Terms Used In Rhode Island General Laws > Chapter 45-38.1 - Health and Educational Building Corporation

• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bonds: means bonds of the corporation issued under the provisions of this chapter, including refunding bonds, notwithstanding that the bonds may be secured by mortgage or the full faith and credit of the corporation or the full faith and credit of a participating institution for higher education or of a participating municipality or of a participating healthcare provider or any other lawfully pledged security of a participating educational institution or child daycare center or of a participating municipality or of a participating healthcare provider. See Rhode Island General Laws 45-38.1-3
• Borrower: means a student or a parent who has received or agreed to pay an education loan. See Rhode Island General Laws 45-38.1-3
• Child daycare center: means a child daycare center as defined in § 42-12. See Rhode Island General Laws 45-38.1-3
• Contract: A legal written agreement that becomes binding when signed.
• Cooperative hospital service organization: means a corporation created pursuant to chapter 6 of Title 7, which meets the requirements of Section 501(e) of the Internal Revenue Code of 1954, 26 U. See Rhode Island General Laws 45-38.1-3
• 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 Rhode Island health and educational building corporation created and established as a nonbusiness corporation, under and pursuant to chapter 6 of Title 7, as amended, and constituted and established as a public body corporate and agency of the state under § 45-38. See Rhode Island General Laws 45-38.1-3
• Corporation loans: means loans by the corporation to an educational institution or child daycare center for the purpose of funding education loans. See Rhode Island General Laws 45-38.1-3
• Default insurance: means insurance insuring education loans, corporation loans, or bonds or notes of the corporation against default. See Rhode Island General Laws 45-38.1-3
• Default reserve fund: means a fund established pursuant to a resolution of the corporation for the purpose of securing education loans, corporation loans, or bonds or notes of the corporation. See Rhode Island General Laws 45-38.1-3
• Devise: To gift property by will.
• Education loan: means a loan that is made by or on behalf of an educational institution or child daycare center from the proceeds of a corporation loan, to a student or parents of a student or both, to finance the student's attendance at the institution. See Rhode Island General Laws 45-38.1-3
• Educational institution: means :

  (i)  An educational institution or local education authority participating in the school housing aid program as described in chapter 7 of Title 16 situated within this state which, by virtue of law or charter, is a public or other nonprofit educational institution empowered to provide a program of education at the primary, secondary, or high school level, beyond the high school level, and which is accredited by a nationally recognized educational accrediting agency or association and awards a bachelor's or advance degree or provides a program of not less than two (2) years' duration that is accepted for full credit toward a bachelor's degree;

  (ii)  Any nonprofit corporation, business corporation, limited liability company, or partnership or limited partnership the shareholders or members or partners or limited partners of which are limited to those entities described in subsection (13)(i) hereof;

  (iii)  Any nonprofit corporation, business corporation, limited liability company, partnership, or limited partnership that is a party to a public-private partnership agreement at least one of the parties of which is described in subsection (13)(i) hereof;

  (iv)  Any museum in this state as defined by § 34-44. See Rhode Island General Laws 45-38.1-3

• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Healthcare provider: means :

  (i)  Any nonprofit hospital incorporated under the laws of the state, including any nonprofit subsidiary corporations formed by any hospital or formed by the parent corporation of the hospital;

  (ii)  Any nonprofit corporation, the member or members of which consist solely of one or more hospitals or their parent corporations;

  (iii)  Any other hospital that is licensed as a general hospital or maternity hospital pursuant to chapter 17 of Title 23 that is exempt from taxation;

  (iv)  Any nonprofit group health association;

  (v)  Any cooperative hospital service organization, or any nonprofit corporation that is licensed as a skilled nursing and/or intermediate care facility pursuant to chapter 17 of Title 23, including any nonprofit subsidiary corporation formed by any of the foregoing skilled nursing and/or intermediate care facilities, or any nonprofit corporation eligible to receive funding, pursuant to chapter 8. See Rhode Island General Laws 45-38.1-3

• 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}
• 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.
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: means any city or town located in the state with powers set forth in this title. See Rhode Island General Laws 45-38.1-3
• Nonprofit group health association: means an association or a corporation established by an act of the general assembly, or created pursuant to chapter 6 of Title 7, to provide all or any part of a project or property to the citizens of this state. See Rhode Island General Laws 45-38.1-3
• Note: means a written promise to pay, including, but not limited to, capital notes and revenue anticipation notes. See Rhode Island General Laws 45-38.1-3
• Oath: A promise to tell the truth.
• oath: includes affirmation; the word "sworn" includes affirmed; and the word "engaged" includes either sworn or affirmed. See Rhode Island General Laws 43-3-11
• 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.
• Parent: means any parent, legal guardian, or sponsor of the student at an educational institution or child daycare center. See Rhode Island General Laws 45-38.1-3
• Participating educational institution: means an educational institution or child daycare center which, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project, or undertakes the refunding or refinancing of obligations or of a mortgage or of advances or undertakes the financing, directly or indirectly, of education loans, all as provided in and permitted by this chapter. See Rhode Island General Laws 45-38.1-3
• Participating healthcare provider: means a healthcare provider that, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage or of advances as provided in and permitted by this chapter. See Rhode Island General Laws 45-38.1-3
• Participating municipality: means a municipality that, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage or of advances as provided in and permitted by this chapter. See Rhode Island General Laws 45-38.1-3
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Public-private partnership agreement: means an arrangement or agreement pursuant to which a nonprofit corporation, business corporation, limited liability company, partnership, or limited partnership undertakes or develops a project for an educational institution, municipality, or a healthcare provider including, but not limited to, a lease arrangement, wherein pursuant to such arrangement or agreement at the conclusion of such arrangement or agreement the ownership of the bond-financed or note-financed project is transferred to the educational institution, municipality, or healthcare provider for no additional consideration. See Rhode Island General Laws 45-38.1-3
• Quorum: The number of legislators that must be present to do business.
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Recreational facility: means a system of public recreation established by § 32-3-2. See Rhode Island General Laws 45-38.1-3
• School housing project: means an "approved project" as defined in § 16-7-36. See Rhode Island General Laws 45-38.1-3
• School housing project financing: means bonds issued through the corporation to fund school housing projects as provided in and permitted by § 16-7-44. See Rhode Island General Laws 45-38.1-3
• seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
• State: means the state of Rhode Island. See Rhode Island General Laws 45-38.1-3
• State reimbursement: shall mean the state's share of school housing project cost as determined in accordance with § 16-7-35 — § 16-7-47. See Rhode Island General Laws 45-38.1-3
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8