Florida Regulations 5P-10.001: Definitions
Current as of: 2024 | Check for updates
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For the purposes of this chapter, the definitions in Florida Statutes § 500.81 and the following shall apply:
(1) Applicant means a for-profit entity, including a convenience store or a fueling station, or a not-for-profit entity, such as a sole proprietorship, partnership, limited liability company, corporation, cooperative, nonprofit organization, nonprofit community development entity, or private university.
(2) Contractor means a nonprofit organization or Florida-based, federally certified community development financial institution that meets the qualifications provided in Fl. Admin. Code R. 5P-10.002, and enters into a contract with the department.
(3) Financially Sound means the ability to assume full financial risk for loans made under this initiative and having sufficient funds to pay debts and all obligations.
(4) Healthy Food Financing means coordinating the use of grants from any source, federal, state, and private loans from a governmental entity or institutions regulated by a governmental entity, federal tax credits, and other types of financial assistance for the construction, rehabilitation, or expansion of independent grocery stores, supermarkets, community facilities, or other structures to increase access to fresh produce and other nutritious food in underserved communities.
(5) Nonprofit means an organization exempt from income tax under 26 U.S.C. § 501(c)(3) of the Internal Revenue Code.
(6) Unused Funds means funds that have never been issued in the form of a loan, have not been leveraged with other resources for the issuance of a loan, or have not been obligated to a qualified project.
Rulemaking Authority Florida Statutes § 500.81(8), 570.07(23) FS. Law Implemented Florida Statutes § 500.81. History-New 12-19-17.
Terms Used In Florida Regulations 5P-10.001
- 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.
- 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.
(2) Contractor means a nonprofit organization or Florida-based, federally certified community development financial institution that meets the qualifications provided in Fl. Admin. Code R. 5P-10.002, and enters into a contract with the department.
(3) Financially Sound means the ability to assume full financial risk for loans made under this initiative and having sufficient funds to pay debts and all obligations.
(4) Healthy Food Financing means coordinating the use of grants from any source, federal, state, and private loans from a governmental entity or institutions regulated by a governmental entity, federal tax credits, and other types of financial assistance for the construction, rehabilitation, or expansion of independent grocery stores, supermarkets, community facilities, or other structures to increase access to fresh produce and other nutritious food in underserved communities.
(5) Nonprofit means an organization exempt from income tax under 26 U.S.C. § 501(c)(3) of the Internal Revenue Code.
(6) Unused Funds means funds that have never been issued in the form of a loan, have not been leveraged with other resources for the issuance of a loan, or have not been obligated to a qualified project.
Rulemaking Authority Florida Statutes § 500.81(8), 570.07(23) FS. Law Implemented Florida Statutes § 500.81. History-New 12-19-17.