4-17-403 - Part definitions.
4-17-403. Part definitions.
As used in this part, unless the context otherwise requires:
(1) Act means the Tennessee Industrial Finance Corporation Act, compiled in this part, and all acts supplemental thereto and amendatory thereof;
(2) Amortization payments means periodic payments, such as monthly, semiannually, or annually, of interest (at a fixed or variable rate) on premiums, if any, and installments of principal of bonds as required by an indenture of the corporation;
(3) Applicant means the individual, firm, or corporation, whether for profit or nonprofit, charged with developing the project under the terms of an indenture of the corporation;
(4) Bonds means bonds, notes, interim certificates or other obligations of the corporation issued pursuant to this part;
(5) Corporation means the Tennessee industrial finance corporation organized pursuant to the provisions of this part;
(6) Financial institution means any banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds in this state;
(7) Municipality means any county or incorporated city or town in this state; and
(8) Project means all or any part of, or any interest in, any land, building, facility or other improvement thereon, and all real and personal properties, including working capital and the acquisition of accounts to finance working capital, deemed necessary in connection therewith, whether or not now in existence, that shall be suitable for or necessary to the operation of any one (1) or more of the following: manufacturing, producing, processing, research, development, assembling, repairing, extracting, environmental operations, value added services, warehousing, distributing, or transporting any products or services of industry, commercial business enterprise or agribusiness, and that involve the creation of new or additional employment or the retention of existing employment, and such other facilities and activities thereon that are consistent with and that implement the purposes and intent of this part.
[Acts 1995, ch. 443, § 3.]