J. MILLARD TAWES, Governor                       1033

generality of such costs: the cost of acquiring real property therefor;
the cost of constructing or reconstructing buildings and improvements
thereon, including, to the extent such costs are not borne by the
municipality, COUNTY, or other taxing district within which the
project is located, the cost of constructing means of access to and from
such project; the cost of constructing extensions to the project site of
existing utility systems if such costs are customarily borne by the
consumer: insurance premiums, financing charges, interest costs,
commitment fees, and other similar charges and fees incurred prior
to or during the period of construction, rehabilitation, or improve-
ment; any fees or charges imposed by the Authority in respect to
an application for a mortgage loan; the cost of preparing project
specifications, surveys, estimates, applications, and other documents;
and all such other costs, charges, fees, and expenses, including labor
costs, overhead costs, the costs of materials and supplies, and
engineering and legal expenses, as may be reasonably incident to the
construction, acquisition, rehabilitation, or improvement of the proj-
ect; furthermore, the term "cost of project" includes the cost of
any machinery or equipment to be used by the project occupant in
its industrial or manufacturing operations or any expenses related
to the installation, replacement, or rehabilitation thereof. , NOT TO
EXCEED TWENTY PERCENTUM (20%) OF THE TOTAL COST
OF PROJECT.

(2)   "Federal agency" means the United States of America, the
President of the United States of America, and any department of,
or corporation, agency or instrumentality heretofore or hereafter
created, designated or established by, the United States of America.

(3)  "Industrial project" means (i) a new industrial or manu-
facturing plant for the construction of which a mortgage loan guar-
antee is sought from the Authority; or (ii) a former industrial or
manufacturing plant for the acquisition, rehabilitation, or improve-
ment of which a mortgage loan is sought from the Authority; or (Hi)
buildings used primarily for storage or transshipment of manu-
factured goods; or (iv) buildings to be used for research and develop-
ment for the discovery and perfection of new processes and products.
However, "industrial project" shall not be deemed to include a
mercantile or service establishment, selling goods or services directly
to the general public.

(4) "Local Development Corporation" means any corporation or
foundation no part of the net earnings of which inures to the benefit
of any private shareholder or individual organized and operated
primarily for the purposes of fostering, encouraging, and assisting
the physical location and settlement of industrial and manufacturing
enterprises within the state or promoting the industry of the state.

(5)  "Maturity date" means the date on which the mortgage in-
debtedness would be extinguished if paid in accordance with periodic
payments provided for in the mortgage.

(6)  "Mortgage" means a first mortgage on an industrial project
together with the credit instruments thereby secured.

(7)  "Mortgagee" means the original lender approved by the Au-
thority under a mortgage, and its successors and assigns and may
include all insurance companies, trust companies, banks, building and
loan associations, credit unions, savings and loan associations, in-