Terms Used In Indiana Code > Title 2 > Article 5 > Chapter 1.3 - Interim Study Committees

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Budget director: refers to the director of the budget agency established under IC 4-12-1. See Indiana Code 4-10-18-1
• Bureau: means the Bureau of Economic Analysis of the United States Department of Commerce or its successor agency. See Indiana Code 4-10-18-1
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
• commission: refers to the Indiana motorsports commission created under Indiana Code 4-10-23-2
• 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.
• Costs: means the cost of construction, equipment, land, property rights (including leasehold interests), easements, franchises, leases, financing charges, interest costs during and for a reasonable period after construction, architectural, engineering, legal, and other consulting or advisory services, plans, specifications, surveys, cost estimates, and other costs or expenses necessary or incident to the acquisition, development, construction, financing, and operating of an economic growth initiative. See Indiana Code 4-10-18-1
• credit: refers to a credit provided to the owner or owners of the qualified motorsports facility for the preceding state fiscal year under section 12 of this chapter. See Indiana Code 4-10-23-3
• Current calendar year: means a calendar year during which a transfer to or from the fund is initially determined under sections 4 and 5 of this chapter. See Indiana Code 4-10-18-1
• Current reporting period: means the most recent reporting period for which the following information is published by the bureau:

  Indiana Code 4-10-18-1

• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• district: refers to a motorsports investment district established under Indiana Code 4-10-23-4
• Economic growth initiative: means :

  Indiana Code 4-10-18-1

• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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 counter-cyclical revenue and economic stabilization fund established under this chapter. See Indiana Code 4-10-18-1
• General fund revenue: means all general purpose tax revenue and other unrestricted general purpose revenue of the state, including federal revenue sharing monies, credited to the state general fund and from which appropriations may be made. See Indiana Code 4-10-18-1
• gross retail base period amount: means the aggregate amount of state gross retail and use taxes remitted under Indiana Code 4-10-23-5
• gross retail incremental amount: means the remainder of:

  Indiana Code 4-10-23-6

• Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
• Implicit price deflator for the gross domestic product: means the implicit price deflator for the gross domestic product, or its closest equivalent, which is available from the bureau. See Indiana Code 4-10-18-1
• income tax base period amount: means the aggregate amount of state adjusted gross income taxes paid or remitted by or on behalf of a taxpayer during the calendar year of 2012 with respect to income earned or attributable to the taxpayer's activities in the district. See Indiana Code 4-10-23-7
• income tax incremental amount: means the remainder of:

  Indiana Code 4-10-23-8

• 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}
• interim: refers to the following:

  Indiana Code 2-5-1.3-1

• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Minority leader: See Floor Leaders
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Political subdivision: has the meaning set forth in IC 36-1-2-13. See Indiana Code 4-10-18-1
• Population: has the meaning set forth in Ind. See Indiana Code 1-1-4-5
• President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Qualified economic growth initiative: means an economic growth initiative that is:

  Indiana Code 4-10-18-1

• qualified motorsports facility: has the meaning set forth in Indiana Code 4-10-23-9
• 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.
• Reporting period: refers to a period of twelve (12) consecutive months. See Indiana Code 4-10-18-1
• 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.
• standing committee: means the following:

  Indiana Code 2-5-1.3-2

• State personal income: means state personal income as that term is defined by the bureau. See Indiana Code 4-10-18-1
• state spending cap: refers to the state spending cap determined under section 2 of this chapter. See Indiana Code 4-10-21-1
• Statute: A law passed by a legislature.
• study committee: means an interim study committee established by section 4 of this chapter. See Indiana Code 2-5-1.3-3
• Transfer payments: means current personal transfer receipts as that term is defined by the bureau. See Indiana Code 4-10-18-1
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5