single-family housing bonds, or other qualified housing bonds created and existing under the laws of this state.
  27. "Mortgage credit certificate" means a certificate issued under a qualified mortgage credit certificate program within the meaning of Section 25 of the Federal Code.
  28. "Multifamily housing bond" means any obligation which constitutes an exempt facility bond for the financing of a qualified residential rental project within the meaning of Section 142 of the Federal Code.
  29. "Notice of allocation" means the notice given by the department allocating to an issuer a specified amount from the state ceiling for a specific issue of bonds.
  30. "Period" means any of the time periods into which the calendar year is divided for purposes of authorizing a percentage of the state ceiling to be used during such period as provided in this article as follows:period 1 begins January 1 and ends at midnight on March 31; period 2 begins April 1 and ends at midnight on June 30; period 3 begins July 1 and ends at midnight on September 30; and period 4 begins on October 1 and ends at midnight on December 31.
  31. "Person" means any individual, corporation, limited or general partnership, association, trust, or other entity of any nature whatsoever.
  32. "Policy guidelines" means the policy guidelines set forth in Code Section 36-82-195.
  33. "Private activity portion of governmental use bonds" means the amount of any obligation, treated as a nonqualified amount under Section 141 of the Federal Code, which is in excess of $15 million and which would cause the obligation to be treated as a private activity bond under Section 141(b)(5) of the Federal Code, unless the amount equal to the excess of the nonqualifying amount over $15 million receives an allocation of the state's volume cap under Section 146 of the Federal Code.
  34. "Project" means the facility, as described in an application, proposed to be financed, in whole or in part, by an issue of bonds.
  35. "Qualified application" means a completed application for a notice of allocation.
  36. "Qualified housing project" means a project for which the issuance or exchange of tax-exempt bonds under the Federal Code for qualified housing purposes requires an allocation from the state ceiling.
  37. "Reservations" means the amounts reserved for the Georgia Housing and Finance Authority, the urban residential finance authorities, and the local housing authorities in Code Section 36-82-190.
  38. "Single-family housing bond" means any obligation described as a qualified mortgage bond in Section 143 of the Federal Code.
  39. "Small issue bond" means any obligation described as a qualified small issue bond in Section 144(a) of the Federal Code.
  40. "State" means the State of Georgia.
  41. "State ceiling" means for any calendar year the state ceiling applicable to the state, as such term is used in the Federal Code.The amount of the state ceiling shall be determined in accordance with the provisions of the Federal Code.
  42. "Student loan bond" means any obligation described as a qualified student loan bond in Section 144(b) of the Federal Code.
  43. "System" means the Georgia Allocation System as established by this article.
  44. "UDAG bonds" means any issue of bonds 95 percent or more of the net proceeds of which are to be used to provide facilities with respect to which an urban development action grant, under Section 119 of the Housing and Community Development Act of 1974, as amended, has been applied for and which, if such grant is made, would be an issue described in Section 144(a)(4)(F) of the Federal Code.
  45. "Unused amount" means, as of any date when the unused amount of any share is computed, the amount of any share from which notices of allocation were authorized to be given during a prior period, if any, but with respect to which either no notices of allocation were given during such period or notices of allocation were given but confirmation of issuance was not filed with the department on or before the applicable expiration date plus the amount of any share from which notices of allocation have been given during the period which includes the date of computation but with respect to which confirmation of issuance was not filed with the department on or before the applicable expiration date.
  46. "Urban residential finance authority" means any authority established under Chapter 41 of this title.

(Code 1981, §36-82-182, enacted by Ga. L. 1987, p. 486, § 1; Ga. L. 1989, p. 165, § 1; Ga. L. 1990, p. 817, § 1; Ga. L. 1991, p. 94, § 36; Ga. L. 1991, p. 1653, § 2-2; Ga. L. 1993, p. 91, § 36.)


Download our app to see the most-to-date content.