162-A:2 Definitions. –
In this chapter:
I. "Authority" means the business finance authority, formerly known as the industrial development authority and the industrial park authority.
II. "Board" means the board of directors of the authority.
III. "Bond" means any bond, note or other evidence of indebtedness issued by the authority under this chapter.
IV. "Borrower" means any business that receives a loan, a loan guarantee, or other assistance pursuant to this chapter.
V. "Business" means the carrying on of any business activity, whether as a corporation, partnership, limited partnership, sole proprietorship or otherwise, including all activities that are industrial, commercial, or recreational.
VI. "CAP" means the capital access program established by RSA 162-A:12.
VII. "CAP fund" means a fund established by the authority pursuant to RSA 162-A:12, which fund shall consist of contributions from the authority, the participating state bank or state credit union, and borrowers whose loans are to be secured by the fund.
VIII. "CAP loan" means a loan that is made to a business by a participating state bank or state credit union and is entitled to be secured by a CAP fund.
IX. "CAP participation agreement" means an agreement between the authority and a participating state bank or state credit union setting out the terms and conditions under which the authority will make contributions to a CAP fund established for the benefit of that participating state bank or state credit union and specifying the criteria for a loan to qualify as a CAP loan.
X. "Financial institution" means any bank, trust company, or other organization that is in the business of making loans to businesses, provided that such bank, trust company or other organization is duly organized under the laws of the United States or any state, and provided further that with respect to any organization that is not a bank or trust company, it is qualified to do business in New Hampshire.
XI. "Loan" means any arrangement involving an advance of money to a borrower in exchange for the borrower's promise to repay such money, with or without interest, including a sale and leaseback, a financing lease or a conditional sale.
XII. "Local development organization" means any local or regional development agency, authority, corporation, association, foundation or other entity, regardless of the name or manner of organization, provided it shall have as a principal function the promotion, encouragement, or development of business. The term "local development organization" shall include a town, city or county if such town, city or county has published written procedures for participating in economic development activities through the loaning of funds or the enhancement of credit.
XIII. "Participating state bank or state credit union" means any state bank or state credit union participating in the capital access program established by RSA 162-A:12.
XIV. "Project" means all property, rights, easements, licenses, patents, rights of way, and franchises deemed necessary or convenient for the carrying out of a business activity, and shall embrace all means of accomplishing the purposes of this chapter.
XV. "Project costs" means any costs or expenses reasonably incidental to a project and may, without limitation, include the costs of:
(a) Issuing bonds or notes to finance a project.
(b) Acquiring land, buildings, structures and facilities, whether by lease, purchase, construction, or otherwise.
(c) Acquiring rights in or over land, air, or water.
(d) Improving land and improving buildings, structures and facilities by remodeling, reconstruction, replacement, or enlargement.
(e) Acquiring and installing machinery and equipment.
(f) Obtaining professional or advisory services.
(g) Interest prior to and during construction and until one year after the completion of a project.
(h) Creating or making contributions to reserves for loans, loan guarantees and projects.
XVI. "State bank" means any bank or trust company organized under the laws of the United States, any state, or any foreign country that is authorized by law to make loans and accept deposits in New Hampshire.
XVII. "State credit union" means any credit union organized under the laws of the United States, any state, or any foreign country that is authorized by law to make loans and accept deposits in New Hampshire.