As used in this part:

1. (1) “Affected bonds” shall have the meaning ascribed to that term in Arkansas Code § 15-5-601;
2. (2) “Application” means the “Application for Reservation of Volume Cap” described in 15 CAR § 73-105 and a form of which is posted on the Arkansas Development Finance Authority website;
3. (3) “Board Housing Review Committee” means the committee of members of the Board of Directors of the Arkansas Development Finance Authority selected to review matters related to housing programs of the Arkansas Development Finance Authority;
4. (4) “Bond counsel” means a firm of nationally recognized attorneys-at-law, experienced in the issuance of tax-exempt private activity bonds, deemed acceptable to the President of the Arkansas Development Finance Authority to deliver applications and notices required under this part;
5. (5) “Committee approval date” means the date on which the Board Housing Review Committee approves a Multifamily Housing Application pursuant to 15 CAR § 73-111(c)(1);
6. (6) “Issuance” means the closing and delivery of affected bonds, including the initial closing of draw-down bonds qualifying for the issue date alternative under Internal Revenue Service Notice 2011-63;
7. (7) “Issuer” means any state or local governmental entity authorized by state law to issue tax-exempt private activity bonds and includes the Arkansas Development Finance Authority;
8. (8) “Multifamily Housing Application” means the application form and accompanying guidelines which are made part of the state’s current Qualified Allocation Plan, as posted on the Arkansas Development Finance Authority website;
9. (9) “Multifamily housing bonds” means affected bonds that are exempt facility bonds for qualified residential rental projects as that term is used in 26 U.S.C. § 142(a) and defined in 26 U.S.C. § 142(d);

10. (10) “Principal user” means the:

    1. (A) Borrower, obligor for repayment, or primary beneficiary of the proceeds of the affected bonds; or
    2. (B) Primary user of the project or projects or facilities financed with the proceeds of the affected bonds;
11. (11) “Priority number” means the sequential number assigned by the President of the Arkansas Development Finance Authority to a completed application;
12. (12) “Private activity bonds” shall have the meaning ascribed to them in 26 U.S.C. § 141(a);
13. (13) “Reservation” means the reservation of volume cap for a particular application which shall be effective as of the date of the written communication by the President of the Arkansas Development Finance Authority to bond counsel described in 15 CAR § 73-106(f);
14. (14) “Reservation period” means the period which shall be sixty (60) calendar days from the effective date of the reservation;
15. (15) “Rule” shall mean this Rule Regarding the Reservation of Private Activity Bond Volume Cap;
16. (16) “Staff Housing Review Committee” means a committee of employees of the Arkansas Development Finance Authority selected by the President of the Arkansas Development Finance Authority to review Multifamily Housing Applications;
17. (17) “State” means the State of Arkansas;
18. (18) “State ceiling” shall have the meaning ascribed to it in 26 U.S.C. § 146, including reductions imposed by 26 U.S.C. § 146(n) for elections made in connection with the issuance of mortgage credit certificates; and
19. (19) “Volume cap” means the maximum aggregate amount of affected bonds that may be issued by all issuers in the state in any calendar year as described in 26 U.S.C. § 146.