§ 142-61. Definitions. - North Carolina Statutes

§ 142‑61.  Definitions.

The following definitionsapply in this Article:

(1)        Certificates ofparticipation. – Certificates or other instruments delivered by a specialcorporation as provided in this Article evidencing the assignment ofproportionate and undivided interests in the rights to receive payments to bemade by the State pursuant to one or more financing contracts.

(2)        Cost. – The termincludes:

a.         The cost ofconstruction, modification, rehabilitation, renovation, improvement,acquisition, or installation in connection with an energy conservation measure.

b.         The cost ofengineering, architectural, and other consulting services as may be required,including the cost of performing the technical analysis in accordance with G.S.143‑64.17A and inspection and certification in accordance with G.S. 143‑64.17K.

c.         Finance charges,reserves for debt service and other types of reserves required pursuant to afinancing contract or any other related documentation, and interest prior toand during construction, and, if deemed advisable by the State Treasurer, for aperiod not exceeding two years after the estimated date of completion ofconstruction.

d.         Administrativeexpenses and charges.

e.         The cost of bondinsurance, investment contracts, credit and liquidity facilities, interest rateswap agreements and other derivative products, financial and legal consultants,and related costs of the incurrence or issuance of the financing contract tothe extent and as determined by the State Treasurer.

f.          The cost of reimbursingthe State for payments made for any costs described in this subdivision.

g.         Any other costs andexpenses necessary or incidental to implementing the purposes of this Article.

(3)        Credit facility. –An agreement that:

a.         Is entered into bythe State with a bank, savings and loan association, or other bankinginstitution, an insurance company, reinsurance company, surety company or otherinsurance institution, a corporation, investment banking firm or otherinvestment institution, or any financial institution or other similar providerof a credit facility, which provider may be located within or without theUnited States of America; and

b.         Provides for promptpayment of all or any part of the principal or purchase price (whether atmaturity, presentment or tender for purchase, redemption, or acceleration),redemption premium, if any, and interest with respect to any financing contractpayable on demand or tender by the owner in consideration of the State agreeingto repay the provider of the credit facility in accordance with the terms andprovisions of the agreement.

(4)        Energy conservationmeasure. – Defined in G.S. 143‑64.17.

(5)        Energy conservationproperty. – Buildings, equipment, or other property with respect to which anenergy conservation measure is undertaken.

(6)        Financing contract.– An installment financing contract entered into pursuant to the provisions ofthis Article to finance the cost of an energy conservation measure.

(7)        Person. – Anindividual, a firm, a partnership, an association, a corporation, a limitedliability company, or any other organization or group acting as a unit.

(8)        Special corporation.– A nonprofit corporation created under Chapter 55A of the General Statutes forthe purpose of facilitating the incurrence of certificates of participationindebtedness by the State under this Article.

(9)        State governmentalunit. – Defined in G.S. 143‑64.17.

(10)      State Treasurer. –The incumbent Treasurer, from time to time, of the State. (2002‑161, s. 9.)