New Jersey § 34:1b-7

§ 34:1b-7.

As used in this act: “ Authority ” means the New Jersey Economic Development Authority established pursuant to section

4 of P.L.1974, c. 80 ( C.34:1B-4 ). “ Boat ” means a vessel or watercraft, other than a personal watercraft or sea plane on the

water, used or capable of being used as a means of transportation on water, which

may be temporarily or permanently equipped with machinery for propulsion. “ Boat manufacturer or distributor ” means an independently owned and operated business which: (1) manufactures, assembles

or distributes boats in this State the retail value of which is at least $100,000

each, or manufactures or provides marine products in this State for such boats and

(2) prior to January 1, 1991, manufactured, assembled or distributed boats in this

State the retail value of which was at least $100,000 each, or manufactured or provided

marine products in this State for such boats. “ Cost ” means the expenses incurred in connection with the operation of a boat manufacturer

or distributor, which can be reasonably expected to be recovered through the financing

of the operation, and which shall include, but need not be limited to, the costs of

planning, fixed assets, materials, working capital, floor plan funding and any other

costs determined by the authority to be necessary to carry out the purposes of this

act. “ Fixed assets ” means any real property, interests in real property, plant, equipment, and other

assets commonly accepted as fixed assets. “ Marine products ” means those parts and materials utilized in the design, construction and maintenance

of boats, which shall include, but need not be limited to, parts and materials used

in boat engines, generators, transmissions, exhaust systems and electrical, plumbing,

heating and cooling systems, except that marine products shall not include any oil

or oil-based products or materials. “ Participating bank ” means a State- or federally-chartered bank, savings bank or savings and loan association,

or a bank organized under the laws of a foreign government, deemed eligible by the

authority for participation in the program. “ Program ” means the “New Jersey Boat Industry Loan Guarantee Program” established by the authority

pursuant to section 4 of this act. 1 “ Working capital ” means those liquid capital assets other than fixed assets. 1

N.J.S.A. § 34:1B-7.31.