Washington Code 39.94.020 – Definitions
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
Terms Used In Washington Code 39.94.020
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
(1) “Credit enhancement” includes insurance, letters of credit, lines of credit, or other similar agreements which enhance the security for the payment of the state’s or an other agency’s obligations under financing contracts.
(2) “Financing contract” means any contract entered into by the state for itself or on behalf of an other agency which provides for the use and purchase of real or personal property by the state and provides for payment by the state over a term of more than one year, and which provides that title to the subject property may secure performance of the state or transfer to the state or an other agency by the end of the term, upon exercise of an option, for a nominal amount or for a price determined without reference to fair market value. Financing contracts include, but are not limited to, conditional sales contracts, financing leases, lease purchase contracts, or refinancing contracts, but do not include operating or true leases. For purposes of this chapter, the term “financing contract” does not include any nonrecourse financing contract or other obligation payable only from money or other property received from private sources and not payable from any public money or property. The term “financing contract” includes a “master financing contract.”
(3) “Master financing contract” means a financing contract which provides for the use and purchase of property by the state, and which may include more than one financing contract and appropriation.
(4) “Other agency” means any commission established under Title 15 RCW, a library or regional library, an educational service district, the superintendent of public instruction, the school directors’ association, a health district, a public facilities district, or any county, city, town, school district, or other municipal corporation or quasi-municipal corporation.
(5) “State” means the state, agency, department, or instrumentality of the state, the state board for community and technical colleges, and any state institution of higher education.
(6) “State finance committee” means the state finance committee under chapter 43.33 RCW.
(7) “Trustee” means a bank or trust company, within or without the state, authorized by law to exercise trust powers.
NOTES:
Findings—Intent—Construction—2010 1st sp.s. c 15: See notes following RCW 36.100.010.
Authority—2010 c 115: See note following RCW 39.94.030.
Application—1998 c 291: See note following RCW 39.94.050.