Section 24-32-1703 - DefinitionsAs used in this part 17, unless the context otherwise requires:
(1) "Application" means the application submitted by an issuing authority to request from the department an allocation from the statewide balance, including any amendments to said application.(1.5) "Board" means the state housing board created in section 24-32-706(1).(2) "Bond" means any bond or other obligation which may be issued by any issuing authority which constitutes a private activity bond, as defined in section 141 of the code but only to the extent that such bond or other obligation is subject to the state ceiling limitations of section 146 of the code.(3) "Business day" means any normal day of business excluding Saturdays, Sundays, and legal holidays. Each business day begins at 8 a.m. and closes at 5 p.m.(4) "Carryforward purpose" has the meaning ascribed to such term in section 146 (f)(5) of the code.(5) "Code" means the "Internal Revenue Code of 1986", as amended.(7) "Department" means the department of local affairs.(8) "Designated local issuing authority" means any city, town, county, or city and county which has a population in any year which would result in the local issuing authority having any allocation of the state ceiling in excess of one million dollars as calculated pursuant to section 24-32-1706(1).(8.5) "Direct allocation" means an allocation of the state ceiling made to state issuing authorities as specified in section 24-32-1705(1)(a) or designated local issuing authorities as specified in section 24-32-1706(1).(9) "Executive director" means the executive director of the department.(10) "Form 8038" means the federal department of the treasury tax form 8038 or any other federal tax form or other method of reporting required by the federal department of the treasury under section 149 of the code.(11) "Inducement resolution" means a resolution, ordinance, or similar action adopted by an issuing authority for the purpose of taking official action regarding the issuance of, or otherwise stating the intent of the issuing authority to issue, bonds to finance a project.(12) "Issuing authority" means any entity or person which has the authority to issue bonds or other obligations the interest on which is exempt from federal income taxation pursuant to section 103 (a) of the code. Such term includes any designated local issuing authority or any local or state issuing authority.(13) "Local issuing authority" means any city, town, county, or city and county.(14) "Mortgage credit certificate election" means an election pursuant to section 25 (a)(2)(ii) of the code, by any issuing authority, not to issue qualified mortgage bonds which the issuing authority is otherwise authorized to issue, including the receipt of allocations made pursuant to this part 17, in exchange for the authority under section 25 of the code to issue mortgage credit certificates in connection with a qualified mortgage credit certificate program within the meaning of section 25 (a)(2) of the code, so long as the implementation of the program is evidenced by the issuing authority to the satisfaction of the executive director, which satisfaction shall be evidenced by a certificate from the executive director certifying his determination that a qualified mortgage credit certificate program has been implemented, together with a certification of the issuing authority providing that such election shall not be revoked.(15) "Population" means the population of the state of Colorado as determined by the most recent census estimate of the resident population of the state of Colorado published by the United States bureau of the census before the beginning of each year. "Population" also means the population of a local issuing authority as determined by the most recent census estimate of the resident population of the local issuing authority published by the state demographer before the beginning of each year. The department shall specify population data in the report issued pursuant to section 24-32-1706(1).(16) "Project" means the facility, facilities, or program to be financed in whole or in part with the proceeds of the bonds.(17) "Qualified mortgage bond" means any bond or obligation which constitutes a qualified mortgage bond as defined in section 143 of the code.(18) "State ceiling" means the bond ceiling for the state and its issuing authorities as computed under section 146 (d) of the code.(19) "State issuing authority" means any of the entities listed in section 24-32-1705(1).(20) "Statewide balance" means the portion of the state ceiling that remains after the allocations made to the state issuing authorities and the local issuing authorities in sections 24-32-1705 and 24-32-1706, plus or minus any allocation from or relinquishment to the statewide balance pursuant to this part 17.(21) "Statewide balance award period" means a period commencing on the date on which notification of an allocation from the statewide balance is mailed to an issuing authority and ending on a date to be determined by the executive director, which date is no later than December 23 each year.(22) "Year" means each calendar year, beginning with the calendar year 1987.Amended by 2020 Ch. 55,§ 1, eff. 9/14/2020.L. 87: Entire part added, p. 988, § 1, effective May 20. L. 2009: (8.5) added and (15) amended, (SB 09-041), ch. 198, p. 198, § 1, effective March 25. L. 2020: (1.5) added and (6) repealed, (HB 20-1161), ch. 189, p. 189, § 1, effective September 14.