§ 24-90-503 — Definitions

As used in this part 5, unless the context otherwise
requires:

(1) Board means the board of trustees of a facilities district created
pursuant to this part 5.

(2) Facilities district means a library capital facilities district organized by a
library district pursuant to this part 5 to provide library capital facilities within a
library capital facilities area.

(3) Governing body for the purposes of this part 5, means the board of
trustees of a library district forming an area pursuant to this part 5.

(4) Library capital facilities means any real or personal property,
improvement, or facility, including, without limitation, land, buildings, site
improvements, equipment, furnishings, or collections, that are directly related to
any service that a library district is authorized to provide, together with any
necessary costs related to the acquisition, construction, installation, operation, or
maintenance of such property, improvement, or facility.

(5) Library capital facilities area means the geographical division within a
library district that is described in the resolution establishing a facilities district
pursuant to this part 5. Notwithstanding any provision in this subsection (5) to the
contrary, the library capital facility area may include a location designated by the
library district, after public notice and hearing, as a location for the siting of new
library capital facilities.

(6) Library district has the same meaning as set forth in section 24-90-103
(6).

(7) Net effective interest rate means the net interest cost of securities
divided by the sum of the products derived by multiplying the principal amount of
the securities maturing on each maturity date by the number of years from their
date to their respective maturities. In all cases, the net effective interest rate shall
be computed without regard to any option of redemption prior to the designated
maturity dates of the securities.

(8) Net interest cost means the total amount of interest to accrue on
securities from their date to their respective maturities, less the amount of any
premium above par, or plus the amount of any discount below par, at which said
bonds are being or have been sold. In all cases, the net interest cost shall be
computed without regard to any option of redemption prior to the designated
maturity dates of the securities.

Legislative History

Source: L. 2003: Entire part added, p. 2467, � 29, effective August 15.