TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 27

MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM

50-2702.  Definitions. As used in this chapter, the following terms have the meanings indicated unless the context clearly requires otherwise.

(1)  "Board of directors" means the board of directors of a public corporation.

(2)  "Construction" or "construct" means construction and acquisition, whether by devise, purchase, gift, lease or otherwise.

(3)  "Facilities" mean[s] land, rights in land, buildings, structures, machinery, landscaping, extension of utility services, approaches, roadways and parking, handling and storage areas, and similar auxillary [auxiliary] facilities.

(4)  "Financing document" means a lease, sublease, installment sale agreement, conditional sale agreement, loan agreement, mortgage, deed of trust guaranty agreement or other agreement for the purpose of providing funds to pay or secure, debt service on revenue bonds.

(5)  "Improvement" means reconstruction, remodeling, rehabilitation, extension, and enlargement, and "to improve" means to reconstruct, to remodel, to rehabilitate, to extend, and to enlarge.

(6)  "Industrial development facilities" mean manufacturing, processing, production, assembly, warehousing, solid waste disposal, recreation and energy facilities, excluding facilities to transmit, distribute or produce electrical energy. Recreation facilities, as used in this chapter, shall be limited to ski areas. However, funds raised pursuant to this chapter for ski areas shall be limited in application to the acquisition and preparation of land, acquisition and construction of ski lifts, lighting of ski slopes, construction of access and interior roadways, parking lots, maintenance facilities and maintenance equipment, administrative facilities, and utilities.

(7)  "Municipality" means a city or county of this state.

(8)  "Ordinance" means any appropriate method of taking official action or adopting a legislative decision by any municipality, whether known as a resolution, ordinance or otherwise.

(9)  "Project costs" mean costs of:

(a)  Acquisition, construction and improvement of any facilities included in an industrial development facility;

(b)  Architectural, engineering, consulting, accounting, and legal costs related directly to the development, financing, and construction of an industrial development facility, including costs of studies assessing the feasibility of an industrial development facility, and including all administrative costs incurred before the issuance of the bonds;

(c)  Finance costs, including discounts, if any, the costs of issuing revenue bonds, and costs incurred in carrying out any trust agreement;

(d)  Interest during construction and interest on revenue bonds issued to finance such facility to a date no later than six (6) months subsequent to the estimated date of completion, and capitalized debt service or repair and replacement or other appropriate reserves;

(e)  The refunding of any outstanding obligations incurred for any of the costs outlined in this subsection; and

(f)  Other costs incidental to any of the costs listed in this section.

(10)  "Revenue bond" means a nonrecourse revenue bond, nonrecourse revenue note or other nonrecourse revenue obligation issued for the purpose of financing an industrial development facility on an interim or permanent basis.

(11)  "User" means any individual, partnership, copartnership, firm, company, corporation, investor-owned utility, association, joint stock company, trust, estate, or any other legal entity, or their legal representatives, agents, or assigns acting as lessee, purchaser, mortgagor or borrower under a financing document and may include a party who transfers the right of use and occupancy to another party by lease, sublease or otherwise.

History:

[50-2702, added 1982, ch. 119, sec. 1, p. 327.]