As used in this article, unless the context otherwise requires: (1) "Agriculture" or "agricultural enterprise" means the real and personal property constituting farms, ranches, and other agricultural commodity producers, including aquaculture, floriculture, silvaculture, and other agricultural endeavors that the authority wishes to include within the provisions of this article. Such term shall include agricultural land, equipment used in the production and processing of agricultural products, and other capital improvements including, but not limited to, the purchase of livestock and the implementation of soil conservation practices. (2) "Authority" means the Colorado agricultural development authority created by section 35-75-104. (3) "Board" means the board of directors of the authority. (4) "Bond" means any bond, note, debenture, interim certificate, grant and revenue anticipation note, or other evidence of indebtedness authorized to be issued by the authority pursuant to this article. (5) "Borrower" means an enterprise engaged in agriculture or agricultural processing in Colorado. (6) "Contracting party" means any party to a lease, sales contract, or loan agreement except the authority. (7) "Lease" means: (a) A lease containing an option to purchase an agricultural enterprise for a nominal sum upon payment, in full or with provision for such payment, of all bonds issued in connection with the agricultural enterprise, all interest thereon, and all other expenses in connection with the agricultural enterprise; or (b) A lease containing an option to purchase an agricultural enterprise at any time, as provided in such lease, upon payment of the purchase price. The purchase price shall be sufficient to pay all bonds issued in connection with the agricultural enterprise, all interest thereon, and all other expenses incurred in connection with the agricultural enterprise, but payment may be made in the form of one or more notes, debentures, bonds, or other secured or unsecured debt obligations of the lessee which provide for timely payments, including, but not limited to, interest thereon sufficient for such purposes and delivered to the authority or to the trustee under the indenture pursuant to which the bonds were issued. (8) "Lender" means any federal or state chartered bank, federal land bank, production credit association, bank for cooperatives, savings and loan association, building and loan association, small business investment company, or other institution qualified within the state to originate and service loans, including, but not limited to, insurance companies, credit unions, and mortgage loan companies. (9) "Loan" means any lease, loan agreement, or sale contract entered into with a borrower. (10) "Loan agreement" means an agreement which provides for the authority or a lender with which the authority has contracted to loan the proceeds derived from the issuance of bonds pursuant to section 35-75-108 to a contracting party to be used to pay the cost of an agricultural enterprise and which provides for the repayment of such loan by the contracting party. Such agreement may provide for the loans to be secured or evidenced by one or more notes, debentures, bonds, or other secured or unsecured debt obligations of the contracting party, delivered to the authority or to the trustee under the indenture pursuant to which the bonds were issued. (11) "Loan insurer" or "loan guarantor" means an agency, department, administration, or instrumentality, corporate or otherwise, of the federal department of housing and urban development, the farmers home administration of the federal department of agriculture, or the veterans administration of the United States, any private mortgage insurance company, or any other public or private agency which insures or guarantees loans. (12) "Sale contract" means a contract providing for the sale of an agricultural enterprise to a contracting party and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the agricultural enterprise to pass to such contracting party or parties prior to payment in full of the entire purchase price, it shall also provide for such contracting party to deliver to the authority or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds, or other secured or unsecured debt obligations of the contracting party which provides for timely payments, including, without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title. (13) "State" means the state of Colorado.
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