Terms Used In Louisiana Revised Statutes > Title 2 > Chapter 7 - Airport Construction and Development Priority Program

• Actuarial Equivalent: shall mean a benefit of equal value to the accumulated contributions, annuity or benefit as the case may be, when computed upon the basis of such mortality tables as shall be adopted by the Board of Trustees and regular interest. See Louisiana Revised Statutes 11:3002
• Airport authority: means the owner of any airport or landing field, or the governing authority of any airport district. See Louisiana Revised Statutes 2:801
• Airport construction or development priority program: means the priority list of projects submitted by the department and approved by the joint committee pursuant to this Chapter. See Louisiana Revised Statutes 2:801
• Average salary: shall mean the average annual earnable rate of salary of a member for the thirty-six highest consecutive months during the total service of the member. See Louisiana Revised Statutes 11:3033
• Beneficiary: shall mean any person designated to receive a retirement allowance, an annuity or other benefit as provided by this Part. See Louisiana Revised Statutes 11:3002
• Bequest: Property gifted by will.
• Board: shall mean the Board of Trustees provided in La. See Louisiana Revised Statutes 11:3002
• Board: shall mean the Retirement Board of the City of Bogalusa Retirement System. See Louisiana Revised Statutes 11:3033
• City: shall mean the City of Alexandria. See Louisiana Revised Statutes 11:3002
• City: shall mean the city of Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
• Construction or development project: means a program of construction or development, either new or continuing, that will be planned and implemented with the primary goal of improving aviation activities in the state. See Louisiana Revised Statutes 2:801
• Council: shall mean the City Commission Council of Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
• Department: means the Department of Transportation and Development. See Louisiana Revised Statutes 2:801
• Department: means the Department of Insurance. See Louisiana Revised Statutes 3:4351.1
• Devise: To gift property by will.
• dividend: when used in this Chapter (except in La. See Louisiana Revised Statutes 47:159
• Donee: The recipient of a gift.
• Donor: The person who makes a gift.
• Effective date: shall mean July 1, 1953. See Louisiana Revised Statutes 11:3033
• Employee: shall mean any appointive officer or employee of the city now or hereafter employed by the city, whose services are compensated by the city in whole or in part, who is not covered by any existing pension fund maintained by the city. See Louisiana Revised Statutes 11:3033
• Employer: shall mean the City of Alexandria or any of its departments and agencies from which any employee receives his compensation. See Louisiana Revised Statutes 11:3002
• 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.
• Fund: means the self-insurance fund established pursuant to this Part to provide automobile coverage for timber transportation vehicles, agriculture transportation vehicles, or a combination of both types of vehicles and shall be known as the Louisiana Agriculture Transportation Group Self-Insured Fund. See Louisiana Revised Statutes 3:4351.1
• Grantor: The person who establishes a trust and places property into it.
• Hazardous financial condition: means a condition in which, based upon its present or reasonably anticipated financial condition, the fund, although not yet financially impaired or insolvent, is unlikely to be able to:

              (a) Meet obligations with respect to known claims and reasonably anticipated claims. See Louisiana Revised Statutes 3:4351.1

• Insolvency: means the condition existing when the fund's liabilities are greater than the fund's assets as determined in accordance with generally accepted accounting principles as delineated in the fund's financial statement audited by an independent certified public accountant and calculated before a member distribution is payable or before a dividend is declared. See Louisiana Revised Statutes 3:4351.1
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Joint committee: means the House Committee on Transportation, Highways and Public Works and the Senate Committee on Transportation, Highways and Public Works, functioning as a joint legislative committee. See Louisiana Revised Statutes 2:801
• 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.
• Member: shall mean any employee in the City service included in the membership of the system as provided in La. See Louisiana Revised Statutes 11:3002
• Member: shall mean any employee included in the membership of the system. See Louisiana Revised Statutes 11:3033
• Retirement Allowance: shall mean an annuity for life, as provided in this Part, payable each year in twelve equal monthly installments beginning as of the date fixed by the Board. See Louisiana Revised Statutes 11:3002
• Salary: shall mean the amount of compensation earned by a member as an employee of the city. See Louisiana Revised Statutes 11:3033
• Sponsor: means any state agency, city, town, parish, airport authority, or other political subdivision which owns, leases, or controls any airport, landing field, landing strip, seaplane base, helipad, or aid to air navigation. See Louisiana Revised Statutes 2:801
• System: shall mean the City of Alexandria Employees' Retirement System established and described in La. See Louisiana Revised Statutes 11:3002
• System: shall mean the City of Bogalusa Retirement System. See Louisiana Revised Statutes 11:3033
• Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
• Total service: shall mean service rendered before the operative date of the system, and subsequent thereto. See Louisiana Revised Statutes 11:3033