RS 39:1800.22

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RS 39:1800.22

§1800.22. Definitions

As used in this Chapter, the following words and terms shall have the following meanings, unless the context clearly indicates or requires another or different meaning or intent:

(1)"Annual appropriation dependency clause" shall mean a clause which shall be included in any lease-purchase financing document which provides that if, after a diligent and good faith effort by the state to appropriate funds for the payment of sums due under a lease-purchase financing agreement, such funds are not appropriated, such lease-purchase agreement shall terminate in accordance with the terms of the lease-purchasing financing agreement, and the state shall not be liable for the payment of further sums due on such agreements past the then current fiscal year, provided possession of the project is returned to the corporation. Such lease-purchase financing document shall further provide that in the event of an inability to appropriate sufficient funds such inability shall not constitute a default under such agreement.

(2)"Bonds" means bonds, notes, or any other evidence of indebtedness issued by the corporation.

(3)"Center of excellence" means a community college or vocational technical facility which provides customized education and training programs for targeted industries that drive Louisiana's economy.

(4)"Certificates" means certificates of participation executed and delivered by a trustee evidencing ownership interests in any lease entered into by the state or the system, as lessee, and the corporation, as lessor.

(5)"Corporation" means the public nonprofit corporation authorized to be formed by this Chapter, or any corporation succeeding to the principal functions thereof or to which the powers conferred upon the corporation by this Chapter shall be given by law.

(6)"Division of administration" means the division of administration created within the office of the governor by Title 39 of the Louisiana Revised Statutes of 1950.

(7)"Lease-purchase financing" means the financing and acquisition of property by a corporation pursuant to an arrangement under which such corporation acquires title to property and enters into a lease-purchase agreement with the state providing for the leasing of the property by such corporation to the state and acquisition by the state at the end of the lease period of title to the property.

(8)"Project" means the planning, acquisition, purchase, construction, renovation, improvement, equipping, or expansion of a public facility by the corporation, provided that no more than fifty percent of the total project cost shall be financed with funds provided through bonds issued pursuant to this Chapter. At least fifty percent of the total cost of each project shall be from contributions by private sources through donations of cash, immovable property, or equipment, or a combination thereof, or from contributions by parishes, municipalities, or their agencies or instrumentalities.

(9)"Public facilities" means buildings, parking garages, and related facilities used or to be used as a center of excellence for students, faculty and staff of the Louisiana Community and Technical College System, and all land, buildings and movable or immovable equipment incorporated therein and relating thereto.

(10)"System" means the Louisiana Community and Technical College System.

Acts 2010, No. 556, §1.