Terms Used In Utah Code > Title 63N > Chapter 4 - Rural Development Act

• Advisory committee: means the Rural Opportunity Advisory Committee created in Section 63N-4-804. See Utah Code 63N-4-801
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another person. See Utah Code 63N-4-302
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Application: means a document:
       (10)(a)

            (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and

            (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:

                 (10)(a)(ii)(A) insure the risk under:

                      (10)(a)(ii)(A)(I) the coverage as originally offered; or

                      (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or

                 (10)(a)(ii)(B) decline to insure the risk; or
       (10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association of governments: means an association of political subdivisions of the state, established pursuant to an interlocal agreement under Title 11, Chapter 13, Interlocal Cooperation Act. See Utah Code 63N-4-801
• Business entity: means a sole proprietorship, partnership, association, joint venture, corporation, firm, trust, foundation, or other organization or entity used in carrying on a business. See Utah Code 63N-4-801
• Business entity: means :
       (17)(a) a corporation;
       (17)(b) an association;
       (17)(c) a partnership;
       (17)(d) a limited liability company;
       (17)(e) a limited liability partnership; or
       (17)(f) another legal entity. See Utah Code 31A-1-301
• Business entity: means a sole proprietorship, partnership, association, joint venture, corporation, firm, trust, foundation, or other organization or entity used in carrying on a business. See Utah Code 63N-4-402
• CEO board: means a County Economic Opportunity Advisory Board as described in Section 63N-4-803. See Utah Code 63N-4-801
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Claimant: means a resident or nonresident person that has state taxable income. See Utah Code 63N-4-302
• Closing date: means the date on which a rural investment company collects:
       (3)(a) all of the investments described in Subsection 63N-4-303(7) related to phase one investment authority; or
       (3)(b) all of the investments described in Subsection 63N-4-303(7) related to phase two investment authority. See Utah Code 63N-4-302
• Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• County legislative body: means :
       (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
       (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• Coworking and innovation center: means a facility designed to provide individuals with the infrastructure and equipment to participate in the online workforce. See Utah Code 63N-4-502
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Insurance Department. See Utah Code 31A-1-301
• Eligible small business: means a business that at the time of an initial growth investment in the business by a rural investment company:
       (5)(a) has fewer than 150 employees;
       (5)(b) has less than $10,000,000 in net income for the preceding taxable year;
       (5)(c) maintains the business's principal business operations in the state; and
       (5)(d) is engaged in an industry related to:

            (5)(d)(i) aerospace;

            (5)(d)(ii) defense;

            (5)(d)(iii) energy and natural resources;

            (5)(d)(iv) financial services;

            (5)(d)(v) life sciences;

            (5)(d)(vi) outdoor products;

            (5)(d)(vii) software development;

            (5)(d)(viii) information technology;

            (5)(d)(ix) manufacturing; or

            (5)(d)(x) agribusiness. See Utah Code 63N-4-302
• Employee: means :
       (57)(a) an individual employed by an employer; or
       (57)(b) an individual who meets the requirements of Subsection (55)(b). See Utah Code 31A-1-301
• Entity: means a county, city, nonprofit organization, or institution of higher education. See Utah Code 63N-4-502
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Excess return: means the difference between:
            (6)(a)(i) the present value of all growth investments made by a rural investment company on the day the rural investment company applies to exit the program under Section 63N-4-309, including the present value of all distributions and gains from the growth investments; and
            (6)(a)(ii) the sum of the amount of the original growth investment and an amount equal to any projected increase in the equity holder's federal or state tax liability, including penalties and interest, related to the equity holder's ownership, management, or operation of the rural investment company. See Utah Code 63N-4-302
• Executive director: means the executive director of the office. See Utah Code 63N-1a-102
• Federally licensed rural business investment company: means a person licensed as a rural business investment company under Utah Code 63N-4-302
• Federally licensed small business investment company: means a person licensed as a small business investment company under Utah Code 63N-4-302
• Filed: means that a filing is:
            (69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
            (69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
            (69)(a)(iii) accompanied by the appropriate fee in accordance with:

