Terms Used In Louisiana Revised Statutes > Title 25 > Chapter 31-A - Magnolia Street Residential Neighborhood Enhancement Act

• 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
• Commissioner: means the commissioner of insurance of the state of Louisiana. See Louisiana Revised Statutes 22:381
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the Department of Culture, Recreation and Tourism. See Louisiana Revised Statutes 25:1271.2
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Established residential neighborhood: means a defined geographic area which has consisted of buildings and structures for housing individuals and families which has existed as a residential neighborhood since before 1971. See Louisiana Revised Statutes 25:1271.2
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Program: means the Magnolia Street Residential Neighborhood Enhancement Program as established by this Chapter. See Louisiana Revised Statutes 25:1271.2
• Property: means all classes of movable or immovable property recognized under the laws of this state. See Louisiana Revised Statutes 22:381
• Property residual value insurer: means any person or organization, whether domestic, foreign, or alien, issuing or attempting to issue property residual value policies as defined herein. See Louisiana Revised Statutes 22:381
• Quorum: The number of legislators that must be present to do business.
• 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.
• Residual value: shall mean the value of property at a specific future time, which value is determined by agreement at the time the contract of lease or sale is entered into. See Louisiana Revised Statutes 22:381