Ala. Admin. Code r. 305-5-5-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 305-5-5-.02 - Definitions Definitions shall be as indicated in Act 93-543 passed by the Alabama Legislature

The following definitions not found in such Act are added for clarification.

(1)Advisory Council. A subcommittee of the committee.

(2)Base Funds. Any money not appropriated pursuant to this act, that is used to match the state funds. Base funds may be federal, local, private, foundation grants, or money derived from any other source.

(3)Capital Outlay Costs. The cost of building(s) or equipment valued at $2500 or more which are used for an incubator.

(4)Committee. The Regional Revolving Loan Policy Committee established by 1990 Ala. Acts 650, 1990 Regular Session.

(5) Contractual Services. Any services necessary for the implementation of and the administration of this act.

(6)Department. The Alabama Department of Economic and Community Affairs.

(7)Incubator. A multitenanted facility characterized by shared business services, equipment, space, and access to on-premises business consultants.

(8)Legal Entity. Any authority, agency, regional planning and development commission, city government, county government or subdivisions thereof to which the state may grant funds.

(9)Operational Costs. Day to day costs of operating an incubator including salaries of staff, power bills, necessary services, supplies and equipment costing less than $2500.

(10)Sponsor. Any entity that qualifies to make application for state funds and that enters into a written agreement with the committee to establish, operate, and administer a small business incubator or to provide funding to an organization that operates as a small business incubator.

(11)State Funds. The allocation of monies from the State General Fund to the department for the purposes of this policy.

(12)Tenant. A sole proprietorship, partnership, or corporation that operates in a small business incubator.

(13)Total Project Costs. Costs of all project activities in the category of funds applied for under 1993 Ala. Acts 543. If the application is for funds for a feasibility study, then the total project cost is the total cost of the feasibility study. If the application is for capital outlay and/or operational funds, then the total project cost is the total cost of proposed capital outlay and operational cost.

Authors: Don Reid and Harris Cooper

Ala. Admin. Code r. 305-5-5-.02

New Rule: Filed November 29, 1993; Effective January 3, 1994.

Statutory Authority:Code of Ala. 1975, 1993 Ala. Acts 543.