                 (69)(a)(iii)(A) Section 31A-3-103; or

                 (69)(a)(iii)(B) rule. See Utah Code 31A-1-301
• Filing: when used as a noun, means an item required to be filed with the department including:
       (70)(a) a policy;
       (70)(b) a rate;
       (70)(c) a form;
       (70)(d) a document;
       (70)(e) a plan;
       (70)(f) a manual;
       (70)(g) an application;
       (70)(h) a report;
       (70)(i) a certificate;
       (70)(j) an endorsement;
       (70)(k) an actuarial certification;
       (70)(l) a licensee annual statement;
       (70)(m) a licensee renewal application;
       (70)(n) an advertisement;
       (70)(o) a binder; or
       (70)(p) an outline of coverage. See Utah Code 31A-1-301
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Form: means one of the following prepared for general use:
            (74)(a)(i) a policy;
            (74)(a)(ii) a certificate;
            (74)(a)(iii) an application;
            (74)(a)(iv) an outline of coverage; or
            (74)(a)(v) an endorsement. See Utah Code 31A-1-301
• Full-time employee: means an employment position that is filled by an employee who works at least 30 hours per week and:
       (6)(a) may include an employment position filled by more than one employee, if each employee who works less than 30 hours per week is provided benefits comparable to a full-time employee; and
       (6)(b) may not include an employment position that is shifted from one jurisdiction in the state to another jurisdiction in the state. See Utah Code 63N-1a-102
• Full-time employee: means an employee that throughout the year works at least 30 hours per week or meets the customary practices accepted by that industry as full time. See Utah Code 63N-4-302
• Fund: means the Rural Opportunity Fund created in Section 63N-4-805. See Utah Code 63N-4-801
• GOEO: means the Governor's Office of Economic Opportunity. See Utah Code 63N-1a-102
• GOEO board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• Grant: means a grant awarded as part of the Rural Coworking and Innovation Center Grant Program created in Section 63N-4-503. See Utah Code 63N-4-502
• Grant: means a grant awarded as part of the Rural Employment Expansion Grant Program created in Section 63N-4-403. See Utah Code 63N-4-402
• Grant program: means the Rural Coworking and Innovation Center Grant Program created in Section 63N-4-503. See Utah Code 63N-4-502
• Grant program: means the Rural Employment Expansion Grant Program created in Section 63N-4-403. See Utah Code 63N-4-402
• Growth investment: means any capital or equity investment in an eligible small business or any loan made from the investment authority to an eligible small business with a stated maturity at least one year after the date of issuance. See Utah Code 63N-4-302
• High wage: means a wage that is at least 100% of the county average wage. See Utah Code 63N-4-302
• Individual: means a natural person. See Utah Code 31A-1-301
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:
       (4)(a) a risk retention group as defined in:

            (4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
• Investment authority: means the minimum amount of investment a rural investment company must make in eligible small businesses in order for credit-eligible contributions to the rural investment company to qualify for a rural job creation tax credit under Section 59-7-621 or 59-10-1038. See Utah Code 63N-4-302
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• Limited lines travel insurance producer: means one of the following designated by an insurer as the travel insurance supervising entity as provided in Subsection 31A-23a-905(4):
       (7)(a) a licensed managing general agent or third party administrator; or
       (7)(b) a licensed insurance producer, including a limited lines producer. See Utah Code 31A-23a-902
• Mining company: means an entity whose primary business is the exploration for or extraction of minerals from the earth. See Utah Code 63N-4-402
• Mining services company: means an entity whose primary business is providing support services for a mining company, including drilling or geological modeling. See Utah Code 63N-4-402
• Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning a substantive benefit, term, or condition of the contract if the person engaged in that act:
       (7)(a) sells insurance; or
       (7)(b) obtains insurance from insurers for purchasers. See Utah Code 31A-23a-102
• New annual jobs: means the difference between:
            (13)(a)(i)

                 (13)(a)(i)(A) the monthly average of full-time employees that are paid a high wage at an eligible small business for the preceding calendar year; or

                 (13)(a)(i)(B) if the preceding calendar year contains the initial growth investment, the monthly average of full-time employees that are paid a high wage at an eligible small business for the months including and after the initial growth investment and before the end of the preceding calendar year; and
            (13)(a)(ii) the number of full-time employees that are paid a high wage at the eligible small business on the date of the initial growth investment. See Utah Code 63N-4-302
• Offer and disseminate: means :
       (8)(a) providing general information, including a description of the coverage and price;
       (8)(b) processing an application;
       (8)(c) collecting a premium; and
       (8)(d) performing activities that the state permits to be done by a person who is not licensed. See Utah Code 31A-23a-902
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes :
       (146)(a) an individual;
       (146)(b) a partnership;
       (146)(c) a corporation;
       (146)(d) an incorporated or unincorporated association;
       (146)(e) a joint stock company;
       (146)(f) a trust;
       (146)(g) a limited liability company;
       (146)(h) a reciprocal;
       (146)(i) a syndicate; or
       (146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Phase one investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(i). See Utah Code 63N-4-302
• Phase two investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(ii). See Utah Code 63N-4-302
• Policy: includes a service contract issued by:
            (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
            (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
            (150)(b)(iii) a corporation licensed under:

