Terms Used In Louisiana Revised Statutes > Title 3 > Chapter 3-B - Louisiana Agricultural Finance Act

• Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:2031
• Actuarial equivalent: shall mean a benefit of equivalent value to the accumulated contributions, annuity, or benefits, as the case may be, computed on the basis of such mortality and interest tables as shall be adopted by the board of trustees in accordance with the provisions of Louisiana Revised Statutes 11:1902
• Actuarial equivalent: shall mean a benefit of equal value when computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:2031
• actuary: means the actuary for this retirement system. See Louisiana Revised Statutes 11:2022
• Affected waters: means any waters of the state in which the levels of pesticides pose a threat or a reasonable expectation of a threat to human health or to the environment. See Louisiana Revised Statutes 3:3302
• Agribusiness: means a person, other than an agricultural producer, who engages in agriculture or provides support activities, products, or services to an agricultural producer and such products or services that are directly related to the planting, growing, production, or harvesting of crops and livestock. See Louisiana Revised Statutes 3:263
• Agricultural loan: means a loan made to any person for the purpose of financing: land acquisition or improvement for agricultural or agribusiness purposes; conversion to aquacultural production; soil conservation; construction of levees and ponds; irrigation; water well drilling; construction, renovation, or expansion of buildings and facilities for agricultural or agribusiness purposes; purchase of farm fixtures, livestock, poultry, fish of any kind; crustaceans and mollusks; seeds; fertilizers; pesticides; feeds; agricultural or agribusiness machinery; equipment; containers or supplies employed in the production, cultivation, harvesting, storage, marketing, distribution, or export of agricultural products, or for the purpose of financing agricultural products. See Louisiana Revised Statutes 3:263
• Agricultural plant: means any facility which receives raw agricultural products for the purpose of rendering them suitable for wholesale or retail marketing. See Louisiana Revised Statutes 3:263
• Agricultural producer: means a person engaged in agriculture for the planting, growing, harvesting, or production of an agricultural product in its natural state and who primarily assumes the production and market risks associated with such activities. See Louisiana Revised Statutes 3:263
• Agricultural product: means any agronomic, aquacultural, floricultural, horticultural, maricultural, silvicultural, or viticultural crop, livestock, or product. See Louisiana Revised Statutes 3:263
• Agriculture: means the commercial planting, growing, harvesting, production, storage, processing, marketing, distribution, or export of any agricultural product, including but not limited to farm products, livestock and livestock products, poultry and poultry products, milk and dairy products, fruit and other horticultural products, and seafood and aquacultural products. See Louisiana Revised Statutes 3:263
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Annuity: shall mean payments for life derived from the accumulated contributions of a member. See Louisiana Revised Statutes 11:2031
• Applicant: means a person or place of business that makes a formal application for a license, permit, certification, registration, or certificate issued pursuant to this Title. See Louisiana Revised Statutes 3:1
• 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
• Aquaculture: means the commercial production, storage, processing, marketing, distribution, or export of any seafood including but not limited to catfish, trout, crustaceans, and mollusks. See Louisiana Revised Statutes 3:263
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authority: means the Louisiana Agricultural Finance Authority created by this Chapter. See Louisiana Revised Statutes 3:263
• Average compensation: shall mean the average annual earned compensation of an employee for any period of sixty successive or joined months of service as an employee during which earned compensation was the highest. See Louisiana Revised Statutes 11:2031
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: shall mean any person designated to receive a pension, an annuity, a retirement allowance or other benefit as provided by this Chapter. See Louisiana Revised Statutes 11:2031
• board of trustees: means the board of trustees of this system. See Louisiana Revised Statutes 11:1902
• Board of trustees: shall mean the board provided for in Louisiana Revised Statutes 11:2031
• Bonds: means the bonds, notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, warrants, commercial paper, or other obligations or evidences of indebtedness authorized to be issued by the Authority pursuant to the provisions of this Chapter. See Louisiana Revised Statutes 3:263
• Commissioner: means the Louisiana Commissioner of Agriculture and Forestry. See Louisiana Revised Statutes 3:263
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Creditable service: shall mean service for which credit is allowable as provided in Louisiana Revised Statutes 11:2031
• Department: means the Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:1
• Department: means the Louisiana Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:263
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Earnable compensation: shall mean the full rate of compensation that would be payable to the member (employee) if he worked the full working time. See Louisiana Revised Statutes 11:2031
• Employee: shall mean any registrar of voters of the state of Louisiana or any deputy or permanent employee of the office of registrar of voters in any parish of the state of Louisiana. See Louisiana Revised Statutes 11:2031
• Employer: means any parish in the state of Louisiana, except Orleans and East Baton Rouge Parishes, or the police jury or any other governing body of a parish which employs and pays persons serving the parish. See Louisiana Revised Statutes 11:1902
• Employer: shall mean the registrar of voters of any parish in the state of Louisiana, the state of Louisiana, or the police jury or any other governing body of a parish which employs and pays persons as registrars of voters. See Louisiana Revised Statutes 11:2031
• Ex officio: Literally, by virtue of one's office.
