Terms Used In West Virginia Code > Chapter 19 > Article 23 > Part VI - Pari-Mutuel System of Wagering Authorized; Commissions Deducted From Pari-Mutuel Pools

• 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.
• Amortization: Paying off a loan by regular installments.
• Authority: means the Tobacco Settlement Finance Authority created in this article. See West Virginia Code 4-11A-7
• 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.
• Dog racing: means any type of dog racing, including, but not limited to, greyhound racing. See West Virginia Code 19-23-3
• 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 West Virginia Thoroughbred Development Fund established in section thirteen-b of this article. See West Virginia Code 19-23-3
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Licensee: means any racing association holding a license required by the provisions of section one of this article and issued under the provisions of this article. See West Virginia Code 19-23-3
• 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.
• Pari-mutuel: means a mutuel or collective pool that can be divided among those who have contributed their wagers to one central agency, the odds to be reckoned in accordance to the collective amounts wagered upon each contestant running in a horse or dog race upon which the pool is made, but the total to be divided among the first three contestants on the basis of the number of wagers on these. See West Virginia Code 19-23-3
• Permit: means the permit required by the provisions of section two of this article. See West Virginia Code 19-23-3
• Purse: means any purse, stake or award for which a horse or dog race is run. See West Virginia Code 19-23-3
• Racing commission: means the West Virginia Racing Commission. See West Virginia Code 19-23-3
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• To the dime: means that wagers shall be figured and paid to the dime. See West Virginia Code 19-23-3
• Town: includes a city, village or town, and the word "council" any body or board, whether composed of one or more branches, which is authorized to make ordinances for the government of a city, town, or village. See West Virginia Code 2-2-10