State Codes and Statutes

Statutes > North-carolina > Chapter_63A > GS_63A-2

§63A‑2.  Definitions.

The following definitionsapply in this Chapter:

(1)        Aircraft. – Acontrivance that is used or designed for flight.

(2)        Airport project. –Any of the following that is part of or is used in connection with a cargoairport or a facility at a cargo airport complex site and is not a special userproject:

a.         Land, equipment, orbuildings or other structures, whether located on one or more sites.

b.         The addition to orthe rehabilitation, improvement, renovation, or enlargement of any propertydescribed in subpart a.

Theterm includes infrastructure improvements, such as improvements to railroadfacilities, roads, bridges, and water, sewer, or electric utilities even if notlocated on a cargo airport complex site. An airport project may include afacility leased to one or more entities under a true lease.

(3)        Authority. – TheNorth Carolina Global TransPark Authority.

(4)        Board. – The Boardof Directors of the Authority.

(5)        Bonds. – The revenuebonds or other interest bearing obligations authorized to be issued by theAuthority under this Chapter.

(6)        Cargo airport. – Anyarea of land or water that is designed for the landing and takeoff of aircraft,any appurtenant area used or suitable for airport buildings or other airportfacilities, and any appurtenant right‑of‑way. In addition tofacilities for the transportation of cargo by aircraft, a cargo airport maycontain facilities to shelter, service, or repair aircraft and facilities todischarge and receive passengers.

(7)        Cargo airport complex.– A cargo airport and all other facilities, including private facilities,related to the cargo airport that are located within the cargo airport complexsite.

(8)        Cargo airportcomplex site. – The area designated by the Authority as the location of a cargoairport complex. An area may not be so designated by the Authority unless allor a substantial portion of the land on which the cargo airport is located oris to be located is or shall be owned by the Authority or is or shall becontrolled by the Authority pursuant to lease, joint operating agreement, orother contractual arrangements.

(9)        Costs. – The capitalcost of a project, including:

a.         The costs of doingany or all of the following:

1.         Acquiring,constructing, erecting, providing, developing, installing, furnishing, andequipping.

2.         Reconstructing,remodeling, altering, renovating, replacing, refurnishing, and reequipping.

3.         Enlarging,expanding, and extending.

4.         Demolishing,relocating, improving, grading, draining, landscaping, paving, widening, andresurfacing.

b.         The costs of allproperty, both real and personal and both improved and unimproved, and ofplants, works, appurtenances, structures, facilities, furnishings, machinery,equipment, vehicles, easements, water rights, air rights, franchises, andlicenses used or useful in connection with the project.

c.         The costs ofdemolishing or moving structures from land acquired and acquiring land to whichthe structures are to be moved.

d.         Financing charges,including estimated interest during the acquisition or construction of aproject and for one year thereafter.

e.         The costs ofservices to provide plans, specifications, studies, reports, surveys, andestimates of costs and revenues.

f.          The costs of payingany interim financing, including principal, interest and premium, related tothe acquisition or construction of the project.

g.         Administrative andlegal expenses and administrative charges.

h.         The costs ofobtaining bond and reserve fund insurance and investment contracts, of credit‑enhancementfacilities, liquidity facilities, and interest‑rate agreements, and ofestablishing and maintaining debt service and other reserves.

i.          Any other services,costs, and expenses necessary or incidental to the project.

(10)      Credit facility. – Anagreement with a banking institution, an insurance institution, an investmentinstitution, or other financial institution located inside or outside theUnited States of America that provides for prompt payment, whether at maturity,presentment, or tender for purchase, redemption, or acceleration, of part orall of the principal or purchase price, redemption premium, if any, andinterest on a bond or note issued by the Authority and for repayment of theinstitution.

(11)      Financing agreement.– A written instrument establishing the rights and responsibilities of theAuthority and the operator concerning a special user project financed by theissuance of bonds. A financing agreement may be a lease, a lease and lease‑back,a sale and lease‑back, a lease purchase, an installment sale and purchaseagreement, a conditional sales agreement, a secured or unsecured loanagreement, or other similar contract, and may involve property in addition tothe property financed with the bonds.

(12)      Local GovernmentCommission. – The Local Government Commission of the Department of StateTreasurer, established by Article 2 of Chapter 159 of the General Statutes.

(13)      Notes. – Revenuenotes or revenue bond anticipation notes issued by the Authority under thisChapter.

(14)      Obligor. – A person,including an operator, who has entered into a financing or other agreementobligating the person to make payments to the Authority or to holders of bondsissued to finance a special user project.

