The name of this public corporation shall be The Industrial Development Corporation of Idaho County, Idaho. The corporate seal of this corporation shall be a circle with the name “The Industrial Development Corporation of Idaho County, Idaho” inscribed therein. As used in this Charter, unless otherwise required by context, the following words shall have the following meanings:
Act means Chapter 27, Title 50, Idaho Code.
Board means the Board of Directors of the public corporation.
Construct or Construction means construction and acquisition, whether by devise, purchase, gift, lease or otherwise.
Corporation means The Industrial Development Corporation of Idaho County, Idaho.
County means the Idaho County, Idaho.
Facilities means land, rights in land, buildings, structures, machinery, landscaping, extension of utility services, approaches, roadways and parking, handling and storage areas, and similar ancillary facilities.
Financing Document means a lease, sublease, installment sale agreement, conditional sale agreement, loan agreement, mortgage, deed of trust, guaranty agreement or other agreement for the purpose of providing funds to pay or secure debt service on Revenue Bonds.
Improve or Improvement means to reconstruct, remodel, rehabilitate, extend and enlarge.
Industrial Development Facility or Industrial Development Facilities means manufacturing, processing, production, assembly, warehousing, solid waste disposal, recreation and energy facilities, excluding facilities to transmit, distribute or produce electrical energy. Recreation facilities shall be limited to ski areas, and funds raised pursuant to the Act shall be limited in application to the acquisition and preparation of land, acquisition and construction of ski lifts, lighting of ski slopes, construction of access and interior roadways, parking lots, maintenance facilities and maintenance equipment, administrative facilities, and utilities.
Ordinance means Ordinance No. 22 of the County, pursuant to which the Corporation is created.
Project Costs means costs of:
(a) Acquisition, construction and improvement of any Facilities included in an Industrial Development Facility;
(b) Architectural, engineering, consulting, accounting and legal costs related directly to the development, financing and construction of an Industrial Development Facility, including costs of studies assessing the feasibility thereof and all administrative costs incurred before the issuance of Revenue Bonds;
(c) Financing costs, including discounts, if any, the costs of issuing Revenue Bonds, and costs incurred in carrying out any trust agreement;
(d) Interest during construction and interest on Revenue Bonds issued to finance such Facility to a date no later than six (6) months subsequent to the estimated date of completion, and capitalized debt service or repair and replacement or other appropriate reserves;
(e) The refunding of any outstanding obligations incurred for any of the costs outlined in this subsection; and
(f) Other costs incidental to any of the costs listed in this section.
Revenue Bonds means nonrecourse revenue bonds, nonrecourse revenue notes or other nonrecourse revenue obligations issued for the purpose of financing an Industrial Development Facility on an interim or permanent basis.
User means any individual, partnership, copartnership, firm, company, corporation, investor-owned utility, association, joint stock company, trust, estate, or any other legal entity, or their legal representatives, agents or assigns acting as lessee, purchaser, mortgagor or borrower under a Financing Document and may include a party who transfers the right of use and occupancy to another party by lease, sublease or otherwise.