Terms Used In Kansas Statutes > Chapter 76 > Article 6a - Student Union and Other Buildings

• Amortization: Paying off a loan by regular installments.
• Appraisal: A determination of property value.
• 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
• Board: means the state board of regents. See Kansas Statutes 76-6a01
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fairmount Towers: shall mean the property consisting of:

  (1) The real property which is located in the city of Wichita, county of Sedgwick and state of Kansas and which is described as follows:

  Parcel 1: Lots 1 and 2, Campus Addition

  Parcel 2: Lot 1, Campus 2nd Addition

  Parcel 3: East one hundred forty (140) feet of Lot 55, Hillside Garden Subdivision; and

  (2) the buildings and improvements located on the real property described in subsection (1) above; and

  (3) all fixtures, facilities, machinery, apparatus, installations, furniture, equipment and other property, whether real, personal or mixed, located on or in the property described in subsections (1) and (2) above and used in connection with or on the property described in subsections (1) and (2) above, including all consumable personal property and inventories. See Kansas Statutes 76-6a31

• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Institution: means and includes:

  (1) Any state educational institution operated and managed under the control and supervision of the state board of regents;

  (2) any municipal university organized under the laws of Kansas;

  (3) any community college;

  (4) northwest Kansas technical college or Fort Hays state university - northwest Kansas technical college upon approval of a formal affiliation agreement pursuant to Kan. See Kansas Statutes 76-6a13

• institutions: means and includes the university of Kansas, university of Kansas school of medicine, Kansas state university of agriculture and applied science, Wichita state university, Emporia state university, Fort Hays state university, and Pittsburg state university, together with all other state institutions of learning now or hereafter under the control and supervision of the board. See Kansas Statutes 76-6a01
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Net income and revenue: means the income arising from the operation of a building remaining after providing for the costs of operation of such building and the costs of maintenance thereof. See Kansas Statutes 76-6a13
• 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.
• Property: includes personal and real property. See Kansas Statutes 77-201
• real property: include lands, tenements and hereditaments, and all rights to them and interest in them, equitable as well as legal. See Kansas Statutes 77-201
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Revenue bonds: means bonds issued by a board under authority of Kan. See Kansas Statutes 76-6a13
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
• Student dormitory: means a building erected for, and used solely as, a place for housing and boarding students and other purposes incidental thereto. See Kansas Statutes 76-6a01
• Student union building: means a building and related parking area constructed for, and used solely as, a recreational center for students, boarding students and other purposes incidental thereto. See Kansas Statutes 76-6a01