90-1-201. Big sky economic development program -- definitions.
90-1-201. Big sky economic development program -- definitions. (1) (a) There is a big sky economic development program that consists of:
(i) the big sky economic development fund established in 17-5-703; and
(ii) the economic development special revenue account provided for in 90-1-205.
(b) Interest and income from the big sky economic development fund may be used to administer the big sky economic development program and to provide financial assistance for qualified economic development purposes under this part.
(2) As used in this part, the following definitions apply:
(a) "Certified regional development corporation" has the meaning provided in 90-1-116.
(b) "Department" means the department of commerce provided for in 2-15-1801.
(c) "Economic development organization" means:
(i) (A) a private, nonprofit corporation, as provided in Title 35, chapter 2, that is exempt from taxation under section 501(c)(3) or 501(c)(6) of the Internal Revenue Code, 26 U.S.C. 501(c)(3) or 501(c)(6);
(B) an entity certified by the department under 90-1-116; or
(C) an entity established by a local government; or
(ii) an entity actively engaged in economic development and business assistance work in a region of the state.
(d) "High-poverty county" means a county in this state in which 14% or more of people of all ages are in poverty as determined by the U.S. bureau of the census estimates for the most current year available.
(e) "Local government" means a county, consolidated government, city, town, or district or local public entity with the authority to spend or receive public funds.
(f) "Tribal government" means any one of the seven federally recognized tribal governments of Montana and the Little Shell band of Chippewa Indians.
History: En. Sec. 2, Ch. 588, L. 2005; amd. Sec. 1, Ch. 104, L. 2007; amd. Sec. 1, Ch. 460, L. 2009.