Terms Used In Iowa Code > Chapter 257C - Advance Funding Authority

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Iowa advance funding authority created by this chapter. See Iowa Code 257C.3
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: means the governing board of the authority created in section 257C. See Iowa Code 257C.3
• Bonds: means bonds, notes and other obligations issued by the authority pursuant to this chapter. See Iowa Code 257C.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.
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Loan: means a deposit of property not accompanied by a transfer of title to the property. See Iowa Code 305B.2
• Notes: means notes, warrants, loan agreements, and all other forms of evidence of indebtedness now or hereafter authorized for schools. See Iowa Code 257C.3
• person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
• Property: means a tangible object, animate or inanimate, under a museum's care which has intrinsic historic, artistic, scientific, or cultural value. See Iowa Code 305B.2
• Quorum: The number of legislators that must be present to do business.
• School: includes each public school district as defined in chapter 274, area education agency as defined in chapter 273 and community college as defined in chapter 260C. See Iowa Code 257C.3
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• year: means twelve consecutive months. See Iowa Code 4.1