Louisiana Revised Statutes 48:1453 – Definitions
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Terms Used In Louisiana Revised Statutes 48:1453
- 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.
For purposes of this Chapter, the following words have the meanings ascribed to them by this Section, except where the context clearly indicates otherwise:
(1) “Board” means the board of commissioners and governing body of the Capital Area Transit System.
(2) “Parish’s financial contribution” means the total funds and the fair market value of any in-kind contributions received by the system directly from a parish governing authority and political subdivisions within that parish.
(3) “Participating parish” means a parish which has approved participation and for which participation has been approved by the board.
(4) “System” means the Capital Area Transit System.
Acts 2005, No. 463, §1, eff. Jan.1, 2006.