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