The proceeds of the Floor Plan Loans will be used solely for purchasing equipment that will constitute Eligible Floor Plan Equipment upon its purchase.
Eligible project means 1 or more of the following projects of a local unit that have been approved by the director and the state treasurer, including costs associated with a project necessary for issuance of evidences of indebtedness to finance the project:
Existing Equipment means equipment, machines, devices or installations that are in operation prior to September 23, 1970.
Base flood means the flood having a one percent chance of being equaled or exceeded in any given year.
Port Cargo Handling Equipment means rubber-tired gantry cranes, straddle carriers, shuttle carriers, and terminal tractors, including yard hostlers and yard tractors that operate within ports.
New equipment means equipment for which, by the cut-off date, neither of the following events has occurred: