Terms Used In Louisiana Revised Statutes > Title 3 > Chapter 28 > Part V - Special Donations for State Forests

• 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
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• 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
• 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 Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
• 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
• 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
• 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.
• Grantor: The person who establishes a trust and places property into it.
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: shall mean any employee included in the membership of the system. See Louisiana Revised Statutes 11:3033
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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 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