Sec. 337.004. DEFINITIONS. In this chapter:
(1)"Board" means the board of directors of a corporation.
(2)"Bond" means a bond, note, interim certificate, or other evidence of indebtedness of a corporation issued under this chapter.
(3)"Corporation" means a cultural education facilities finance corporation created under this chapter.
(4)"Cost," as applied to a cultural facility, means the cost of the cultural facility, including:
(A)the cost of the acquisition of land or a right-of-way, an option to purchase land, an easement, a leasehold estate in land, or another interest in land related to the cultural facility;
(B)the cost of acquisition, construction, repair, renovation, remodeling, or improvement of a building or structure to be used as or in conjunction with the cultural facilit
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Sec. 337.004. DEFINITIONS. In this chapter:
(1) "Board" means the board of directors of a corporation.
(2) "Bond" means a bond, note, interim certificate, or other evidence of indebtedness of a corporation issued under this chapter.
(3) "Corporation" means a cultural education facilities finance corporation created under this chapter.
(4) "Cost," as applied to a cultural facility, means the cost of the cultural facility, including:
(A) the cost of the acquisition of land or a right-of-way, an option to purchase land, an easement, a leasehold estate in land, or another interest in land related to the cultural facility;
(B) the cost of acquisition, construction, repair, renovation, remodeling, or improvement of a building or structure to be used as or in conjunction with the cultural facility;
(C) the cost of site preparation, including the cost of demolishing or removing a building or structure the removal of which is necessary or incident to providing the cultural facility;
(D) the cost of architectural, engineering, legal, and related services; the cost of the preparation of a plan, specification, study, survey, or estimate of cost and revenue; and other expenses necessary or incident to planning, providing, or determining the feasibility and practicability of the cultural facility;
(E) the cost of machinery, equipment, furnishings, and facilities necessary or incident to the equipping of the cultural facility so that the cultural facility may be placed in operation;
(F) the cost of finance charges, interest, marketing, and start-up of the cultural facility before and during construction and for not more than two years after completion of construction;
(G) costs paid or incurred in connection with the financing of the cultural facility, including out-of-pocket expenses; bond insurance; a letter of credit, standby bond purchase agreement, or liquidity facility; financing, legal, accounting, financial advisory, and appraisal fees; expenses and disbursements; a policy of title insurance; printing, engraving, and reproduction services; and the initial or acceptance fee of a trustee, paying agent, remarketing agent, tender agent, or indexing agent; and
(H) direct and indirect costs of the corporation incurred in connection with providing the cultural facility, including reasonable sums to reimburse the corporation for time spent by the corporation's agents or employees in providing and financing the cultural facility.
(5) "Cultural facility" means any capital expenditure by a user. The term includes:
(A) real property or an interest in real property, including buildings and improvements, or equipment, furnishings, or other personal property that:
(i) is found by the board to be necessary or convenient to finance, refinance, acquire, construct, enlarge, remodel, renovate, improve, furnish, or equip for cultural education or community benefit;
(ii) is made available for use by the general public, the user, or a community group; and
(iii) is used for a purpose described by Section 337.002 (1);
(B) a facility in which any of the following entities engage in any activity in which the entity is permitted to engage:
(i) a nonprofit corporation exempt from the franchise tax under Section 171.063 , Tax Code;
(ii) an organization described in Section 11.18 , Tax Code; or
(iii) an organization described in Section 501(c)(3), Internal Revenue Code of 1986; and
(C) facilities incidental, subordinate, or related to or appropriate in connection with property described by Paragraph (A) or (B), regardless of the date of construction or acquisition.
(6) "Furnishings" include works of art, books, artifacts, scientific instruments, stage sets, musical scores, collections, and other property necessary or useful for the purposes of the cultural facility.
(7) "User" means a nonprofit corporation exempt from the franchise tax under Section 171.063 , Tax Code, an organization described in Section 11.18 , Tax Code, or an organization described in Section 501(c)(3), Internal Revenue Code of 1986, that will own, use, operate, or develop a cultural facility after the financing, acquisition, or construction of the cultural facility.