[Code of Federal Regulations]
[Title 49, Volume 6]
[Revised as of October 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR639.7]

[Page 54]
 
                        TITLE 49--TRANSPORTATION
 
                             TRANSPORTATION
 
PART 639--CAPITAL LEASES--Table of Contents
 
                           Subpart A--General
 
Sec. 639.7  Definitions.

    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.