PART I. HIGH TECHNOLOGY DEVELOPMENT CORPORATION

 

Note

 

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

 

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

"Board" means the board of directorsof the development corporation established in section 206M-2, and any successorthereto.

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

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

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

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

"High technology" means industriesthat are technology-intensive, including but not limited to electronics,biotechnology, software, computers, telecommunications, and othercomputer-related technologies.

"Industrial park" means a tract ofreal property determined by the board as being suitable for use as buildingsites for projects by one or more industrial, processing, or manufacturingenterprises engaged in high technology, including research, training, technicalanalyses, software development, and pilot plant or prototype productdevelopment, and may include the installation of improvements to the tractincidental to the use of real property as an industrial park, such as water,sewer, sewage and waste disposal, and drainage facilities, sufficient toadequately service projects in the industrial park, and provision of incidentaltransportation facilities, power distribution facilities, and communicationfacilities.  Industrial parks shall not include any buildings or structures ofany kind except for buildings or structures incidental to improvements to theindustrial park.

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

"Project agreement" means anyagreement entered into under this chapter by the development corporation with aqualified person to finance, construct, operate, or maintain a project or anindustrial park from the proceeds of special purpose revenue bonds, or to lendthe proceeds of special purpose revenue bonds to assist a high technologyindustrial, manufacturing, or processing enterprise, including, withoutlimitation, any lease, sublease, loan agreement, conditional sale agreement, orother similar financing contract or agreement, or any combination thereof.

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

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

Qualified security" means any note, stock,treasury stock bond, debenture, evidence of indebtedness, certificate ofinterest or participation in any profit-sharing agreement, preorganizationcertificate of subscription, transferable share, investment contract,certificate of deposit for a security, certificate of interest or participationin a patent or patent application, or in royalty or other payments under such apatent or application, or, in general, any interest or instrument commonlyknown 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 waterand riparian rights, space rights, air rights, and any and all other things andrights usually included within the term.  Real property also means any and allinterests 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 ofjudgments, 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)]