SECTION 177.2. Definitions

(a) The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise.

(1) Applicant--means any individual, partnership, corporation or any other private entity, whether organized for profit, or a city, county, district, or any other political subdivision, public entity, quasi-governmental entity, or agency of the state or federal government that applies for funding under the program.

(2) Bank--means the Texas Economic Development Bank established under Texas Government Code, Chapter 489.

(3) Board--means the Product Development and Small Business Incubator Board.

(4) Financing--unless otherwise defined by Texas Government Code, Subchapter D, means a loan, loan guarantee, or equity investment from the product fund to a person for use in the development and production of a product in this state, or a grant, loan, or loan guarantee from the small business fund to a person for use in the development of a small business in this state.

(5) Office--means the Economic Development and Tourism Office in the Office of the Governor

(6) Product--unless otherwise defined by Texas Government Code, Subchapter D, includes an invention, device, technique, or process, without regard to whether a patent has been or could be granted, that has advanced beyond the theoretical stage and has or is readily capable of having a commercial application. The term does not include pure research (basic research).

(7) Product fund--means the Texas product development fund.

(8) Program--means the product development program or the small business incubator program.

(9) Small business fund--means the Texas small business incubator fund.

(10) Unit--means the State of Texas.

(11) User--means any individual, partnership, corporation, or any other private entity, whether organized for profit, or a city, county, district, or any other political subdivision, public entity, quasi-governmental entity, or agency of the state or federal government that has been approved for financing under the program.

(b) Amendment and suspension of the rules. These sections may be amended by the board at any time in accordance Government Code, Chapter 2001, Subchapter B, as amended. The board may suspend or waive a section, not statutorily imposed, in whole or in part, upon the showing of good cause or when, at the discretion of the board, the particular facts or circumstances render such waiver of the section appropriate in a given instance.

Source Note: The provisions of this §177.2 adopted to be effective May 29, 2005, 30 TexReg 3089