Terms Used In Louisiana Revised Statutes > Title 51 > Chapter 55 - Competitive Projects Payroll Incentive Program

• Affiliate: means , when used with reference to a specified person, an entity that directly or indirectly through one or more intermediaries controls or is controlled by or is under common control with the entity specified. See Louisiana Revised Statutes 45:1332
• Basic health benefits plan: means coverage for basic hospital care, coverage for physician care, and coverage for health care which is determined by the Department of Economic Development to have a value of at least one dollar and twenty-five cents per hour and which is the same coverage as is provided to employees employed in a bona fide executive, administrative, or professional capacity by the employers who are exempt from the minimum wage and maximum hour requirements of the federal Fair Labor Standards Act, 29 U. See Louisiana Revised Statutes 51:3121
• 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}
• Business: means any individual, firm, joint venture, association, corporation, estate, partnership, business trust, receiver, syndicate, or any other legal business entity. See Louisiana Revised Statutes 51:3121
• Commission: means the Public Service Commission or, solely with respect to an electric or gas utility furnishing electric or natural gas service within the city of New Orleans, the council of the city of New Orleans, as applicable. See Louisiana Revised Statutes 45:1312
• 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.
• Corporation: means the Louisiana Utilities Restoration Corporation. See Louisiana Revised Statutes 45:1312
• Department: means the Department of Economic Development. See Louisiana Revised Statutes 51:3121
• Financing order: means an order of the commission, if granted by the commission in its sole discretion, which allows for all of the following:

              (a) The assessment, imposition, and periodic adjustment of system restoration charges by the corporation and the collection thereof by a utility as an agent on behalf of the corporation. See Louisiana Revised Statutes 45:1312

• Financing party: means any holder of system restoration bonds, any party to or beneficiary of an ancillary agreement, and any trustee, collateral agent, or other person acting for the benefit of any of the foregoing. See Louisiana Revised Statutes 45:1312
• 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.
• Issuer: means any Louisiana public corporation, public trust, or other entity that issues system restoration bonds approved by a financing order. See Louisiana Revised Statutes 45:1312
• 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}
• New jobs: means permanent full-time direct new jobs based at the facilities designated in the contract and filled by residents of the state. See Louisiana Revised Statutes 51:3121
• New payroll: means payment by the business to its employees for new jobs, exclusive of benefits, and defined as wages under Louisiana Employment Security Law (La. See Louisiana Revised Statutes 51:3121
• 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.
• Program: means the Competitive Projects Payroll Incentive Program. See Louisiana Revised Statutes 51:3121
• Qualified business: means a business certified by the secretary as meeting the eligibility requirements of Subsection B of this Section, approved by the Joint Legislative Committee on the Budget to participate in the program, and executing a contract providing the terms and conditions for its participation. See Louisiana Revised Statutes 51:3121
• qualified capital expenditures: means amounts classified as capital expenditures for federal income tax purposes related to the project plus exclusions from capitalization provided for in Internal Revenue Code Section 263 (a)(1)(A) through (L), minus the capitalized cost of land, capitalized leases of land, capitalized interest, capitalized costs of manufacturing machinery and equipment to the extent capitalized manufacturing machinery and equipment costs are excluded from sales and use tax pursuant to La. See Louisiana Revised Statutes 51:3121
• Secretary: means the secretary of the Department of Economic Development. See Louisiana Revised Statutes 51:3121
• Significant positive economic benefit: means net positive tax revenue. See Louisiana Revised Statutes 51:3121
• System restoration bonds: means bonds, notes, certificates of participation, or other evidences of indebtedness that are issued pursuant to this Part by an issuer at the request of the corporation and a utility, and authorized by a financing order, the net proceeds of which are transferred to the corporation and used as provided in this Part, and which are secured by and payable from system restoration property. See Louisiana Revised Statutes 45:1312
• System restoration costs: means , if requested by the utility, and as may be approved by the commission, those prudent incremental costs incurred or to be incurred by a utility in undertaking a system restoration activity, including associated carrying costs. See Louisiana Revised Statutes 45:1312
• System restoration property: means all of the following:

              (a) All rights and interests of the corporation arising out of this Part, including the right to receive system restoration charges billed and collected by the utility on the behalf of the corporation as authorized in the financing order, the right to enforce the obligations of the utility to collect and service the system restoration charges, and the right to obtain periodic adjustments to such charges as provided in the financing order and this Part. See Louisiana Revised Statutes 45:1312

• Trust: means an express special public trust created only pursuant to and in compliance with the provisions of this Subpart. See Louisiana Revised Statutes 45:1332
• Trust agreement: means , with respect to a trust, the written instrument that created the trust together with all proper amendments. See Louisiana Revised Statutes 45:1332
• Trustee: A person or institution holding and administering property in trust.
• Utility: means an electric utility or a gas utility. See Louisiana Revised Statutes 45:1312