(15)      Operator. – Theperson entitled to the use or occupancy of a special user project.

(16)      Par formula. – Aprovision or formula to make periodic adjustments in the interest rate of abond or note, including:

a.         A provision for anadjustment to keep the purchase price of the bond or note in the open market asclose to par as possible.

b.         A provision for anadjustment based on one or more percentages of a prime rate or base rate thatmay vary or apply for specified periods of time.

c.         Any other provisionthat does not materially and adversely affect the financial position of theAuthority and the marketing of the bonds or notes at a reasonable interest costto the Authority.

(17)      Person. – Any person,corporation, partnership, association, trust, or other legal entity.

(18)      Project. – An airportproject or a special user project.

(19)      Revenues. – For aspecial user project, the term means rents, fees, charges, payments, proceeds,or other income or profit derived from the special user project or from thefinancing agreement or security document for the special user project. For anairport project, the term means rents, fees, charges, payments, proceeds, orother income or profit derived from the airport project or from any pledge ofnontax revenues, appropriation, or payment made by the State or a county inwhich the cargo airport is located.

(20)      Security document. –One or more written instruments establishing the rights and responsibilities ofthe Authority and the holders of bonds issued to finance a special userproject. A security document may provide for, or be in the form of an agreementwith, a trustee for the benefit of the bondholders. A security document maycontain an assignment, pledge, mortgage, or other encumbrance of part or all ofthe Authority's interest in, or right to receive revenues from, a special userproject or any other property provided by the operator or other obligor under afinancing agreement. A financing agreement and a security document may becombined as one instrument.

(21)      Special user project.– Any land, equipment, or buildings or other structures located on one or moresites within a cargo airport complex site and the addition to or therehabilitation, improvement, renovation, or enlargement of a structure locatedwithin a cargo airport complex site when the property is to be used as or inconnection with any of the following:

a.         An undertaking forindustry, including an industrial or a manufacturing factory, mill, assemblyplant, or fabricating plant, a freight terminal, an industrial research,development, or laboratory facility, or an industrial processing ordistribution facility for industrial or manufactured products.

b.         A commercial,processing, mining, transportation, distribution, storage, marine, aviation, orenvironmental facility or improvement.

c.         Any combination ofitems mentioned in subparts a. and b.

Aspecial user project, during its economic life, is to be principally used byone or more for‑profit entities other than as lessee under a true lease.A special user project may include all appurtenances and incidental facilitiessuch as land, a headquarters or office facility, warehouses, distributioncenters, access roads, sidewalks, utilities, railway sidings, trucking andsimilar facilities, parking facilities, waterways, docks, wharves, and otherimprovements necessary or convenient for the construction, maintenance, andoperation of any structure.

(22)      True lease. – A leasethat has a fair market value rental and is not treated as a financing lease orinstallment sale for federal tax law purposes. (1991, c. 749, s. 1; 1991(Reg. Sess., 1992), c. 900, s. 108(a); 1993 (Reg. Sess., 1994), c. 777, s.4(c).)

State Codes and Statutes

Statutes > North-carolina > Chapter_63A > GS_63A-2

§63A‑2.  Definitions.

The following definitionsapply in this Chapter:

(1)        Aircraft. – Acontrivance that is used or designed for flight.

(2)        Airport project. –Any of the following that is part of or is used in connection with a cargoairport or a facility at a cargo airport complex site and is not a special userproject:

a.         Land, equipment, orbuildings or other structures, whether located on one or more sites.

b.         The addition to orthe rehabilitation, improvement, renovation, or enlargement of any propertydescribed in subpart a.

Theterm includes infrastructure improvements, such as improvements to railroadfacilities, roads, bridges, and water, sewer, or electric utilities even if notlocated on a cargo airport complex site. An airport project may include afacility leased to one or more entities under a true lease.

(3)        Authority. – TheNorth Carolina Global TransPark Authority.

(4)        Board. – The Boardof Directors of the Authority.

(5)        Bonds. – The revenuebonds or other interest bearing obligations authorized to be issued by theAuthority under this Chapter.

(6)        Cargo airport. – Anyarea of land or water that is designed for the landing and takeoff of aircraft,any appurtenant area used or suitable for airport buildings or other airportfacilities, and any appurtenant right‑of‑way. In addition tofacilities for the transportation of cargo by aircraft, a cargo airport maycontain facilities to shelter, service, or repair aircraft and facilities todischarge and receive passengers.

