§ 3. Definitions.  


Latest version.
  • As used in this Act, the term:

    (1)

    "Authority" means the Rabun County Economic Development Authority.

    (2)

    "Cost of the project" or "cost of any project" means and includes:

    a.

    All costs of acquisition (by purchase or otherwise), construction, assembly, installation, modification, renovation, or rehabilitation incurred in connection with any project or any part of any project;

    b.

    All costs of real property, fixtures, or personal property used in or in connection with or necessary for any project or for any facilities related thereto, including, but not limited to, the cost of all land, estates for years, easements, rights, improvements, water rights, connections for utility services, fees, franchises, permits, approvals, licenses, and certificates; the cost of securing any such franchises, permits, approvals, licenses, or certificates; and the cost of preparation of any application therefor and the cost of all fixtures, machinery, equipment, furniture, and other property used in or in connection with or necessary for any project;

    c.

    All interest and other financing charges and loan fees and all interest on revenue bonds, notes, or other obligations of the authority which accrue or are paid prior to and during the period of construction of a project and during such additional period as the authority may reasonably determine to be necessary to place such project in operation;

    d.

    All costs of engineering, surveying, and architectural and legal services and all expenses incurred by engineers, surveyors, architects, and attorneys in connection with any project;

    e.

    All expenses for inspection for any project;

    f.

    All fees of fiscal agents, paying agents, and trustees for bondholders under any trust agreement, indenture of trust, or similar instrument or agreement; all expenses incurred by any such fiscal agents, paying agents, and trustees; and all other costs and expenses incurred relative to the issuance of any revenue bonds, notes, or other obligations for any project;

    g.

    All fees of any type charged by the authority in connection with any project;

    h.

    All expenses of or incidental to determining the feasibility or practicability of any project;

    i.

    All costs of plans and specifications for any project;

    j.

    All costs of title insurance and examinations of title with respect to any project;

    k.

    Repayment of any loans made for the advance payment of any part of the foregoing costs, including interest thereon and any other expenses of such loans;

    l.

    Administrative expenses of the authority and such other expenses as may be necessary or incidental to any project or the financing thereof or the placing of any project in operation; and

    m.

    The establishment of a fund or funds for the creation of a debt service reserve, a renewal and replacement reserve, or such other funds or reserves as the authority may approve with respect to the financing and operation of any project and as may be authorized by any bond resolution, trust agreement, indenture of trust, or similar instrument or agreement pursuant to the provisions of which the issuance of any revenue bonds, notes, or other obligations of the authority may be authorized. Any cost, obligation, or expense incurred for any of the foregoing purposes shall be a part of the cost of the project and may be paid or reimbursed as such out of proceeds of revenue bonds, notes, or other obligations issued by the authority.

    (3)

    "Project" means the acquisition, construction, installation, modification, renovation, or rehabilitation of land, interests in land, buildings, structures, facilities, or other improvements located or to be located within Rabun County, and the acquisition, installation, modification, renovation, rehabilitation, or furnishing of fixtures, machinery, equipment, furniture, or other property of any nature whatsoever used on, in, or in connection with any such land, interest in land, building, structure, facility, or other improvement, all for the essential public purpose of the development of trade, commerce, industry, and employment opportunities in Rabun County. A project may be for any industrial, commercial, business, office, parking, distribution, retail, eleemosynary, research, training, testing, service, agribusiness, communications, professional, transportation, or other similar use, or a public infrastructure use directly supporting the development of trade, commerce, and industry, provided that a majority of the members of the authority determine, by a duly adopted resolution, that the project and such use thereof would further the public purpose of this Act.

    (4)

    "Revenue bonds" or "bonds" means any bonds of the authority which are authorized to be issued under the Constitution and laws of Georgia, including refunding bonds but not including notes or other obligations of the authority.