Terms Used In Rhode Island General Laws > Chapter 42-113 - Rhode Island Housing and Conservation Trust Fund Act

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Bequest: Property gifted by will.
• Board: means the Rhode Island housing and conservation board established by this chapter. See Rhode Island General Laws 42-113-3
• 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.
• Devise: To gift property by will.
• Eligible activity: means any activity which will carry out either or both of the dual purposes of creating and sustaining low and moderate income housing and conserving and protecting important Rhode Island lands, including activities which will encourage or assist:

  (i)  The preservation, rehabilitation, or development of residential dwelling units which are affordable to lower income Rhode Islanders;

  (ii)  The protection of important wildlife habitat and important natural areas;

  (iii)  The preservation of historic properties of resources;

  (iv)  The protection of areas suited for outdoor public recreational activity;

  (v)  The retention of agricultural land for agricultural use; and

  (vi)  The development of capacity on the part of an eligible applicant to engage in an eligible activity. See Rhode Island General Laws 42-113-3

• Eligible applicant: means any municipality or department of state government of the state, nonprofit organization qualifying under Rhode Island General Laws 42-113-3
• 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 Rhode Island housing and conservation trust fund established by this chapter. See Rhode Island General Laws 42-113-3
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Lower income: means households whose incomes do not exceed sixty percent (60%) of the median family income by family size for the area of the state in which the family lives as determined annually by the U. See Rhode Island General Laws 42-113-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8