7-7-4602. Definitions. As used in this part, unless the context indicates otherwise, the following definitions apply:
(1) "Enterprise" means any work, undertaking, or project that the municipality is authorized to construct and from which the municipality derives revenue for the refinancing or the refinancing and improving of which enterprise refunding bonds are issued under this part. The enterprise includes all incidental or connected improvements, betterments, extensions, replacements, appurtenances, facilities, lands, rights in land, water rights, franchises, and structures.
(2) "Governing body" means, in the case of a city or town, the council, commission, or other body, board, officer, or officers having charge of the finances of the city or town.
(3) "Holder of bonds" or "bondholder" (or any similar term) means a person who is the bearer of any outstanding refunding bond, registered to bearer or not registered, or the registered owner of any outstanding bond that is at the time registered other than to bearer.
(4) "Improving" means reconstructing, replacing, extending, repairing, bettering, equipping, developing, or embellishing.
(5) "Law" means any act or statute (general, special, or local) of this state, including but not limited to the charter of any municipality.
(6) "Municipality" means any city or town of this state.
(7) "Refinancing" means funding, refunding, paying, or discharging, by means of refunding bonds or the proceeds received from the sale of refunding bonds, all or any part of any notes, bonds, or other obligations issued to finance or to aid in financing the acquisition, construction, or improving of an enterprise and payable solely from all or any part of the revenue of the refunding bonds, including interest on the refunding bonds in arrears or about to become due, whether or not represented by coupons or interest certificates.
(8) "Refunding bonds" means notes, bonds, certificates, or other obligations of a municipality issued pursuant to this part or pursuant to any other law as supplemented by or in conjunction with this part.
(9) "Revenue" means all fees, tolls, rates, rentals, and charges to be levied and collected in connection with an enterprise and all other income and receipts of whatever kind or character derived by the municipality from the operation of an enterprise or arising from an enterprise.
History: En. Sec. 2, Ch. 121, L. 1937; R.C.M. 1947, 79-1902(part); amd. Sec. 10, Ch. 212, L. 1979; amd. Sec. 35, Ch. 42, L. 1997.