12-3802. Same; definitions.
12-3802
12-3802. Same; definitions.
As used in this act: (a) "Industrial development bond" means an
obligation issued by any local unit of government of the state under the
authority of this act for the purpose of financing the acquisition of land,
the acquisition or construction (including reconstruction, improvement,
expansion, extension, and enlargement) of buildings and appurtenances,
including but not by way of limitation industrial trackage and access
roads, the purpose of such financing being primarily to sell or lease the
property so financed to a private individual, partnership, or corporation
for the conduct of manufacturing, warehousing, distribution, and/or
research and development operations, except municipal stadiums and
theaters.
(b) "Local unit of general government" means a county or a city.
History: L. 1974, ch. 49, § 2; July 1.