Terms Used In Montana Code > Title 20 > Chapter 9 > Part 6 - Public School Fund and Grants to Schools

• 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
• BASE: means base amount for school equity. See Montana Code 20-9-306
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• district: means the territory, regardless of county boundaries, organized under the provisions of this title to provide public educational services under the jurisdiction of the trustees prescribed by this title. See Montana Code 20-6-101
• Donor: The person who makes a gift.
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• 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 a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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}
• Legacy: A gift of property made by will.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• nonbudgeted fund: means any fund for which a budget is not required in order to expend money on deposit in the fund. See Montana Code 20-9-201
• Principal: means a person who holds a valid class 3 Montana teacher certificate with an applicable principal's endorsement that has been issued by the superintendent of public instruction under the provisions of this title and the policies adopted by the board of public education and who has been employed by a district as a principal. See Montana Code 20-1-101
• Property: means real and personal property. See Montana Code 1-1-205
• school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• state equalization aid: means revenue as required in this section for distribution to the public schools for guaranteed tax base aid, BASE aid, and state debt service assistance. See Montana Code 20-9-343
• Superintendent of public instruction: means that state government official designated as a member of the executive branch by the Montana constitution. See Montana Code 20-1-101
• System: means the Montana university system. See Montana Code 20-1-101
• Testator: A male person who leaves a will at death.
• Trustees: means the governing board of a district. See Montana Code 20-1-101
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201