N.D. Cent. Code § 6-09.4-03

6-09.4-03. Definitions

In this chapter, unless the context or subject matter otherwise requires:

1. "Bondholder" or "holder" or any similar term when used with reference to a bond of the

public finance authority means any person who is the bearer of any outstanding bond

of the public finance authority.

2. "Bonds" or "bond" means evidences of indebtedness of the public finance authority

issued pursuant to this chapter.

3. "Fully marketable form" means a municipal security duly executed and accompanied

by an approving legal opinion of a counsel whose opinions are generally accepted by

the public finance authority or other purchasers of municipal securities.

4. "Municipal security" means an evidence of indebtedness issued by a political

subdivision, including a clean renewable energy bond issued under 26 U.S.C. 54

[Pub. L. 109-58; 119 Stat. 991], and a revenue agreement entered into by a

contracting party as those terms are used in chapter 40-57, but does not generally

include an evidence of indebtedness issued pursuant to chapter 40-57 other than an

evidence of indebtedness that qualifies as a qualified small issue bond as defined

under 26 U.S.C. 144(a) [Pub. L. 99-514; 100 Stat. 2606], as amended, and regulations

promulgated and officially proposed to be promulgated thereunder, or as an "exempt

facility bond" as defined under 26 U.S.C. 142(a)(4), (5), or (6) [Pub. L. 99-514;

100 Stat. 2606], as amended, and regulations promulgated and officially proposed to

be promulgated thereunder, issued to provide one of the following:

a. A facility for the furnishing of water.

b. A wastewater facility.

c. A solid waste disposal facility.

5. "Political subdivision" means:

a. A local governmental unit created by statute or by the Constitution of North

Dakota for local governmental or other public purposes.

b. The department of environmental quality, or any other state agency or authority,

or any member-owned association or publicly owned and nonprofit corporation:

(1) Operating any public water system that is subject to chapter 61-28.1.

(2) Operating any facility, system, or other related activity that is eligible for

financial assistance under chapter 61-28.2.

c. The Bank of North Dakota for purposes of the revolving loan fund program

established by chapter 61-28.2.

d. The state water commission for purposes of the revolving loan fund program

established by chapter 61-28.1.

e. A qualified borrower within the meaning of 26 U.S.C. 54(j)(5) [Pub. L. 109-58;

119 Stat. 995].

f. The Garrison Diversion Conservancy District or any successor entity or

improvement district created under chapter 61-24.8 to finance or refinance

irrigation and water supply projects.

g. The Lake Agassiz water authority, for use in financing the construction,

acquisition, extension, expansion, alteration, betterment, maintenance, or

renovation of a project under section 61-39-16.

6. "Public finance authority" means the public finance authority created by section

6-09.4-04.

7. "Required debt service reserve" means the amount required to be on deposit in the

reserve fund.

8. "Reserve fund" means the public finance authority reserve fund or funds created as

provided in section 6-09.4-10.

9. "Revenues" means any or all fees, charges, moneys, profits, payments of principal of

or interest on municipal securities, investment income, revenues, appropriations, and

all other income derived or to be derived by the public finance authority under this

chapter.