Terms Used In West Virginia Code > Chapter 31 > Article 21 > Part IV - State Certified Sites Program

• Actuarial cost method: means a method for determining the actuarial present value of the obligations and administrative expenses of the fund and for developing an actuarially equivalent allocation of the value to time periods, usually in the form of a normal cost and a total other post-employment benefits liability. See West Virginia Code 5-16D-1
• Actuarial valuation: means the determination, as of a valuation date, of the normal cost, total other post-employment benefits liability, actuarial value of assets, and related actuarial present values for the fund. See West Virginia Code 5-16D-1
• Administrative expenses: means all expenses incurred in the operation of the fund, including all investment expenses. See West Virginia Code 5-16D-1
• Agreement: means any agreement being entered into between the nonprofit corporation and a business, corporation, private party or local or state government. See West Virginia Code 31-21-2
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Audit: means a systematic examination and collection of sufficient, competent evidential matter needed for an Auditor to attest to the fairness of management'. See West Virginia Code 5-16C-2
• Board: means the Public Employees Insurance Agency Finance Board created in §. See West Virginia Code 5-16D-1
• board: means the board of directors of the corporation to be appointed under the provisions of section six of this article. See West Virginia Code 31-21-2
• Certified sites: means those sites that are developable properties that have been prequalified as having proper land use designation, utilities, transportation improvements, availability, and pricing. See West Virginia Code 31-21-2
• Collective net other post-employment benefits liability: means for any actuarial valuation, the excess of the plan&rsquo. See West Virginia Code 5-16D-1
• Contract: A legal written agreement that becomes binding when signed.
• Corporate directors: means the members of the board of directors of the corporation. See West Virginia Code 31-21-2
• 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.
• Corporation: means the West Virginia Land Stewardship Corporation, a nonstock, nonprofit corporation to be established under the West Virginia Nonprofit Corporation Act, article two, chapter . See West Virginia Code 31-21-2
• Covered health care expenses: means all actual health care expenses paid by the health plan on behalf of fund beneficiaries. See West Virginia Code 5-16D-1
• Deed: The legal instrument used to transfer title in real property from one person to another.
• DEP: means the West Virginia Department of Environmental Protection or any successor agency. See West Virginia Code 31-21-2
• Devise: To gift property by will.
• Director: means the director of the Public Employees Insurance Agency created under article sixteen of this chapter. See West Virginia Code 5-16C-2
• Employer: means any employer as defined by §. See West Virginia Code 5-16D-1
• Environmental acts: means the Surface Coal Mining and Reclamation Act set forth in article three, chapter . See West Virginia Code 31-21-2
• Finance board: means the Public Employees Insurance Agency finance board created in section four, article sixteen of this chapter. See West Virginia Code 5-16C-2
• 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.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fund: means the West Virginia Retiree Health Benefit Trust Fund established under this article. See West Virginia Code 5-16D-1
• Fund beneficiaries: means all persons receiving post-employment health care benefits through the health plan. See West Virginia Code 5-16D-1
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Health plan: means the health insurance plan or plans established under §. See West Virginia Code 5-16D-1
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Minimum annual employer payment: means the annual amount paid by employers which, when combined with the retirees&rsquo. See West Virginia Code 5-16D-1
• Nonprofit corporation: means a corporation established under the West Virginia Nonprofit Corporation Act, article two, chapter . See West Virginia Code 31-21-2
• Normal cost: means that portion of the actuarial present value of the fund obligations and expenses which is allocated to a valuation year by the actuarial cost method used for the fund. See West Virginia Code 5-16D-1
• Obligations: means the administrative expenses of the fund and the cost of covered health care expenses incurred on behalf of fund beneficiaries. See West Virginia Code 5-16D-1
• Personal property: All property that is not real property.
• personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
• Prescription drug purchasing agreement: means a written agreement to pool all parties'. See West Virginia Code 5-16C-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.
• real property: include lands, tenements and hereditaments, all rights thereto and interests therein, except chattel interests. See West Virginia Code 2-2-10
• Retiree: means retired employee as defined by §. See West Virginia Code 5-16D-1
• retiree post-employment health care benefits: means those benefits as addressed by governmental accounting standards board statement no. See West Virginia Code 5-16D-1
• 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
• Total other post-employment benefits liability: means that portion, as determined by a particular actuarial cost method, of the actuarial present value of fund obligations and administrative expenses which is not provided by future normal costs. See West Virginia Code 5-16D-1