Terms Used In Louisiana Revised Statutes > Title 51 > Chapter 7 - Municipal and Parish Industrial Development Boards

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Anti-pollution project: means any land, easement, servitude, leasehold interest or other interest or right or estate in land, any building or other facility or improvement thereon, and any personal property, or any combination of the foregoing, whether or not now in existence, which shall be designed, acquired, constructed or installed in order to abate, eliminate, control or prevent air or water or noise or other pollution or to control or eliminate or dispose of liquid and solid wastes, or for the removal or treatment of any substance or materials which otherwise would cause pollution or contamination of any kind, suitable for use by the following or any combination of two or more thereof: any industry for the manufacturing, processing or assembling of raw, semi-manufactured or manufactured products, including agricultural, fish, forest, water or mineral products; any enterprise for the planting, cultivating and harvesting of crops, including those so planted, cultivated and harvested for food, ornamental, grazing or forest purposes; any commercial enterprise in storing, warehousing or distributing the products of agriculture, fishing, forestry, mining or industry, exclusive of retail or wholesale enterprises; any enterprise for research or development or research and development in connection with any of the foregoing, or for the purpose of developing new products or new processes, or improving existing products or known processes; any enterprise for research, development, exploration or study, of land, sea, water, air, sky or space; any nonprofit educational institution, museum or planetarium or the government of the United States or any agency, department, board, bureau, corporation or other instrumentality thereof; and any person, firm or corporation engaged primarily in the manufacture, production, generation, transmission or distribution of electricity, steam heat, water or gas or any combination thereof, or telephone or other services for sale to the public and classified as a public utility. See Louisiana Revised Statutes 51:1151
• 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.
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• 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 any corporation organized pursuant to the provisions of this chapter. See Louisiana Revised Statutes 51:1151
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Development project: means any land, easement, servitude, leasehold interest, or other interest or right in land, and any building or other facility or improvement thereon, including a single or multiple occupant office building or building complex, and all movable and immovable properties deemed necessary in connection therewith, including parking garages, whether or not now in existence, which shall be suitable for use by the following or by any combination of two or more thereof:

  (i)  Any industry for the manufacturing, processing, or assembling of any raw, agricultural, semimanufactured, or manufactured products. See Louisiana Revised Statutes 51:1151

• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the board or body in which the general legislative powers of the municipality or the parish are vested. See Louisiana Revised Statutes 51:1151
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• 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}
• 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.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• 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.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Personal property: All property that is not real property.
• Project: means any anti-pollution project or any development project or any combination thereof. See Louisiana Revised Statutes 51:1151
• 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.
• Trustee: A person or institution holding and administering property in trust.