Terms Used In U.S. Code > Title 42 > Chapter 77 > Subchapter I > Part B - Strategic Petroleum Reserve

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• 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 authority: Authority provided by law to enter into obligations that will result in outlays of Federal funds. Budget authority may be classified by the period of availability (one-year, multiyear, no-year), by the timing of congressional action (current or permanent), or by the manner of determining the amount available (definite or indefinite).
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• 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.
• importer: means any person who owns, at the first place of storage, any petroleum product imported into the United States. See 42 USC 6232
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
• international energy program: means the Agreement on an International Energy Program, signed by the United States on November 18, 1974, including (A) the annex entitled "Emergency Reserves" (B) any amendment to such Agreement which includes another nation as a party to such Agreement, and (C) any technical or clerical amendment to such Agreement. See 42 USC 6202
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• 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}
• 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.
• officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• person: includes (A) any individual, (B) any corporation, company, association, firm, partnership, society, trust, joint venture, or joint stock company, and (C) the government and any agency of the United States or any State or political subdivision thereof. See 42 USC 6202
• Personal property: All property that is not real property.
• petroleum product: means crude oil, residual fuel oil, or any refined petroleum product (including any natural liquid and any natural gas liquid product). See 42 USC 6202
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• refiner: means any person who owns, operates, or controls the operation of any refinery. See 42 USC 6232
• related facility: means any necessary appurtenance to a storage facility, including pipelines, roadways, reservoirs, and salt brine lines. See 42 USC 6232
• Reserve: means the Strategic Petroleum Reserve. See 42 USC 6232
• Secretary: means the Secretary of Energy. See 42 USC 6202
• severe energy supply interruption: means a national energy supply shortage which the President determines&mdash. See 42 USC 6202
• State: means a State, the District of Columbia, Puerto Rico, the Trust Territory of the Pacific Islands, or any territory or possession of the United States. See 42 USC 6202
• Statute: A law passed by a legislature.
• storage facility: means any facility or geological formation which is capable of storing significant quantities of petroleum products. See 42 USC 6232
• Strategic Petroleum Reserve: means petroleum products stored in storage facilities pursuant to this part. See 42 USC 6232
• United States: when used in the geographical sense means all of the States and the Outer Continental Shelf. See 42 USC 6202