Terms Used In Louisiana Revised Statutes > Title 12 > Chapter 22 > Part V - Distributions

• Amortization: Paying off a loan by regular installments.
• Articles of organization: means documents filed under Louisiana Revised Statutes 12:1301
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the State Board of Elementary and Secondary Education. See Louisiana Revised Statutes 17:4041
• Business: means any trade, occupation, profession, or other commercial activity, including but not limited to professions licensed by a state or other governmental agency whether or not engaged in for profit. See Louisiana Revised Statutes 12:1301
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the state Department of Education. See Louisiana Revised Statutes 17:4041
• District: means any city, parish, or other local public school district, the Recovery School District, and the Special School District. See Louisiana Revised Statutes 17:4041
• 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.
• Governing authority: means the governing authority of any public elementary or secondary school. See Louisiana Revised Statutes 17:4041
• interest: means a member's rights in a limited liability company, collectively, including the member's share of the profits and losses of the limited liability company, the right to receive distributions of the limited liability company's assets, and any right to vote or participate in management. See Louisiana Revised Statutes 12:1301
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Low-performing school: means an academically unacceptable school as determined by the board. See Louisiana Revised Statutes 17:4041
• managers: means a person or persons designated by the members of a limited liability company to manage the limited liability company as provided in its articles of organization. See Louisiana Revised Statutes 12:1301
• Member: means a person with a membership interest in a limited liability company with the rights and obligations specified under this Chapter. See Louisiana Revised Statutes 12:1301
• Operating agreement: means any agreement, written or oral, of the members as to, or in the case of a limited liability company having a single member, any written agreement between the member and the company memorializing the affairs of a limited liability company and the conduct of its business. See Louisiana Revised Statutes 12:1301
• Special Schools: includes all Louisiana special schools and all schools or educational programs in Special School Programs operated by the Special School District. See Louisiana Revised Statutes 17:43
• State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Louisiana Revised Statutes 12:1301
• Superintendent: means the superintendent of any city, parish, or other local public school district, the director of the Special School District, and the superintendent of the Recovery School District. See Louisiana Revised Statutes 17:4041
• Waiver: means a waiver granted pursuant to and in accordance with this Chapter which exempts the recipient district from any provision of this Title or from any rule, regulation, or policy of the board that is applicable to public schools and to public school officers and employees. See Louisiana Revised Statutes 17:4041