                                 CODE OF VIRGINIA

DEFINITIONS (§ 15.2-1815)

As used in this chapter, unless the context otherwise requires:
		&#8220;Conduit entity&#8221; means an organization described in § 501(c)(3)
of the Internal Revenue Code that qualifies as a public charity under §
509(a)(2) or 509(a)(3) of the Internal Revenue Code, and the purposes of which
entity allow it to perform the functions and obligations of a conduit entity
prescribed in a financing agreement.
		&#8220;Conveyed property&#8221; means real and personal property conveyed by a
local government to a conduit or other entity pursuant to a financing agreement.
		&#8220;Costs,&#8221; as applied to a project or any portion thereof financed
under the provisions of this chapter, means all or any part of the cost of
construction, acquisition, alteration, enlargement, reconstruction, and
remodeling of a project including all lands, structures, real or personal
property, rights, rights-of-way, air rights, franchises, easements, and
interests acquired or used for or in connection with a project; the cost of
demolishing or removing any buildings or structures on land so acquired,
including the cost of acquiring any lands to which such buildings or structures
may be moved; the cost of all machinery and equipment; financing charges;
interest prior to, during, and for a period after completion of such
construction and acquisition; provisions for reserves for principal and interest
and for extensions, enlargements, additions, replacements, renovations, and
improvements; the cost of architectural, engineering, financial, and legal
services, plans, specifications, studies, surveys, and estimates of cost and of
revenues; administrative expenses; expenses necessary or incident to determining
the feasibility or practicability of constructing the project; and such other
expenses as may be necessary or incident to the construction and acquisition of
the project, the financing of such construction and acquisition, and the placing
of the project in operation.
		&#8220;Private capital funding source&#8221; means a private entity that
enters into a financing agreement, under which that private entity shall
purchase a lease of the conveyed property for a consideration to be provided in
such agreement, and its successors and assigns.
		&#8220;Project&#8221; means a structure or structures identified in the
capital improvement program of the locality or an agency or instrumentality of
the locality that is a revenue-producing undertaking as provided in §
15.2-2608.

HISTORY: 2011, cc. 562, 660.