(7)        Cargo airport complex.– A cargo airport and all other facilities, including private facilities,related to the cargo airport that are located within the cargo airport complexsite.

(8)        Cargo airportcomplex site. – The area designated by the Authority as the location of a cargoairport complex. An area may not be so designated by the Authority unless allor a substantial portion of the land on which the cargo airport is located oris to be located is or shall be owned by the Authority or is or shall becontrolled by the Authority pursuant to lease, joint operating agreement, orother contractual arrangements.

(9)        Costs. – The capitalcost of a project, including:

a.         The costs of doingany or all of the following:

1.         Acquiring,constructing, erecting, providing, developing, installing, furnishing, andequipping.

2.         Reconstructing,remodeling, altering, renovating, replacing, refurnishing, and reequipping.

3.         Enlarging,expanding, and extending.

4.         Demolishing,relocating, improving, grading, draining, landscaping, paving, widening, andresurfacing.

b.         The costs of allproperty, both real and personal and both improved and unimproved, and ofplants, works, appurtenances, structures, facilities, furnishings, machinery,equipment, vehicles, easements, water rights, air rights, franchises, andlicenses used or useful in connection with the project.

c.         The costs ofdemolishing or moving structures from land acquired and acquiring land to whichthe structures are to be moved.

d.         Financing charges,including estimated interest during the acquisition or construction of aproject and for one year thereafter.

e.         The costs ofservices to provide plans, specifications, studies, reports, surveys, andestimates of costs and revenues.

f.          The costs of payingany interim financing, including principal, interest and premium, related tothe acquisition or construction of the project.

g.         Administrative andlegal expenses and administrative charges.

h.         The costs ofobtaining bond and reserve fund insurance and investment contracts, of credit‑enhancementfacilities, liquidity facilities, and interest‑rate agreements, and ofestablishing and maintaining debt service and other reserves.

i.          Any other services,costs, and expenses necessary or incidental to the project.

(10)      Credit facility. – Anagreement with a banking institution, an insurance institution, an investmentinstitution, or other financial institution located inside or outside theUnited States of America that provides for prompt payment, whether at maturity,presentment, or tender for purchase, redemption, or acceleration, of part orall of the principal or purchase price, redemption premium, if any, andinterest on a bond or note issued by the Authority and for repayment of theinstitution.

(11)      Financing agreement.– A written instrument establishing the rights and responsibilities of theAuthority and the operator concerning a special user project financed by theissuance of bonds. A financing agreement may be a lease, a lease and lease‑back,a sale and lease‑back, a lease purchase, an installment sale and purchaseagreement, a conditional sales agreement, a secured or unsecured loanagreement, or other similar contract, and may involve property in addition tothe property financed with the bonds.

(12)      Local GovernmentCommission. – The Local Government Commission of the Department of StateTreasurer, established by Article 2 of Chapter 159 of the General Statutes.

(13)      Notes. – Revenuenotes or revenue bond anticipation notes issued by the Authority under thisChapter.

(14)      Obligor. – A person,including an operator, who has entered into a financing or other agreementobligating the person to make payments to the Authority or to holders of bondsissued to finance a special user project.

(15)      Operator. – Theperson entitled to the use or occupancy of a special user project.

(16)      Par formula. – Aprovision or formula to make periodic adjustments in the interest rate of abond or note, including:

a.         A provision for anadjustment to keep the purchase price of the bond or note in the open market asclose to par as possible.

b.         A provision for anadjustment based on one or more percentages of a prime rate or base rate thatmay vary or apply for specified periods of time.

c.         Any other provisionthat does not materially and adversely affect the financial position of theAuthority and the marketing of the bonds or notes at a reasonable interest costto the Authority.

(17)      Person. – Any person,corporation, partnership, association, trust, or other legal entity.

(18)      Project. – An airportproject or a special user project.

(19)      Revenues. – For aspecial user project, the term means rents, fees, charges, payments, proceeds,or other income or profit derived from the special user project or from thefinancing agreement or security document for the special user project. For anairport project, the term means rents, fees, charges, payments, proceeds, orother income or profit derived from the airport project or from any pledge ofnontax revenues, appropriation, or payment made by the State or a county inwhich the cargo airport is located.

(20)      Security document. –One or more written instruments establishing the rights and responsibilities ofthe Authority and the holders of bonds issued to finance a special userproject. A security document may provide for, or be in the form of an agreementwith, a trustee for the benefit of the bondholders. A security document maycontain an assignment, pledge, mortgage, or other encumbrance of part or all ofthe Authority's interest in, or right to receive revenues from, a special userproject or any other property provided by the operator or other obligor under afinancing agreement. A financing agreement and a security document may becombined as one instrument.

