For the purposes of this act, the following terms have the following meanings:

(1) ABUTTING PROPERTY. Any property that has any common boundary with a greenway trail or any other property that is within 25 feet of a greenway trail.
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Terms Used In Alabama Code 41-10-860

  • 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.
  • Donor: The person who makes a gift.
  • 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.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • following: means next after. See Alabama Code 1-1-1
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
(2) ACQUISITION FUND. The Sweet Trails Alabama Acquisition Fund.
(3) CORPORATION. The Alabama Innovation Corporation.
(4) COUNCIL. The Alabama Council on Outdoor Recreation.
(5) DEVELOPER. The organization selected by the council pursuant to this act to develop a master plan.
(6) DONATED PROPERTY. The real property constituting a qualified donation made pursuant to this act.
(7) ELIGIBLE DONOR. Any person who owns an interest in a qualified donation.
(8) FAIR MARKET VALUE. The most recent estimated value of the donated property as determined by the local county tax assessing official pursuant to Article 1 of Chapter 7 of Title 40, Code of Alabama 1975.
(9) GREENWAY TRAIL. A shared-use path, multi-use trail, rail-trail, sidepath, or other similar type of path or trail. A greenway trail may be paved or unpaved and shall support both pedestrians and bicycles.
(10) PROJECT. The Sweet Trails Alabama Project.
(11) PROJECT FUND. The Sweet Trails Alabama Project Fund.
(12) QUALIFIED DONATION. A fee simple conveyance donated and accepted for use in a manner consistent with this act.
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