261A.34 - DEFINITIONS.
261A.34 DEFINITIONS.
As used in this division, unless the context otherwise requires:
1. "Cost" as applied to a project or any portion of a project
financed under this division means all or a part of the cost of
construction and acquisition of land, buildings, or structures,
including the cost of machinery and equipment; finance charges;
interest prior to, during, and after completion of the construction
for a reasonable period as determined by the authority; reserves for
principal and interest; extensions, enlargements, additions,
replacements, renovations, and improvements; improvements,
replacements, and renovations for energy conservation and other
purposes; engineering, financial, and legal services; plans,
specifications, studies, surveys, estimates of cost of revenue,
administrative expenses, expenses necessary or incidental to
determining the feasibility or practicability of constructing the
project; and such other expenses as the authority determines may be
necessary or incidental to the construction and acquisition of the
project, the financing of the construction and acquisition, and the
placing of the project in operation.
2. "Obligation" means an obligation issued by the authority
under this division.
3. "Project" means any property located within the state,
constructed or acquired before or after July 1, 1985, that may be
used or will be useful in connection with the instruction, feeding,
or recreation of students, the conducting of research,
administration, or other work of an institution, or any combination
of the foregoing. "Project" includes, but is not limited to, any
academic facility, administrative facility, assembly hall, athletic
facility, instructional facility, laboratory, library, maintenance
facility, student health facility, recreational facility, research
facility, student union, or other facility suitable for the use of an
institution. "Project" also means the refunding or refinancing
of outstanding obligations, mortgages, or advances, including
advances from an endowment or similar fund, originally issued, made,
or given by the institution to finance the cost of a project.
"Project" also includes a project that is to be leased to an
institution.
4. "Property" means the real estate upon which a project is
or will be located, including equipment, machinery, and other similar
items necessary or convenient for the operation of the project in the
manner for which its use is intended, but not including such items as
fuel, supplies, or other items that are customarily deemed to result
in a current operation charge. Property does not include property
used or to be used primarily for sectarian instruction or study, or
as a place for devotional activities or religious worship, or any
property which is used or to be used primarily in connection with any
part of the program of a school or department of divinity for any
religious denomination or the training of ministers, priests, rabbis,
or other professional persons in the field of religion. Section History: Recent Form
85 Acts, ch 210, §4; 97 Acts, ch 181, §1; 2000 Acts, ch 1209, §2