49 C.F.R. § 639.7 Definitions.
Title 49 - Transportation
In this part: Applicant is included in the term “recipient”. Capital asset means facilities or equipment with a useful life of at least one year, which are eligible for capital assistance. Capital assistance means Federal financial assistance for capital projects under section 9 of the FT Act. Capital lease means any transaction whereby the recipient acquires the right to use a capital asset without obtaining full ownership regardless of the tax status of the transaction. Equipment means non-expendable personal property. Facilities means real property, including land, improvements and fixtures. Interest rate means the most advantageous interest rate actually available to the recipient in the market. Present value means the value at the time of calculation of a future payment, or series of future payments discounted by the time value of money as represented by an interest rate or similar cost of funds. Recipient means an entity that receives Federal financial assistance from FTA, including an entity that receives Federal financial assistance from FTA through a State or other public body. In this part, a recipient includes an applicant for Federal financial assistance. FT Act means the Federal Mass Transit Act of 1964, as amended, 49 U.S.C. 1601 et seq. FTA means the Federal Transit Administration.
Title 49: Transportation
PART 639—CAPITAL LEASES
Subpart A—General
§ 639.7 Definitions.
