§ 74-8942 — Bonds for tire manufacturers; definitions

Kansas § 74-8942

• Jurisdiction: Kansas
• Ch. 74: STATE BOARDS, COMMISSIONS AND AUTHORITIES
• Art. 89: DEVELOPMENT FINANCE AUTHORITY

Text

As used in K.S.A. 74-8942 through 74-8945:
(a) "Establishment" means a business that:
(1) Has at least $100,000,000 in existing annual gross compensation paid to jobs located in Kansas, according to reports filed with the secretary of labor, for the previous three years;
(2) has an average annual gross compensation of at least $40,000 paid per existing employee;
(3) currently has at least $200,000,000 total investment in Kansas;
(4) intends to add investment, in the state as defined in subsection (d), for modernization and retooling of at least $50,000,000 within five years from the effective date of this act or within five years of contracting with the department of commerce; and
(5) is described by north American industrial classification code number 326211, tire manufacturing.
(b) "Gross compensation" means wages and benefits paid to or on behalf of employees receiving wages.
(c) "Secretary" means the secretary of commerce.
(d) "Invest" or "investment" for the purpose of determining the eligibility of an establishment for the incentive payments created pursuant to this act, means an amount greater than the average amount invested by the establishment over the five years prior to the effective date of this act or for investments made after July 1, 2003, over the five years prior to entering into a contract with the secretary. If an establishment has been engaged in commercial operations for less than five years, the amount invested shall be greater than the annual average amount invested by the establishment for the entire period of commercial operation.

Legislative History

L. 2002, ch. 185, § 15; L. 2003, ch. 154, § 82; L. 2004, ch. 179, § 114; July 1.