[PARTVII.]  ASSISTING NOT-FOR-PROFIT CORPORATIONS

THATPROVIDE EARLY CHILDHOOD EDUCATION

AND CAREFACILITIES SERVING THE GENERAL PUBLIC

 

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

"Department" means the department ofbudget and finance.

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

"Project agreement" means anyagreement entered into under this part by the department with a project partyproviding for the issuance of special purpose revenue bonds to financefacilities of a project party or for a project party or to loan the proceeds ofsuch bonds to assist not-for-profit corporations that provide early childhoodeducation and care facilities that serve the general public, including withoutlimitation any loan agreement.

"Project party" means anot-for-profit corporation that provides an early childhood education and carefacility that serves the general public.

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

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