PART I. 
HIGH TECHNOLOGY DEVELOPMENT CORPORATION



 



Note



 



  Part heading added by L 1990, c 106, §4(1).



 



§206M-1  Definitions.  As used in this
chapter, unless the context clearly requires otherwise:



"Board" means the board of directors
of the development corporation established in section 206M-2, and any successor
thereto.



"Bonds" or "special purpose
revenue bonds" mean bonds, notes, and other instruments of indebtedness of
the State issued pursuant to this part.



"Cost" means the total cost in
carrying out all undertakings that the development corporation deems reasonable
and necessary for the development of a project or industrial park, including
but not limited to the cost of studies, surveys, plans, and specifications,
architectural, design, engineering, or any other special related services; the
cost of site preparation and development, demolition, construction,
reconstruction, rehabilitation, and improvement; the cost of financing such
project or industrial park, including interest on bonds issued to finance such
project or industrial park from the date thereof to the estimated date of
completion of such project or industrial park as determined by the board; the
cost of an allocable portion of the administrative and operating expenses of
the development corporation related to the development of such project or
industrial park; and the cost of indemnity and surety bonds, premiums on
policies of insurance, legal fees, and fees and expenses of trustees,
depositories, and paying agents for the bonds, and for the issuance of letters
of credit or other banking arrangements whether for the development corporation
or a qualified person; all as the development corporation shall deem necessary.



"Development corporation" means the
high technology development corporation established by section 206M-2.



"Direct investment" means an
investment by the corporation in qualified securities of an enterprise to
provide capital to an enterprise.



"High technology" means industries
that are technology-intensive, including but not limited to electronics,
biotechnology, software, computers, telecommunications, and other
computer-related technologies.



"Industrial park" means a tract of
real property determined by the board as being suitable for use as building
sites for projects by one or more industrial, processing, or manufacturing
enterprises engaged in high technology, including research, training, technical
analyses, software development, and pilot plant or prototype product
development, and may include the installation of improvements to the tract
incidental to the use of real property as an industrial park, such as water,
sewer, sewage and waste disposal, and drainage facilities, sufficient to
adequately service projects in the industrial park, and provision of incidental
transportation facilities, power distribution facilities, and communication
facilities.  Industrial parks shall not include any buildings or structures of
any kind except for buildings or structures incidental to improvements to the
industrial park.



"Project" means the acquisition,
construction, improvement, installation, equipping, and development of any
combination of land, buildings, and other improvements thereon, including,
without limitation, parking facilities for use of, or to assist a high technology
industrial, manufacturing, or processing enterprise located within or without
an industrial park, including, without limiting the generality of the
foregoing, machinery, equipment, furnishings, and apparatus that shall be
deemed necessary, suitable, or useful to the enterprise.



"Project agreement" means any
agreement entered into under this chapter by the development corporation with a
qualified person to finance, construct, operate, or maintain a project or an
industrial park from the proceeds of special purpose revenue bonds, or to lend
the proceeds of special purpose revenue bonds to assist a high technology
industrial, manufacturing, or processing enterprise, including, without
limitation, any lease, sublease, loan agreement, conditional sale agreement, or
other similar financing contract or agreement, or any combination thereof.



"Public agency" means any office,
department, board, commission, bureau, division, public corporation, agency, or
instrumentality of the federal, state, or county government.



"Qualified person" means any
individual, firm, partnership, corporation, association, cooperative, or other
legal entity, governmental body or public agency, or any combination of the
foregoing, possessing the competence, expertise, experience, and resources,
including financial, personnel, and tangible resources, required for the
purposes of a project and other qualifications as may be deemed desirable by
the development corporation in administering this chapter and which enters into
a project agreement with the development corporation.



Qualified security" means any note, stock,
treasury stock bond, debenture, evidence of indebtedness, certificate of
interest or participation in any profit-sharing agreement, preorganization
certificate of subscription, transferable share, investment contract,
certificate of deposit for a security, certificate of interest or participation
in a patent or patent application, or in royalty or other payments under such a
patent or application, or, in general, any interest or instrument commonly
known as a "security" or any certificate for, receipt for, or option,
warrant, or right to subscribe to or purchase any of the foregoing.



"Real property" means lands,
structures, and interests therein, and natural resources including water,
minerals, and all such things connected with land, including lands under water
and riparian rights, space rights, air rights, and any and all other things and
rights usually included within the term.  Real property also means any and all
interests in such property less than fee title, such as leasehold interests,
easements, incorporeal hereditaments, and every estate, interest, or right,
legal or equitable, including terms for years and liens thereon by way of
judgments, mortgages, or otherwise. [L 1983, c 152, pt of §2; am L 1984, c 103,
§1; am L 2000, c 72, §4 and c 297, §22(2)]