New Jersey Statutes Title 49. Sale of Securities 49 § 2A-3

a. “Bond” means a revenue obligation, security, bond, note, debenture, certificate or other evidence of indebtedness of an issuer.

b. “Carryforward” means that portion of the State volume cap for any calendar year which is unused during that calendar year and which is available to be carried forward to be used in later years pursuant to the Code.

c. “Federal formula” means the formula or formulas for allocation of the State volume cap now or hereafter established pursuant to the Code.

d. “Governmental bond” means any tax-exempt bond which is not a private activity bond.

e. “Issuer” means the State or any political subdivision of the State or any entity issuing bonds on behalf of the State or any political subdivision of the State.

f. “Private activity bond” and “private activity portion of governmental bonds” means a bond or portion thereof subject to any allocation of the State volume cap pursuant to the Code.

g. “Tax-exempt bond” means a bond, note or other obligation the interest on which is not includible in federal gross income pursuant to section 103 of the Code.

h. “Tax-credit bond” or “tax subsidy bond” is a bond the interest on which is included in gross income for federal income tax purposes, but in respect of which the holder receives a tax credit or, in the alternative, the issuer receives an interest subsidy payment, which tax credit or interest subsidy payment is predicated on the bond qualifying for such amounts under applicable provisions of the American Recovery and Reinvestment Act of 2009, Pub.L. No.111-5 or such other provision of federal law as may amend or supplement the Code from time to time.

i. “Volume cap” means the annual dollar limitation on the issuance of tax-exempt private activity bonds and the private activity portion of governmental bonds now or hereafter imposed on issuers by the Code or any other annual dollar limitation on the issuance of tax-credit bonds or tax-subsidy bonds under the Code.