Terms Used In Delaware Code > Title 22 > Chapter 8 > Subchapter I - General Provisions

• Authority: means a body politic and corporate created pursuant to this chapter. See Delaware Code Title 22 Sec. 502
• Board: means the governing body of the authority. See Delaware Code Title 22 Sec. 502
• Bonds: means and includes the notes, bonds and other evidence of indebtedness or obligations which the authority is authorized to issue pursuant to § 504 of this title. See Delaware Code Title 22 Sec. 502
• City: means incorporated city or town. See Delaware Code Title 22 Sec. 502
• 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.
• facilities: means lot or lots, buildings and structures above, at or below the surface of the earth, including equipment, entrances, exits, fencing and all other accessories necessary or desirable for the safety and convenience of the parking of vehicles. See Delaware Code Title 22 Sec. 502
• 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.
• Municipal corporation: includes all cities, towns and villages created before or after December 28, 1961, under any general or special law of this State for general governmental purposes which possess legislative, administrative and police powers for the general exercise of municipal functions and which carry on such functions through a set of elected and other officials. See Delaware Code Title 22 Sec. 801
• Municipality: means any county, incorporated city or incorporated town of this State. See Delaware Code Title 22 Sec. 502
• 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.
• Persons: means and includes natural persons. See Delaware Code Title 22 Sec. 502
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Project: means any structure, facility or undertaking which the authority is authorized to acquire, construct, improve, maintain or operate under this chapter. See Delaware Code Title 22 Sec. 502
• Quorum: The number of legislators that must be present to do business.
• State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
• Statute: A law passed by a legislature.
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302