Terms Used In Montana Code > Title 90 > Chapter 1 > Part 2 - Big Sky Economic Development Program

• 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.
• Department: means the department of commerce provided for in 2-15-1801. See Montana Code 90-1-201
• Economic development organization: means :

  (i)a private, nonprofit corporation, as provided in Title 35, chapter 2, that is exempt from taxation under section 501(c)(3) or 501(c)(6) of the Internal Revenue Code, 26 U. See Montana Code 90-1-201

• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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}
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201