§ 16-25D-1 Short title
§ 16-25D-2 Legislative findings
§ 16-25D-3 Definitions
§ 16-25D-4 Education Retirees’ Trust Fund
§ 16-25D-5 Liability, immunity, and indemnification of trustees
§ 16-25D-6 Board of control
§ 16-25D-7 Source of funding; use of assets; amendment or modification of trust fund; tax exemption; annual financial statements
§ 16-25D-8 Investment of funds; operation of trust fund
§ 16-25D-9 Construction of article

Terms Used In Alabama Code > Title 16 > Chapter 25D - Education Retirees' Trust Fund Funding Act of 2021

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • articles: The articles of incorporation or articles of reincorporation of an authority. See Alabama Code 11-86A-1
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • authority: A public corporation incorporated or reincorporated pursuant to the provisions of this chapter. See Alabama Code 11-86A-1
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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 OF DIRECTORS: The board of directors of an authority. See Alabama Code 11-86A-1
  • 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 OF INCORPORATION: The county in which an authority has been or is proposed to be incorporated or reincorporated. See Alabama Code 11-86A-1
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • directors: The members of the board of directors. See Alabama Code 11-86A-1
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • incorporators: The natural persons filing a written application for the incorporation or reincorporation of an authority pursuant to this chapter. See Alabama Code 11-86A-1
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • municipality: Any municipal corporation wholly or partially within the county of incorporation. See Alabama Code 11-86A-1
  • PARTICIPATING MUNICIPALITY: Any municipality named in the articles that elects to participate in the incorporation or reincorporation of the authority. See Alabama Code 11-86A-1
  • person: Unless limited to a natural person by the context in which it is used, any person, including, without limitation, a private firm, a private association, a corporation, and a public person. See Alabama Code 11-86A-1
  • Personal property: All property that is not real property.
  • personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 1-1-1
  • PROBATE JUDGE: The judge of probate of the county of incorporation of an authority. See Alabama Code 11-86A-1
  • project: Any land and any buildings or other improvements thereon, and all real, personal, and mixed properties deemed by an authority to be necessary or appropriate in connection therewith, whether or not now in existence, which shall be suitable for park or recreation purposes. See Alabama Code 11-86A-1
  • PUBLIC PERSON: The state and any county, municipal corporation, public corporation, agency, subdivision thereof, instrumentality thereof, or similar person. See Alabama Code 11-86A-1
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.