Terms Used In Louisiana Revised Statutes > Title 47 > Subtitle II > Chapter 1 > Part II > Subpart B - Computation of Net Income

• Accumulated Contributions: shall mean the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the Annuity Savings Account, together with regular interest thereon as provided in La. See Louisiana Revised Statutes 11:3002
• 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
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agency: shall mean any governing body employing persons in the Service of the City of Alexandria. 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
• Amortization: Paying off a loan by regular installments.
• amounts distributed in partial liquidation: means a distribution by a corporation in complete cancellation or redemption of a part of its stock, or one of a series of distributions in complete cancellation or redemption of all or a portion of its stock. See Louisiana Revised Statutes 47:159
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Average Compensation: means the average annual earnable compensation of an employee for any period of three consecutive years of service as an employee during which the said earnable compensation was the highest. See Louisiana Revised Statutes 11:3002
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• 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
• Bona fide trade or professional association: means an active trade or professional association that is chartered and domiciled in Louisiana, or a successor organization thereof, that meets all of the following requirements:

              (a) Promotes Louisiana timber or agriculture production. See Louisiana Revised Statutes 3:4351.1

• 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
• City Service: shall mean all offices and positions of trust or employment in the employ of the City, or any department, independent agency, board or Commission thereof. See Louisiana Revised Statutes 11:3002
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Council: shall mean the City Commission Council of Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
• Creditable Service: shall mean "Prior Service" plus "Membership Service" for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:3002
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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
• Department: means the Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:1
• Devise: To gift property by will.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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.
• Earnable Compensation: shall mean the full amount earned by an employee for a given pay period. See Louisiana Revised Statutes 11:3002
• Effective date: shall mean July 1, 1953. See Louisiana Revised Statutes 11:3033
• Employee: means any person legally occupying a position in the Service of the City of Alexandria, and shall include the employees of the retirement system created hereunder. See Louisiana Revised Statutes 11:3002
• 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
• Encumbrance: means any lien, privilege, judgment, mortgage, pledge, pawn, claim, charge, or any other encumbrance of like nature. See Louisiana Revised Statutes 3:1
• Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal Year: shall mean the period beginning on January first in any year, and ending on December thirty-first of the same year. See Louisiana Revised Statutes 11:3002
• 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.
• 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
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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

• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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.
• 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: 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.
• 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.
• Medical Board: shall mean the Board of Physicians provided for in La. See Louisiana Revised Statutes 11:3002
• 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
• Membership Service: means service as an employee rendered while a member of the retirement system. See Louisiana Revised Statutes 11:3002
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Oath: A promise to tell the truth.
• 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.
• Operator: means a person, partnership, corporation, or limited liability company who owns or operates a timber or agriculture transportation vehicle. See Louisiana Revised Statutes 3:4351.1
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Person: means an individual or any legal or commercial entity, including a corporation, business trust, partnership, limited liability company, association, or joint venture. See Louisiana Revised Statutes 3:1
• Personal property: All property that is not real property.
• Place of business: means a permanent location or a portion of a permanent location from which business, in a regulated profession or occupation, is transacted. See Louisiana Revised Statutes 3:1
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Principal: means a person or persons who own a majority interest or the majority of the stock in a corporation, partnership, or limited liability company that is established for the purpose of operating a timber or agriculture business and is a member of the fund. See Louisiana Revised Statutes 3:4351.1
• Prior Service: shall mean service rendered prior to August 1, 1948 for which credit is allowable under La. See Louisiana Revised Statutes 11:3002
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Regular Interest: shall mean interest compounded annually at such rate as shall be determined by the Board in accordance with La. See Louisiana Revised Statutes 11:3002
• Regular interest: shall mean such rate of interest as is fixed by the board provided that for the first five years of operation of the system the rate shall be three percent per annum compounded annually. See Louisiana Revised Statutes 11:3033
• 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.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• 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
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Timber or agriculture transportation vehicle: means a vehicle or automobile used to collect and transport timber or agriculture products, or used in the course and scope of a timber or agriculture business, or used by an operator or principal. See Louisiana Revised Statutes 3:4351.1
• Timber or agriculture transportation vehicle coverage: means automobile coverage for a timber or agriculture transportation vehicle that includes any of the following:

              (a) Liability payment for bodily injury caused by the operator of a timber or agriculture transportation vehicle. See Louisiana Revised Statutes 3:4351.1

• Total service: shall mean service rendered before the operative date of the system, and subsequent thereto. See Louisiana Revised Statutes 11:3033
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trustee: A person or institution holding and administering property in trust.
• Withdrawal from Service: shall mean complete severance of employment in the City Service of any member by resignation, dismissal or discharge. See Louisiana Revised Statutes 11:3002