Terms Used In Texas Local Government Code Chapter 323 > Subchapter A - County Library

• Bequest: Property gifted by will.
• Contract: A legal written agreement that becomes binding when signed.
• Devise: To gift property by will.
• Donor: The person who makes a gift.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
• Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
• Property: means real and personal property. See Texas Government Code 311.005
• Week: means seven consecutive days. See Texas Government Code 311.005
• Year: means 12 consecutive months. See Texas Government Code 311.005