• Excess benefit: means the difference in the monthly benefit between the unrestricted benefit and the maximum benefit computed under this Chapter 5. See Louisiana Revised Statutes 11:2022
• Excess benefit participant: means any member whose retirement benefit as determined on the basis of all qualified plans of the employer without regard to the limitations of Section 415 of the Internal Revenue Code of the United States, as amended, and as set forth in the rules and regulations of this retirement system, would exceed the maximum benefit permitted under Section 415 of the United States Internal Revenue Code. See Louisiana Revised Statutes 11:2022
• Executor: A male person named in a will to carry out the decedent
• Federal government: means the United States of America and any agency or instrumentality, corporate or otherwise, of the United States of America. See Louisiana Revised Statutes 3:263
• Lending institution: means any bank, bank or trust company, federal land bank, production credit association, bank for cooperatives, building and loan association, homestead, insurance company, investment banker, mortgage banker or company, pension or retirement fund, savings bank or savings and loan association, small business investment company, credit union, or any other financial institution authorized to do business in Louisiana or operating under the supervision of any federal agency or any "Edge Act Corporation" or agreement corporation organized or operating pursuant to Section 25 of the Federal Reserve Act. See Louisiana Revised Statutes 3:263
• Livestock: means any animal except dogs and cats, bred, kept, maintained, raised, or used for profit, that is used in agriculture, aquaculture, agritourism, competition, recreation, or silviculture, or for other related purposes or used in the production of crops, animals, or plant or animal products for market. See Louisiana Revised Statutes 3:263
• Mariculture: means aquaculture which is practiced in brackish or saline water and includes hatchery breeding, spawning, transportation, implantation, propagation, growout, and harvesting of domesticated fish and other domesticated aquatic species. See Louisiana Revised Statutes 3:263
• Maximum benefit: means the retirement benefit a member, or the surviving spouse or minor child of a member, is entitled to receive from this retirement system determined in accordance with this Chapter in any month after giving effect to the limitations set forth in Section 415 of the United States Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system. See Louisiana Revised Statutes 11:2022
• Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
• Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in Louisiana Revised Statutes 11:2031
• Membership service: shall mean service as an employee while a member of this system. See Louisiana Revised Statutes 11:2031
• Minor child: means an unmarried child under the age of eighteen years who is: the issue of a marriage; the legally adopted child of a member of this system; the natural child of a female member of this system; the child of a male member of this system if a court of competent jurisdiction has made an order of filiation declaring the paternity of such a member for the child or if the father has formally acknowledged the child; or, who had a disability at the time of the member's death and who remains in such disability status. See Louisiana Revised Statutes 11:1902
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual or any legal or commercial entity, including a corporation, business trust, partnership, limited liability company, association, or joint venture. See Louisiana Revised Statutes 3:1
• Persons: means any individual, partnership, firm, corporation, company, cooperative, association, society, trust, limited liability company, or any other business unit or entity, including any state or federal agency. See Louisiana Revised Statutes 3:263
• Place of business: means a permanent location or a portion of a permanent location from which business, in a regulated profession or occupation, is transacted. See Louisiana Revised Statutes 3:1
• Prior service: shall mean service rendered prior to the date of the establishment of this retirement system for which credit is allowable as provided in Louisiana Revised Statutes 11:2031
• Rabbi Trust: means the trust created under this Part of Chapter 5 to provide the excess benefits under this plan to excess benefit participants. See Louisiana Revised Statutes 11:2022
• Regular interest: shall mean interest compounded annually at such a rate as shall be determined by the board of trustees in accordance with Louisiana Revised Statutes 11:2031
• Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2031
• Retirement allowance: shall mean the sum of the annuity and the pensions, or any optional benefit payable in lieu thereof. See Louisiana Revised Statutes 11:2031
• retirement system: means the Parochial Employees' Retirement System of Louisiana, established as of January 1, 1953, defined in Chapter 5, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1902
• Retirement system: shall mean the Registrars of Voters Employees' Retirement System as defined in Louisiana Revised Statutes 11:2031
• Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:2031
• State: means the state of Louisiana or any agency or instrumentality thereof. See Louisiana Revised Statutes 3:263
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Surviving spouse: means a legal spouse who was married to a member at the time of the member's death and for at least twelve months immediately prior thereto. See Louisiana Revised Statutes 11:1902
• Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
• 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.
• Unrestricted benefit: means the monthly retirement benefit a member, or the surviving spouse or minor child of a member, would have received under the terms of all qualified plans of this retirement system in any given month, except for the restrictions imposed by Section 415 of the Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system. See Louisiana Revised Statutes 11:2022
• Waters of the state: means both the surface and the underground waters within the state of Louisiana including all rivers, streams, lakes, ground waters, and all other water courses and waters within the confines of the state, and all bordering waters and the Gulf of Mexico. See Louisiana Revised Statutes 3:3302