Terms Used In Virginia Code > Title 3.2 > Subtitle III > Chapter 50 - Farm Machinery and Equipment

• Authority: means the respective political subdivisions of the Commonwealth created in this subpart. See Virginia Code 2.2-2200
• Board: means the respective boards of directors for the authorities created in this subpart. See Virginia Code 2.2-2200
• farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
• 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}
• Lender: means any federal- or state-chartered bank, federal land bank, production credit association, bank for cooperatives, federal- or state-chartered savings institution, building and loan association, small business investment company, or any other financial institution qualified within the Commonwealth to originate and service loans, including insurance companies, credit unions, investment banking or brokerage companies, and mortgage loan companies. See Virginia Code 2.2-2279
• Loan: means any lease, loan agreement, or sales contract defined as follows:

  1. See Virginia Code 2.2-2279

• state: means the Commonwealth of Virginia or any of its agencies or departments. See Virginia Code 2.2-2200