Terms Used In Rhode Island General Laws > Chapter 45-67 - Block Island Utility District Act of 2017

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• BIPCo: means the Block Island Power Company. See Rhode Island General Laws 45-67-2
• BIPCo assets: means that real property, personal property, rights in any real and personal property, facilities, equipment, contract rights, statutory rights and privileges, franchises and other tangible or intangible property of any kind owned by BIPCo. See Rhode Island General Laws 45-67-2
• BIPCo debt obligations: means the obligations represented by and inherent in any debt incurred by BIPCo for the purpose of financing any aspect of its electric system or operations, which obligations remain outstanding in any part as of the date when BIPCo ceases to be an electric utility pursuant to § 45-67-8(1). See Rhode Island General Laws 45-67-2
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Qualified elector: means any person whose name appears on an active account with the utility district and who is designated by the account holder to be the qualified elector. See Rhode Island General Laws 45-67-2
• 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.
• seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
• Utility district: means the Block Island utility district, a quasi-municipal corporation, having a distinct legal existence from the state, established and empowered by this chapter to:

  (i)  Fulfill electric utility functions, powers, rights, and obligations;

  (ii)  Exercise certain powers as an electric distribution company and power producer; and

  (iii)  Provide additional utility services not inconsistent with the duties, powers and obligations of the utility district as defined in this section. See Rhode Island General Laws 45-67-2

• Utility service area: means that geographic area comprising New Shoreham, Rhode Island. See Rhode Island General Laws 45-67-2