(21)      Special user project.– Any land, equipment, or buildings or other structures located on one or moresites within a cargo airport complex site and the addition to or therehabilitation, improvement, renovation, or enlargement of a structure locatedwithin a cargo airport complex site when the property is to be used as or inconnection with any of the following:

a.         An undertaking forindustry, including an industrial or a manufacturing factory, mill, assemblyplant, or fabricating plant, a freight terminal, an industrial research,development, or laboratory facility, or an industrial processing ordistribution facility for industrial or manufactured products.

b.         A commercial,processing, mining, transportation, distribution, storage, marine, aviation, orenvironmental facility or improvement.

c.         Any combination ofitems mentioned in subparts a. and b.

Aspecial user project, during its economic life, is to be principally used byone or more for‑profit entities other than as lessee under a true lease.A special user project may include all appurtenances and incidental facilitiessuch as land, a headquarters or office facility, warehouses, distributioncenters, access roads, sidewalks, utilities, railway sidings, trucking andsimilar facilities, parking facilities, waterways, docks, wharves, and otherimprovements necessary or convenient for the construction, maintenance, andoperation of any structure.

(22)      True lease. – A leasethat has a fair market value rental and is not treated as a financing lease orinstallment sale for federal tax law purposes. (1991, c. 749, s. 1; 1991(Reg. Sess., 1992), c. 900, s. 108(a); 1993 (Reg. Sess., 1994), c. 777, s.4(c).)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_63A > GS_63A-2

§63A‑2.  Definitions.

The following definitionsapply in this Chapter:

(1)        Aircraft. – Acontrivance that is used or designed for flight.

(2)        Airport project. –Any of the following that is part of or is used in connection with a cargoairport or a facility at a cargo airport complex site and is not a special userproject:

a.         Land, equipment, orbuildings or other structures, whether located on one or more sites.

b.         The addition to orthe rehabilitation, improvement, renovation, or enlargement of any propertydescribed in subpart a.

Theterm includes infrastructure improvements, such as improvements to railroadfacilities, roads, bridges, and water, sewer, or electric utilities even if notlocated on a cargo airport complex site. An airport project may include afacility leased to one or more entities under a true lease.

(3)        Authority. – TheNorth Carolina Global TransPark Authority.

(4)        Board. – The Boardof Directors of the Authority.

(5)        Bonds. – The revenuebonds or other interest bearing obligations authorized to be issued by theAuthority under this Chapter.

(6)        Cargo airport. – Anyarea of land or water that is designed for the landing and takeoff of aircraft,any appurtenant area used or suitable for airport buildings or other airportfacilities, and any appurtenant right‑of‑way. In addition tofacilities for the transportation of cargo by aircraft, a cargo airport maycontain facilities to shelter, service, or repair aircraft and facilities todischarge and receive passengers.

(7)        Cargo airport complex.– A cargo airport and all other facilities, including private facilities,related to the cargo airport that are located within the cargo airport complexsite.

(8)        Cargo airportcomplex site. – The area designated by the Authority as the location of a cargoairport complex. An area may not be so designated by the Authority unless allor a substantial portion of the land on which the cargo airport is located oris to be located is or shall be owned by the Authority or is or shall becontrolled by the Authority pursuant to lease, joint operating agreement, orother contractual arrangements.

(9)        Costs. – The capitalcost of a project, including:

a.         The costs of doingany or all of the following:

1.         Acquiring,constructing, erecting, providing, developing, installing, furnishing, andequipping.

2.         Reconstructing,remodeling, altering, renovating, replacing, refurnishing, and reequipping.

3.         Enlarging,expanding, and extending.

4.         Demolishing,relocating, improving, grading, draining, landscaping, paving, widening, andresurfacing.

b.         The costs of allproperty, both real and personal and both improved and unimproved, and ofplants, works, appurtenances, structures, facilities, furnishings, machinery,equipment, vehicles, easements, water rights, air rights, franchises, andlicenses used or useful in connection with the project.

c.         The costs ofdemolishing or moving structures from land acquired and acquiring land to whichthe structures are to be moved.

d.         Financing charges,including estimated interest during the acquisition or construction of aproject and for one year thereafter.

e.         The costs ofservices to provide plans, specifications, studies, reports, surveys, andestimates of costs and revenues.

f.          The costs of payingany interim financing, including principal, interest and premium, related tothe acquisition or construction of the project.

g.         Administrative andlegal expenses and administrative charges.

h.         The costs ofobtaining bond and reserve fund insurance and investment contracts, of credit‑enhancementfacilities, liquidity facilities, and interest‑rate agreements, and ofestablishing and maintaining debt service and other reserves.

i.          Any other services,costs, and expenses necessary or incidental to the project.

