Alabama Code > Title 41 > Chapter 9 > Article 3 – Council On the Arts
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Terms Used In Alabama Code > Title 41 > Chapter 9 > Article 3 - Council On the Arts
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.