§ 17-376. Definitions.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Certificates shall mean certificates of participation issued by a trustee pursuant to a trust agreement, the proceeds from the sale of which shall be used by an equipment-lessor, or its assignee or agent, to purchase equipment. The certificates shall represent an interest in the obligation of the county to make payments under a lease.

Equipment shall mean any equipment, motor vehicles, furnishings and other corporeal personal property, including any prior use equipment, to be purchased by, or on behalf of, an equipment-lessor with proceeds from the sale of obligations and leased to the county pursuant to the terms of a lease.

Equipment-lessor shall mean an entity which acts as lessor of equipment pursuant to the terms of a lease.

Lease shall mean a lease-purchase agreement which may be entered into between the county and an equipment-lessor in accordance with the terms hereof and of the resolution of the board of county commissioners approving the same.

Lease revenue bonds shall mean obligations issued by an equipment-lessor pursuant to a trust agreement to finance the acquisition of equipment.

Obligations shall mean the certificates and lease revenue bonds.

Prior use equipment shall mean property owned or leased by the county which is purchased by an equipment-lessor and leased to the county pursuant to the terms and provisions of a lease.

Trust agreement shall mean a trust agreement relating to an equipment lease program which may be entered into among a trustee, an equipment-lessor and the county in accordance with the terms hereof and of the resolution of the board of county commissioners approving the same.

Trustee shall mean an entity which shall be hereafter designated by resolution of the board of county commissioners to act as a trustee pursuant to the terms of a trust agreement.

(Code 1965, § 1-101; Ord. No. 90-2, § 1, 2-19-90)

Cross reference

Definitions and rules of construction generally, § 1-2.