Terms Used In Virginia Code > Title 59.1 > Chapter 17.8 - Automatic Renewal Offers and Continuous Service Offers

• Appraisal: A determination of property value.
• Authority: means the Virginia Passenger Rail Authority. See Virginia Code 33.2-287
• Automatic renewal: means a plan or arrangement in which a paid subscription or purchasing agreement is automatically renewed at the end of a definite term for a subsequent term of more than one month. See Virginia Code 59.1-207.45
• Automatic renewal offer terms: means the following clear and conspicuous disclosures:

  1. See Virginia Code 59.1-207.45

• Board: means the Board of Directors of the Authority. See Virginia Code 33.2-287
• Bonds: means the revenue notes, bonds, certificates, and other evidences of indebtedness or obligations of the Authority. See Virginia Code 33.2-287
• Consumer: means (i) any individual who seeks or acquires, by purchase or lease, any goods, services, money, or credit for personal, family, or household purposes or (ii) any small business that seeks or acquires, by purchase or lease, any goods, services, money, or credit for business purposes. See Virginia Code 59.1-207.45
• Continuous service: means a plan or arrangement in which a subscription or purchasing agreement continues until the consumer cancels the service. See Virginia Code 59.1-207.45
• 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.
• Cost: means , as applied to rail facilities, (i) the cost of construction; (ii) the cost of acquisition of all lands, structures, fixtures, rights-of-way, franchises, easements, and other property rights and interests; (iii) the cost of demolishing, removing, or relocating any buildings, structures, or fixtures on lands acquired, including the cost of acquiring any lands to which such buildings, structures, or fixtures may be moved or relocated; (iv) the cost of all labor, materials, machinery, and equipment; (v) financing charges and interest on all bonds prior to and during construction and for one year after completion of construction; (vi) the cost of engineering, financial, and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, and other expenses incidental to determining the feasibility of acquiring, constructing, operating, or maintaining rail facilities; (vii) administrative expenses, provisions for working capital, and reserves for interest and for extensions, enlargements, additions, and improvements; and (viii) such other expenses as may be necessary or incidental to the acquisition, construction, financing, operations, and maintenance of rail facilities. See Virginia Code 33.2-287
• Department: means the Department of Rail and Public Transportation. See Virginia Code 33.2-287
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Highway: means the entire width between the boundary lines of every way or place open to the use of the public for purposes of vehicular travel in the Commonwealth. See Virginia Code 33.2-100
• Maintenance: means (i) ordinary maintenance; (ii) maintenance replacement; (iii) operations that include traffic signal synchronization, incident management, and other intelligent transportation system functions; and (iv) any other categories of maintenance that may be designated by the Commissioner of Highways. See Virginia Code 33.2-100
• Municipality: has the meaning assigned to it in § 1-224. See Virginia Code 33.2-100
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• 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.
• Rail facilities: includes all property or interests necessary or convenient for the acquiring, providing, using, equipping, or maintaining of a rail facility or system, including right-of-way, trackwork, train controls, stations, and maintenance facilities. See Virginia Code 33.2-287
• Secretary: means the Secretary of Transportation. See Virginia Code 33.2-100
• Small business: means a business that is at least 51 percent independently owned and controlled by one or more individuals, or in the case of a cooperative association organized pursuant to Virginia Code 59.1-207.45
• State: includes District of Columbia;

  (f) "Transit facilities" means all real and personal property located in the Zone, necessary or useful in rendering transit service between points within the Zone, by means of rail, bus, water or air and any other mode of travel, including, without limitation, tracks, rights-of-way, bridges, tunnels, subways, rolling stock for rail, motor vehicle, marine and air transportation, stations, terminals and ports, areas for parking and all equipment, fixtures, buildings and structures and services incidental to or required in connection with the performance of transit service;

  (g) "Transit services" means the transportation of persons and their packages and baggage by means of transit facilities between points within the Zone including the transportation of newspapers, express and mail between such points, and charter service which originates within the Zone but does not include taxicab service or individual-ticket-sales sightseeing operations;

  (h) "Transit Zone" or "Zone" means the Washington Metropolitan Area Transit Zone created and described in Section 3 as well as any additional area that may be added pursuant to Section 83(a) of this Compact; and

  (i) "WMATC" means Washington Metropolitan Area Transit Commission. See Virginia Code 33.2-3100

• Trustee: A person or institution holding and administering property in trust.