                 (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or

                 (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
• Principal business operations: means the location where at least 60% of a business's employees work or where employees that are paid at least 60% of a business's payroll work. See Utah Code 63N-4-302
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
• program: means the Rural Opportunity Program created in Section 63N-4-802. See Utah Code 63N-4-801
• Program: means the provisions of this part applicable to a rural investment company. See Utah Code 63N-4-302
• program: means the Rural Development Program created in Section 63N-4-102. See Utah Code 63N-4-101
• Qualified project: means a project to build or improve one or more qualified assets for a rural community, including:
       (7)(a) telecom and high-speed Internet infrastructure;
       (7)(b) power and energy infrastructure;
       (7)(c) water and sewerage infrastructure;
       (7)(d) healthcare infrastructure; or
       (7)(e) other infrastructure as defined by rule made by the office in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 63N-4-801
• Quorum: The number of legislators that must be present to do business.
• Resident: is a s defined by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-23a-102
• Rural community: means a rural county or rural municipality. See Utah Code 63N-4-801
• Rural county: means a county of the third, fourth, fifth, or sixth class. See Utah Code 63N-4-402
• Rural county: means a county of the third, fourth, fifth, or sixth class. See Utah Code 63N-4-801
• Rural county: means :
       (18)(a) with respect to phase one investment authority, any county in this state except Salt Lake, Utah, Davis, Weber, Washington, Cache, Tooele, and Summit counties; or
       (18)(b) with respect to phase two investment authority, any county in this state except Salt Lake, Utah, Davis, and Weber counties. See Utah Code 63N-4-302
• Rural health care special district: means a special service district created to provide health care under Subsection 17D-1-201(6) that is located in a rural county or rural municipality. See Utah Code 63N-4-801
• Rural investment company: means a person approved by the office under Section 63N-4-303. See Utah Code 63N-4-302
• Rural municipality: means a cityor town located within the boundaries of:
       (11)(a) a county of the third, fourth, fifth, or sixth class; or
       (11)(b) a county of the second class, if the municipality has a population of 10,000 or less. See Utah Code 63N-4-801
• Sell: means to exchange a contract of insurance:
       (12)(a) by any means;
       (12)(b) for money or its equivalent; and
       (12)(c) on behalf of an insurance company. See Utah Code 31A-23a-102
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• Solicit: means :
       (13)(a) attempting to sell insurance;
       (13)(b) asking or urging a person to apply for:

            (13)(b)(i) a particular kind of insurance; and

            (13)(b)(ii) insurance from a particular insurance company;
       (13)(c) advertising insurance, including advertising for the purpose of obtaining leads for the sale of insurance; or
       (13)(d) holding oneself out as being in the insurance business. See Utah Code 31A-23a-102
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• State reimbursement amount: means the difference between:
            (20)(a)(i) 50% of the rural investment company's credit-eligible capital contributions; and
            (20)(a)(ii) the product of:

                 (20)(a)(ii)(A) the total sum of new annual jobs reported to the office; and

                 (20)(a)(ii)(B) $20,000 with respect to phase one investment authority, or $15,000 with respect to phase two investment authority. See Utah Code 63N-4-302
• Tax credit: means a rural job creation tax credit created by Section 59-7-621 or 59-10-1038. See Utah Code 63N-4-302
• Tax credit certificate: means a certificate issued by the office that:
       (22)(a) lists the name of the person to which the office authorizes a tax credit;
       (22)(b) lists the person's taxpayer identification number;
       (22)(c) lists the amount of tax credit that the office authorizes the person to claim for the taxable year; and
       (22)(d) may include other information as determined by the office. See Utah Code 63N-4-302
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Travel insurance: means insurance coverage for personal risks incident to planned travel, including:
            (11)(a)(i) interruption or cancellation of a trip or event;
            (11)(a)(ii) loss of baggage or personal effects;
            (11)(a)(iii) damages to accommodations or rental vehicles;
            (11)(a)(iv) sickness, accident, disability, or death during travel;
            (11)(a)(v) emergency evacuation;
            (11)(a)(vi) repatriation of remains; or
            (11)(a)(vii) a contractual obligation that indemnifies or pays a specified amount to the traveler upon a determinable contingency related to travel. See Utah Code 31A-23a-902
• Travel retailer: means a business entity that:
       (13)(a) makes, arranges, or offers a travel service; and
       (13)(b) may offer and disseminate travel insurance as a service to the entity's customers on behalf of and under the direction of a limited lines travel insurance producer. See Utah Code 31A-23a-902
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5