§ 160A-480.2. Definitions.
§ 160A‑480.2. Definitions.
The following definitions apply in this Part:
(1) Authority. A Facility Authority.
(2) Credit facility. An agreement with a banking institution,an insurance institution, an investment institution, or other financial institutionlocated inside or outside the United States of America that provides for promptpayment, whether at maturity, presentment, or tender for purchase, redemption,or acceleration, of part or all of the principal or purchase price, redemptionpremium, if any, and interest on a bond or note issued by the Authority and forrepayment of the institution.
(3) Member. A person appointed to a facility authority.
(4) Par formula. A provision or formula to make periodicadjustments in the interest rate of a bond or note, including:
a. A provision for an adjustment to keep the purchase price ofthe bond or note in the open market as close to par as possible.
b. A provision for an adjustment based on one or morepercentages of a prime rate or base rate that may vary or apply for specifiedperiods of time.
c. Any other provision that does not materially and adverselyaffect the financial position of the Authority and the marketing of the bondsor notes at a reasonable interest cost to the Authority.
(5) Regional facility. A facility consisting of an arena,coliseum, or other buildings or both, or areas where sports, fitness, health,recreational, entertainment, or cultural activities can be conducted. Thefacility may be composed of buildings grouped into complexes or separated fromeach other and may include ancillary support facilities, such as those foradministration, sports science, sports medicine, training, museums, meetingrooms and conference centers, accommodations, parking, and food services. Thefacility should be designed to attract to the State as many major regional,national, and international tournaments, events, championships, trainingcenters, training camps, and headquarters for the governance of various sports,associations, and events as possible. The regional facility shall beconstructed on land owned by the State. (1995, c. 458, s. 1.)