[PART
VII.]  ASSISTING NOT-FOR-PROFIT CORPORATIONS



THAT
PROVIDE EARLY CHILDHOOD EDUCATION



AND CARE
FACILITIES SERVING THE GENERAL PUBLIC



 



[§39A‑221]  Definitions.  Whenever
used in this part, unless a different meaning clearly appears from the context:



"Department" means the department of
budget and finance.



"Early childhood education and care
facility" means any property used primarily for the care and instruction
of children from birth to age five; provided that it shall not include any
property to be used primarily for sectarian instruction or study, or as a place
for devotional activities or religious worship, or any property used primarily
in connection with any part of a program of a school or department of divinity
of any religious denomination.



"Project agreement" means any
agreement entered into under this part by the department with a project party
providing for the issuance of special purpose revenue bonds to finance
facilities of a project party or for a project party or to loan the proceeds of
such bonds to assist not-for-profit corporations that provide early childhood
education and care facilities that serve the general public, including without
limitation any loan agreement.



"Project party" means a
not-for-profit corporation that provides an early childhood education and care
facility that serves the general public.



"Refinancing of outstanding
obligations" or "refinancing" means the liquidation, retirement,
or provision for retirement with the proceeds of bonds issued by the State, of
any indebtedness of a project party incurred to finance or aid in financing a
lawful purpose of such project party not financed pursuant to this part which
constitutes an early childhood education and care facility or consolidation of
such indebtedness with indebtedness of the State incurred for an early
childhood education and care facility related to the purpose for which the
indebtedness of the project party was initially incurred.



"Special purpose revenue bonds" or
"bonds" means bonds, notes, or other evidences of indebtedness of the
State issued pursuant to this part. [L 1994, c 280, pt of §6]