Kansas Statutes 75-4277. Same; definitions
Terms Used In Kansas Statutes 75-4277
- Bank: means a bank incorporated under the laws of this state, or organized under the laws of the United States or another state and which has a main or branch office in this state. See Kansas Statutes 75-4201
- 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.
- Investment account: means a state bank account which is not payable on demand. See Kansas Statutes 75-4201
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Treasurer: means state treasurer. See Kansas Statutes 75-4201
As used in Kan. Stat. Ann. §§ 75-4276 through 75-4282, and amendments thereto:
(a) “Housing loan deposit” means an investment account placed by the director of investments under the provisions of article 42 of chapter 75 of the Kansas Statutes Annotated with an eligible lending institution for the purpose of carrying out the intent of this act;
(b) “housing loan deposit loan package” means the forms provided by the state treasurer for the purpose of applying for a housing loan deposit;
(c) “eligible lending institution” means a depository bank, as defined under Kan. Stat. Ann. § 75-4201, and amendments thereto, that agrees to participate in the Kansas housing loan deposit program and is eligible to be a depository of state funds;
(d) “eligible developer borrower” means any person, firm or corporation building new houses or not-for-profit adult care homes or rehabilitating existing houses or not-for-profit adult care homes;
(e) “house” means a single-family or multi-family dwelling that initially sells or is appraised at or below the average area purchase price safe harbor for the state of Kansas as established by the state treasurer through rules and regulations based on the requirements of section 143(e) of the internal revenue code of 1986 for homes that are eligible for mortgage revenue bonds; and
(f) “adult care home” means the same as in Kan. Stat. Ann. § 39-923, and amendments thereto.