The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise.
- (1) Development Corporation Act of 1979--Senate Bill 1275, Acts 1979, 66th Legislature, Chapter 700 (Texas Civil Statutes, Article 5190.6).
- (2) Industrial development bond or bond--A bond or other security issued by an industrial development corporation which has been created under the authority of the Development Corporation Act of 1979 or a similar debt obligation authorized to be issued by or on behalf of a political subdivision, district, or authority under the laws of another state or territory of the United States, for the purpose of encouraging local development of private commercial or industrial enterprises.
- (3) Operator--The private business enterprise which will lease, sublease, purchase, or otherwise operate any facility or real estate to be purchased, constructed, improved, maintained, equipped, or furnished from the proceeds of any issue of industrial development bonds and whose loan, purchase, or rental payments or other revenue payments will be relied upon by investors for repayment of the bonds, including any person which guarantees payment of the bonds.
- (4) Sponsor--The city, county, or other political subdivision of this or another state which issues, or on whose behalf a corporation, authority, or district is authorized to issue industrial development bonds.
Source Note:The provisions of this §135.2 adopted to be effective October 22, 1979, 4 TexReg 3722.