Terms Used In Arizona Laws > Title 41 > Chapter 56 > Article 11 - Arizona Public School Credit Enhancement Program

• Achievement district school: means a public school or a charter school that has qualified as an achievement district school pursuant to article 10 of this chapter and that has submitted an application with the board pursuant to this article to obtain guaranteed financing. See Arizona Laws 41-5851
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the credit enhancement eligibility board established by section 41-5852. See Arizona Laws 41-5851
• Contract: A legal written agreement that becomes binding when signed.
• Division: means the division of school facilities within the department of administration. See Arizona Laws 41-5701
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fund: means the Arizona public school credit enhancement fund established by section 41-5854. See Arizona Laws 41-5851
• Guaranteed financing: means debt obligations that are issued by or on behalf of a public school or a charter school to acquire, construct, renovate, equip, refinance or improve capital facilities and for which the board has approved a guarantee of all or a portion of the principal and interest payments pursuant to the program. See Arizona Laws 41-5851
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Program: means the Arizona public school credit enhancement program established by section 41-5855. See Arizona Laws 41-5851
• Program funding obligations: means program funding obligations approved and issued by the board pursuant to section 41-5857. See Arizona Laws 41-5851
• Program leverage ratio: means the ratio at any time between the aggregate principal amount of guaranteed financings outstanding and the amounts on deposit in the fund. See Arizona Laws 41-5851
• Property: includes both real and personal property. See Arizona Laws 1-215
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Writing: includes printing. See Arizona Laws 1-215