Definitions for economic development bonds

As used in this chapter: "Department" means the department of business, economic development, and tourism. "Economic development bond" means any general or revenue bond issued by any political subdivision of the State for the purpose of financing the purchase or lease of land; the purchase or construction, including reconstruction, improvement, expansion, extension, and enlargement, of buildings and appurtenances; and the purchase and installation of machinery, equipment, or fixtures, when the purchases or leases are made primarily for sale or continuing lease to a private individual, partnership, or corporation for use in connection with the development of an agricultural, industrial, commercial, or hotel enterprise. "Governing body" means the body, council, or board charged with exercising the legislative authority of a political subdivision of the State. "Political subdivision" means a county or other political subdivision created by the legislature pursuant to article VIII, section 1, of the constitution of the State.