(10)      Credit facility. – Anagreement with a banking institution, an insurance institution, an investmentinstitution, or other financial institution located inside or outside theUnited States of America that provides for prompt payment, whether at maturity,presentment, or tender for purchase, redemption, or acceleration, of part orall of the principal or purchase price, redemption premium, if any, andinterest on a bond or note issued by the Authority and for repayment of theinstitution.

(11)      Financing agreement.– A written instrument establishing the rights and responsibilities of theAuthority and the operator concerning a special user project financed by theissuance of bonds. A financing agreement may be a lease, a lease and lease‑back,a sale and lease‑back, a lease purchase, an installment sale and purchaseagreement, a conditional sales agreement, a secured or unsecured loanagreement, or other similar contract, and may involve property in addition tothe property financed with the bonds.

(12)      Local GovernmentCommission. – The Local Government Commission of the Department of StateTreasurer, established by Article 2 of Chapter 159 of the General Statutes.

(13)      Notes. – Revenuenotes or revenue bond anticipation notes issued by the Authority under thisChapter.

(14)      Obligor. – A person,including an operator, who has entered into a financing or other agreementobligating the person to make payments to the Authority or to holders of bondsissued to finance a special user project.

(15)      Operator. – Theperson entitled to the use or occupancy of a special user project.

(16)      Par formula. – Aprovision or formula to make periodic adjustments in the interest rate of abond or note, including:

a.         A provision for anadjustment to keep the purchase price of the bond or note in the open market asclose to par as possible.

b.         A provision for anadjustment based on one or more percentages of a prime rate or base rate thatmay vary or apply for specified periods of time.

c.         Any other provisionthat does not materially and adversely affect the financial position of theAuthority and the marketing of the bonds or notes at a reasonable interest costto the Authority.

(17)      Person. – Any person,corporation, partnership, association, trust, or other legal entity.

(18)      Project. – An airportproject or a special user project.

(19)      Revenues. – For aspecial user project, the term means rents, fees, charges, payments, proceeds,or other income or profit derived from the special user project or from thefinancing agreement or security document for the special user project. For anairport project, the term means rents, fees, charges, payments, proceeds, orother income or profit derived from the airport project or from any pledge ofnontax revenues, appropriation, or payment made by the State or a county inwhich the cargo airport is located.

(20)      Security document. –One or more written instruments establishing the rights and responsibilities ofthe Authority and the holders of bonds issued to finance a special userproject. A security document may provide for, or be in the form of an agreementwith, a trustee for the benefit of the bondholders. A security document maycontain an assignment, pledge, mortgage, or other encumbrance of part or all ofthe Authority's interest in, or right to receive revenues from, a special userproject or any other property provided by the operator or other obligor under afinancing agreement. A financing agreement and a security document may becombined as one instrument.

(21)      Special user project.– Any land, equipment, or buildings or other structures located on one or moresites within a cargo airport complex site and the addition to or therehabilitation, improvement, renovation, or enlargement of a structure locatedwithin a cargo airport complex site when the property is to be used as or inconnection with any of the following:

a.         An undertaking forindustry, including an industrial or a manufacturing factory, mill, assemblyplant, or fabricating plant, a freight terminal, an industrial research,development, or laboratory facility, or an industrial processing ordistribution facility for industrial or manufactured products.

b.         A commercial,processing, mining, transportation, distribution, storage, marine, aviation, orenvironmental facility or improvement.

c.         Any combination ofitems mentioned in subparts a. and b.

Aspecial user project, during its economic life, is to be principally used byone or more for‑profit entities other than as lessee under a true lease.A special user project may include all appurtenances and incidental facilitiessuch as land, a headquarters or office facility, warehouses, distributioncenters, access roads, sidewalks, utilities, railway sidings, trucking andsimilar facilities, parking facilities, waterways, docks, wharves, and otherimprovements necessary or convenient for the construction, maintenance, andoperation of any structure.

(22)      True lease. – A leasethat has a fair market value rental and is not treated as a financing lease orinstallment sale for federal tax law purposes. (1991, c. 749, s. 1; 1991(Reg. Sess., 1992), c. 900, s. 108(a); 1993 (Reg. Sess., 1994), c. 777, s.4(c).)

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