private activity bond
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 141 — for purposes of this title (6 versions over time)
For purposes of this title, the term “private activity bond” means any bond issued as part of an issue—
(1) which meets—
(A) the private business use test of paragraph (1) of subsection (b), and
(B) the private security or payment test of paragraph (2) of subsection (b), or
(2) which meets the private loan financing test of subsection (c).
26 U.S.C. § 141 — for purposes of this title
For purposes of this title, the term “private activity bond” includes any bond issued as part of an issue if the amount of the proceeds of the issue which are to be used (directly or indirectly) for the acquisition by a governmental unit of nongovernmental output property exceeds the lesser of—
(A) 5 percent of such proceeds, or
(B) $5,000,000.