Louisiana Revised Statutes 39:1800.22 – Definitions
Terms Used In Louisiana Revised Statutes 39:1800.22
- 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 evidence of indebtedness issued by the corporation. See Louisiana Revised Statutes 39:1800.22
- Center of excellence: means a community college or vocational technical facility which provides customized education and training programs for targeted industries that drive Louisiana's economy. See Louisiana Revised Statutes 39:1800.22
- Certificates: means certificates of participation executed and delivered by a trustee evidencing ownership interests in any lease entered into by the state or the system, as lessee, and the corporation, as lessor. See Louisiana Revised Statutes 39:1800.22
- 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 public 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 39:1800.22
- Division of administration: means the division of administration created within the office of the governor by Title 39 of the Louisiana Revised Statutes of 1950. See Louisiana Revised Statutes 39:1800.22
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- 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
- Lease-purchase financing: means the financing and acquisition of property by a corporation pursuant to an arrangement under which such corporation acquires title to property and enters into a lease-purchase agreement with the state providing for the leasing of the property by such corporation to the state and acquisition by the state at the end of the lease period of title to the property. See Louisiana Revised Statutes 39:1800.22
- Project: means the planning, acquisition, purchase, construction, renovation, improvement, equipping, or expansion of a public facility by the corporation, provided that no more than fifty percent of the total project cost shall be financed with funds provided through bonds issued pursuant to this Chapter. See Louisiana Revised Statutes 39:1800.22
- System: means the Louisiana Community and Technical College System. See Louisiana Revised Statutes 39:1800.22
- 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) “Annual appropriation dependency clause” shall mean a clause which shall be included in any lease-purchase financing document which provides that if, 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, such funds are not appropriated, such lease-purchase agreement shall terminate in accordance with the terms of the lease-purchasing financing agreement, and the state shall not be liable for the payment of further sums due on such agreements past the then current fiscal year, provided possession of the project is returned to the corporation. Such lease-purchase financing document shall further provide that in the event of an inability to appropriate sufficient funds such inability shall not constitute a default under such agreement.
(2) “Bonds” means bonds, notes, or any other evidence of indebtedness issued by the corporation.
(3) “Center of excellence” means a community college or vocational technical facility which provides customized education and training programs for targeted industries that drive Louisiana’s economy.
(4) “Certificates” means certificates of participation executed and delivered by a trustee evidencing ownership interests in any lease entered into by the state or the system, as lessee, and the corporation, as lessor.
(5) “Corporation” means the public 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) “Division of administration” means the division of administration created within the office of the governor by Title 39 of the Louisiana Revised Statutes of 1950.
(7) “Lease-purchase financing” means the financing and acquisition of property by a corporation pursuant to an arrangement under which such corporation acquires title to property and enters into a lease-purchase agreement with the state providing for the leasing of the property by such corporation to the state and acquisition by the state at the end of the lease period of title to the property.
(8) “Project” means the planning, acquisition, purchase, construction, renovation, improvement, equipping, or expansion of a public facility by the corporation, provided that no more than fifty percent of the total project cost shall be financed with funds provided through bonds issued pursuant to this Chapter. At least fifty percent of the total cost of each project shall be from contributions by private sources through donations of cash, immovable property, or equipment, or a combination thereof, or from contributions by parishes, municipalities, or their agencies or instrumentalities.
(9) “Public facilities” means buildings, parking garages, and related facilities used or to be used as a center of excellence for students, faculty and staff of the Louisiana Community and Technical College System, and all land, buildings and movable or immovable equipment incorporated therein and relating thereto.
(10) “System” means the Louisiana Community and Technical College System.
Acts 2010, No. 556, §1.