253.210. Definitions.

254 words·~1 min read·/mo/chapter-253/253-210

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253.210. Definitions. — As used in sections 253.210 to 253.280 , unless the context clearly requires otherwise:

(1)"Net income and revenues" means the income arising from the operation of a project remaining after providing for the costs of operation of the project and the cost of maintaining it;

(2)"Project" means one or more hotels, inns, lodges, tourist cabins, or dining rooms or any combination of hotel, inn, lodge, and dining room facilities or one or more recreational buildings, historic sites or combination of hotel, inn, lodge, tourist cabins, dining rooms and recreational facilities or historic sites; provided, a given project shall be limited to a single park;

(3)"Revenue bonds" means bonds issued hereunder for the purposes authorized and payable, both as to principal and interest,

(a)solely out of the net income and revenues arising from the operation of the project for which the bonds are issued,

(b)the moneys authorized for expenditure by the department of natural resources in section 253.090 by the allocation of a sum not to exceed fifty percent of the preceding fiscal year's deposits in the state park earnings fund,

(c)any revenues of the park in which the project is located,

(d)the proceeds of any grant in aid of the project which may be received from any source, or

(e)out of any other income or revenue pledged to the payment of the bonds in accordance with the provisions of section 253.230 .

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(L. 1957 p. 300 § 1, A.L. 1961 p. 231)