(a) “Applicant” means any person who applies to ARB for funding.

(b) “AQIP” means the Air Quality Improvement Program.

(c) “ARB” or “Board” means the California Air Resources Board.

(d) “Executive Officer” means the Executive Officer of the California Air Resources Board, or his or her delegate.

(e) “Expenditure” means the payment of funds from the ARB to the grantee.

(f) “Funding Plan” means the Board-approved plan which designates eligible projects, funding targets, and funding mechanisms for a specific fiscal year.

(g) “Funding Target” means the funding amount which the Board approves in the annual Funding Plan for a specific project.

(h) “Grant” means the awarding of funds via a competitive process to a person.

(i) “Grantee” means any person who receives an AQIP grant, revolving loan, loan guarantee, loan, or other type of funding authorized by HEALTH AND SAFETY CODE section 44274(c).

(j) “Loan” means a transaction wherein a lender allows a borrower the use of a specified sum of money for a specified period of time at a set rate of interest.

(k) “Loan Guarantee” means a legally binding agreement under which the guarantor agrees to pay any or all of the amount due on the loan instrument in the event of nonpayment by the borrower.

(l) “Match Funding” means non-State funds dedicated to the project by the applicant.

(m) “Person” has the same meaning as defined in Health and Safety Code section 39047.

(n) “Project” means that action or actions for which ARB awards a grant, revolving loan, loan guarantee, loans, and other appropriate funding measures authorized by Health and Safety Code section 44274(c).

(o) “Project Solicitation” means ARB's competitive process to select a specific project for funding.

(p) “Revolving Loan” means an arrangement which allows for the loan amount to be withdrawn, repaid, and withdrawn again, in any manner and any number of times, until the arrangement expires.

(q) “Surplus Emission Reductions” means emission reductions not required to be undertaken pursuant to state or federal law, district rules or regulations, memoranda of understanding with a government entity, or legally binding agreements or documents, as described in Health and Safety Code section 44271(c).