Terms Used In Arizona Laws > Title 35 > Chapter 7 > Article 1 - General Provisions

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Authority: means the Arizona finance authority established by Title 41, Chapter 53, Article 2. See Arizona Laws 35-901
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: means the board of directors of the authority. See Arizona Laws 35-901
• Bond: means any obligation that is subject to the provisions of section 146 of the code, excluding obligations that received a carry-forward allocation in a prior year. See Arizona Laws 35-901
• Bribe: means anything of value or advantage, present or prospective, asked, offered, given, accepted or promised with a corrupt intent to influence, unlawfully, the person to whom it is given in that person's action, vote or opinion, in any public or official capacity. See Arizona Laws 1-215
• Business day: means between the hours of 8:00 a. See Arizona Laws 35-901
• Certificate of closing: means the certificate of closing adopted for use by and to be filed with the authority declaring that bonds were issued or that a qualified mortgage credit certificate program has been established. See Arizona Laws 35-901
• Code: means the United States internal revenue code of 1986, as amended, and its applicable regulations. See Arizona Laws 35-901
• Confirmation: means the allocation confirmation that confirms an allocation to a project in the form adopted for use by the authority. See Arizona Laws 35-901
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Director: means the director of the authority. See Arizona Laws 35-901
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Issued: means , with respect to a bond or bonds, either of the following:

  (a) The bond or bonds have been delivered and paid for in full. See Arizona Laws 35-901

• Issuer: means an entity or person issuing bonds. See Arizona Laws 35-901
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage credit certificate: means a certificate as described in section 25(c)(1) of the code. See Arizona Laws 35-901
• Notice of intent: means the notice of intent to be filed with the authority in the form adopted for use by the authority. See Arizona Laws 35-901
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Project: means a qualified mortgage credit certificate program or any construction, acquisition, planned expenditure or other activity, including all phases of a multiphased project that requests allocations in the same year and including costs of issuance, capitalized interest and discounts, financed with bonds and located in this state or directly benefiting residents of this state. See Arizona Laws 35-901
• Qualified mortgage credit certificate program: means a qualified mortgage credit certificate program as described in section 25(c)(2) of the code. See Arizona Laws 35-901
• Qualified mortgage revenue bonds: means an issue of bonds as described in section 143(a) of the code. See Arizona Laws 35-901
• Qualified student loan project: means an issue of bonds as described in section 144(b) of the code. See Arizona Laws 35-901
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Request: means the request for allocation to be filed with the authority in the form adopted for use by the authority. See Arizona Laws 35-901
• Security deposit: means cash, a bank cashier's check, a surety bond, a letter of credit or any other form of security approved by the director in favor of the authority that is received by the authority from an issuer or user to secure or extend an allocation. See Arizona Laws 35-901
• State ceiling: means the dollar limit of the aggregate amount of private activity bonds that may be issued in this state pursuant to section 146 of the code for each calendar year, beginning in 1988. See Arizona Laws 35-901
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Urban city: means a city having a population of not less than one hundred thousand persons according to the most recent United States decennial or special census. See Arizona Laws 35-901
• Writing: includes printing. See Arizona Laws 1-215
• Year: means the calendar year. See Arizona Laws 35-901