Terms Used In West Virginia Code > Chapter 8 > Article 27 > Part VI - Development of System; Financing Thereof

• Authority: means any urban mass transportation authority created pursuant to the provisions of this article. See West Virginia Code 8-27-3
• 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.
• County court: includes any existing tribunal created in lieu of a county commission. See West Virginia Code 2-2-10
• Facilities and equipment: means all real and personal property of every kind and character owned or held by any urban mass transportation system for the purpose of providing transportation by bus or rail or other conveyance serving the public. See West Virginia Code 8-27-3
• 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}
• Person: shall mean any individual, firm, partnership, corporation, company, association, joint-stock association, or any other entity or organization of whatever character or description. See West Virginia Code 8-1-2
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Project: means any undertaking of an authority. See West Virginia Code 8-27-3
• Revenues: means the gross receipts derived directly or indirectly from or in connection with the operation by an authority of any urban mass transportation system or systems and shall include, without limitation, all fees, rates, fares, rentals or other income actually received or receivable by or for the account of an authority from the operation of the system, and any other receipts from whatever source derived. See West Virginia Code 8-27-3
• Service area of the authority: means and includes an area commensurate with the area served by an existing system or systems acquired or to be acquired by an authority, or if there be no existing system, the area shall extend to and include an area to be defined by the authority. See West Virginia Code 8-27-3
• 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
• System: means any urban mass transportation system. See West Virginia Code 8-27-3
• Trust indenture: means a security instrument entered into by an authority pursuant to which bonds or notes are issued. See West Virginia Code 8-27-3
• Trustee: A person or institution holding and administering property in trust.