Terms Used In Tennessee Code > Title 4 > Chapter 28 - Tennessee Small Business Investment Company Credit Act

• Acceptance: means notification by an authorized officer or employee of the state that the work completed has been in accordance with the terms and conditions of the state contract. See Tennessee Code 12-4-502
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• 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)

  (i) Any person who, directly or indirectly, beneficially owns, controls or holds the power to vote fifteen percent (15%) or more of the outstanding voting securities or other voting ownership interest of a TNInvestco or insurance company. See Tennessee Code 4-28-102
• Agency: means any entity of the state government, as defined in §. See Tennessee Code 12-4-702
• Agricultural products: includes horticultural, viticultural, forestry, dairy, livestock, poultry, bee and any farm products. See Tennessee Code 43-16-103
• Agriculture: means :
  (i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105
• Allocation date: means the date on which investment tax credits under §. See Tennessee Code 4-28-102
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• Appraisal: A determination of property value.
• 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: means any corporation organized under this chapter. See Tennessee Code 43-16-103
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Base investment amount: means fourteen million dollars ($14,000,000) in the case of a qualified TNInvestco receiving one (1) allocation of tax credits and twenty eight million dollars ($28,000,000) in the case of a qualified TNInvestco receiving two (2) allocations of tax credits, which must be available in cash or cash equivalents immediately following the investment by a TNInvestco's participating investors and its owners. See Tennessee Code 4-28-102
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: as used in this part , means a board of waterworks and/or sewerage commissioners as required and authorized in this section, constituted and appointed as provided in §. See Tennessee Code 7-35-406
• Business: means a business organization in any form, institution, association, profession, occupation or calling of any kind, whether or not conducted for profit. See Tennessee Code 12-4-702
• Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
• Commission: means the prevailing wage commission. See Tennessee Code 12-4-402
• Commissioner: means the commissioner of agriculture. See Tennessee Code 43-29-103
• Commodity: means beef, corn, pork, and eggs, produced on a commercial basis. See Tennessee Code 43-29-103
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Community garden: means a piece of real property, either on vacant public land or on private land, cultivated by residents of a neighborhood or community, or members of a homeowners or condominium owners association for the purpose of providing the following for the use of residents of the neighborhood or community, or members of the homeowners or condominium owners association:
  (A) Vegetables, nuts, herbs, fruit, or flowers, whether by means of cultivating annual, biennial or perennial plants, or trees. See Tennessee Code 43-24-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corn: means all kinds of varieties of corn except popcorn, sweet corn, and ornamental corns. See Tennessee Code 43-29-103
• 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 executive: means and includes "county mayor" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
• County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the department of agriculture. See Tennessee Code 43-29-103
• Designated capital: means an amount of money that is invested by a participating investor in a qualified TNInvestco. See Tennessee Code 4-28-102
• Devise: To gift property by will.
• Egg: means a pullet egg or a hen egg and excludes all other types of eggs. See Tennessee Code 43-29-103
• egg dealer: means any person engaged as a wholesale distributor in the business of distributing or marketing eggs in Tennessee, regardless of where the eggs are produced. See Tennessee Code 43-29-103
• End date profit share percentage: means a fee paid to the state by a qualified TNInvestco as provided in §. See Tennessee Code 4-28-102
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Ex officio: Literally, by virtue of one's office.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Farm: means the land, buildings, and machinery used in the commercial production of farm products and nursery stock as defined in §. See Tennessee Code 43-26-102
• Farm operation: means a condition or activity that occurs on a farm in connection with the commercial production of farm products or nursery stock as defined in §. See Tennessee Code 43-26-102
• farm products: means forage and sod crops. See Tennessee Code 1-3-105
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grand-mentoring: means collaborative projects between persons sixty (60) years of age or older and students in kindergarten through twelfth (K-12) grade. See Tennessee Code 43-24-102
• Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Investment period: means the period January 1, 2010, through December 31, 2019. See Tennessee Code 4-28-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Livestock: means all equine as well as animals that are being raised primarily for use as food or fiber for human utilization or consumption including, but not limited to, cattle, sheep, swine, goats, and poultry. See Tennessee Code 1-3-105
• Local government: means any municipality, county or metropolitan government. See Tennessee Code 43-24-102
• Member: includes actual members of associations without capital stock, and holders of common stock in associations organized with capital stock. See Tennessee Code 43-16-103
• Minority-owned business: means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more individuals who are members of any racial or ethnic minority within the state and whose management and daily business operations are under the control of one (1) or more members of any racial or ethnic minority within the state. See Tennessee Code 4-28-102
• Month: means a calendar month. See Tennessee Code 1-3-105
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• nursery stock: means all trees, shrubs, or other plants, or parts of such trees, shrubs or other plants, grown or kept for, or capable of, propagation, distribution or sale on a commercial basis. See Tennessee Code 1-3-105
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• other state entities: includes counties, cities, municipalities, and any other political subdivision of this state. See Tennessee Code 12-4-601
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• Participating investor: means any insurance company required to pay the gross premiums tax pursuant to §. See Tennessee Code 4-28-102
• 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: means any natural person or entity, including, but not limited to, a corporation, general or limited partnership, trust or limited liability company. See Tennessee Code 4-28-102
• Person: includes an individual, firm, partnership, corporation, and association. See Tennessee Code 43-16-103
• Person: means any individual, corporation, partnership, association, cooperative or other business. See Tennessee Code 43-29-103
