Terms Used In California Codes > Public Utilities Code > Division 1 > Part 2 > Chapter 2.5 - Public Water System Investment and Consolidation Act of 1997

• Commission: means the Public Utilities Commission created by §. See California Public Utilities Code 20
• 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: includes city and county. See California Water Code 14
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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}
• State: means the State of California, unless applied to the different parts of the United States. See California Public Utilities Code 17