Louisiana Revised Statutes 39:1780 – Definitions
Terms Used In Louisiana Revised Statutes 39:1780
- Act: means this Correctional Facilities Corporation Act. See Louisiana Revised Statutes 39:1780
- 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
- Bonds: means bonds, notes, or any other evidences of indebtedness issued by the corporation. See Louisiana Revised Statutes 39:1780
- Certificates: means certificates of participation executed and delivered by a trustee evidencing ownership interests in any lease entered into by the state, as lessee, and the corporation, as lessor. See Louisiana Revised Statutes 39:1780
- 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.
- Corporation: means the nonprofit corporation authorized to be formed by this Chapter, or any corporation succeeding to the principal functions thereof or to which the powers conferred upon the corporation by this Chapter shall be given by law. See Louisiana Revised Statutes 39:1780
- Division of Administration: means the Division of Administration created within the office of the governor by Title 39 of the Louisiana Revised Statutes. See Louisiana Revised Statutes 39:1780
- 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
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- State: means the state of Louisiana or any agency or instrumentality thereof. See Louisiana Revised Statutes 39:1780
- Trustee: A person or institution holding and administering property in trust.
As used in this Chapter, the following words and terms shall have the following meanings, unless the context clearly indicates or requires another or different meaning or intent:
(1) “Act” means this Correctional Facilities Corporation Act.
(2) “Annual appropriation dependency clause” shall mean a clause which shall be included in any lease-purchase financing document or custody agreement which provides that after a diligent and good faith effort by the state to appropriate funds for the payment of sums due under a lease-purchase financing agreement or custody agreement, such funds are not appropriated, such lease-purchase agreement or custody agreement shall terminate and the state shall not be liable for the payment of further sums due on such agreements past the then current budget year.
(3) “Bonds” means bonds, notes, or any other evidences of indebtedness issued by the corporation.
(4) “Certificates” means certificates of participation executed and delivered by a trustee evidencing ownership interests in any lease entered into by the state, as lessee, and the corporation, as lessor.
(5) “Corporation” means the nonprofit corporation authorized to be formed by this Chapter, or any corporation succeeding to the principal functions thereof or to which the powers conferred upon the corporation by this Chapter shall be given by law.
(6) “Correctional facilities” mean prisons, penitentiaries, jails, reformatories, community rehabilitation centers, drug addiction and treatment centers, diagnostic and treatment centers, penal farms, prison camps, juvenile detention homes, reception centers, diagnostic and training institutions and schools, work-release facilities, correctional centers, and detention centers.
(7) “Division of Administration” means the Division of Administration created within the office of the governor by Title 39 of the Louisiana Revised Statutes.
(8) “Lease-purchase financing” is the financing and acquisition of property by a person pursuant to an arrangement under which such person acquires title to property and enters into a lease-purchase agreement with the state providing for the leasing of the property by such person to the state and the acquisition by the state at the end of the lease period of title to the property. For the purposes of this Chapter, the term lease-purchase financing shall also mean any service agreement between a person and the state providing for the acquisition, lease, custody of prisoners, or other form of operation of newly constructed correctional facilities as may be provided in such agreement, provided that all policy and criteria matters for management shall be determined by the state.
(9) “Project” means the financing of a correctional facility by the state, to be financed with funds provided in whole or in part pursuant to this Chapter.
(10) “State” means the state of Louisiana or any agency or instrumentality thereof.
Acts 1985, No. 893, §1, eff. July 23, 1985.