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Plat: includes plat, plan, plot or replot. See Tennessee Code 13-3-401
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Processor: means any person engaged in the business of processing commodity products. See Tennessee Code 43-29-103
• Producer: means any person who produces a commodity and thereafter causes the commodity to be marketed. See Tennessee Code 43-29-103
• Profit share percentage: means a fee paid to the state by a qualified TNInvestco as provided in §. See Tennessee Code 4-28-102
• Program end date: means December 31, 2024. See Tennessee Code 4-28-102
• Property: means anything of value, including, but not limited to, real estate, tangible and intangible personal property, contract rights, choses-in-action and other interests in or claims to wealth, admission or transportation tickets, captured or domestic animals, electric or other power and signatures which purport to create, maintain or extinguish any legal obligation. See Tennessee Code 12-4-702
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Public construction project: means and includes a public works project as defined in the Local Government Public Obligations Act of 1986, compiled in title 9, chapter 21. See Tennessee Code 12-4-801
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Purchaser: means any dealer or processor who purchases or receives such commodity from producers on a commercial basis. See Tennessee Code 43-29-103
• Qualified business: means a business that is independently owned and operated and meets all of the following requirements:
  (i) It is headquartered in this state, its principal business operations are located in this state, and at least sixty percent (60%) of its employees are located in this state. See Tennessee Code 4-28-102
• Qualified investment: means the investment of cash by a qualified TNInvestco in a qualified business for the purchase of equity, equity options, warrants, or debt convertible to equity. See Tennessee Code 4-28-102
• Qualified producer organization: means any agricultural organization, federation, or association that is organized as a "not for profit" organization under the laws of the state of Tennessee, and whose membership is fairly representative of farmers who are active producers of one (1) or more agricultural commodities covered under this chapter. See Tennessee Code 43-29-103
• Quorum: The number of legislators that must be present to do business.
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Referendum: means any voting procedure under which affected producers may, by secret ballot, vote for or against an assessment authorized by this chapter. See Tennessee Code 43-29-103
• Regional planning commission: means any regional planning commission established by the department of economic and community development as provided by law, and includes any municipal planning commission designated by the department as the regional planning commission of a planning region composed of the territory of a single municipality, together with the territory adjoining but outside of such municipality, no part of which is outside the municipality's urban growth boundary or, if no such boundary exists, more than five (5) miles beyond the limits of such municipality. See Tennessee Code 13-3-401
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Responsive bidder: means a person who has submitted a bid which conforms in all material respects to all documents, whether attached or incorporated by reference, utilized for soliciting bids. See Tennessee Code 12-4-801
• Road: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
• roads: means , relates to and includes roads, streets, highways, avenues, boulevards, parkways, lanes or other ways or any part thereof. See Tennessee Code 13-3-401
• Seed or early stage investment: means an investment in a company that has a product or service in testing or pilot production that may or may not be commercially available. See Tennessee Code 4-28-102
• Service: includes , but is not limited to: labor. See Tennessee Code 12-4-702
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Sewerage system: means all or any part of the following:
  (A) The collecting system. See Tennessee Code 7-35-401
• sex: means a person's immutable biological sex as determined by anatomy and genetics existing at the time of birth and evidence of a person's biological sex. See Tennessee Code 1-3-105
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• State: means the state of Tennessee. See Tennessee Code 12-4-502
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• State construction project: means any construction project for the purpose of erecting, remodeling, altering, repairing, demolishing, or making any additions to any building or buildings, any other type of building and construction work, or any construction project for the purpose of building, rebuilding, locating or relocating or repairing any streets, highways or bridges, wherein any state funds may be appropriated or expended for such building or construction work. See Tennessee Code 12-4-502
• State contract: means any contractual agreement, written or oral, inclusive of plans and specifications incidental thereto, entered into by any person, firm or corporation with the state for the performance of work on a state construction project. See Tennessee Code 12-4-502
• State contractor: means any person, firm or corporation engaged in a state construction project pursuant to a state contract. See Tennessee Code 12-4-502
• State premium tax liability: means any liability incurred by an insurance company under §. See Tennessee Code 4-28-102
• Statute: A law passed by a legislature.
• Subdivision: means , in any county having a population of not less than thirty-two thousand seven hundred (32,700) nor more than thirty-two thousand seven hundred sixty (32,760), according to the 1980 federal census or any subsequent federal census, the division of a tract or parcel of land into two (2) or more lots, sites or other divisions for the purpose, whether immediate or future, of sale or building development, and includes resubdivision and, when appropriate to the context, relates to the process of subdividing or to the land or area subdivided. See Tennessee Code 13-3-401
• Subscription: includes a mark, the name being written near the mark and witnessed. See Tennessee Code 1-3-105
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• TNInvestco: means a partnership, corporation, trust or limited liability company, whether organized on a for-profit or not-for-profit basis that completes the application process in §. See Tennessee Code 4-28-102
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Use: means , when applied to gardening and beekeeping, to make use of, without conveyance of title or any other ownership. See Tennessee Code 43-24-102
• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
• Vacant public land: means land owned by a local government that is not in use for public purposes, and includes property controlled by a parks and recreation department or similar entity that is not currently being used as park land. See Tennessee Code 43-24-102
• Vote: means to cast a ballot on a referendum. See Tennessee Code 43-29-103
• Works: means the waterworks or sewerage system. See Tennessee Code 7-35-401
• Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105