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

Terms Used In Idaho Code 50-2702

  • Board of directors: means the board of directors of a public corporation. See Idaho Code 50-2702
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • 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. See Idaho Code 50-2702
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Improvement: means reconstruction, remodeling, rehabilitation, extension, and enlargement, and "to improve" means to reconstruct, to remodel, to rehabilitate, to extend, and to enlarge. See Idaho Code 50-2702
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Municipality: means a city or county of this state. See Idaho Code 50-2702
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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. See Idaho Code 50-2702
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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. See Idaho Code 50-2702
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(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.