Terms Used In Rhode Island General Laws > Chapter 45-37.1 - Industrial Facilities Corporation

• 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
• 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 the Rhode Island industrial facilities corporation, created and established as a nonbusiness corporation under and pursuant to chapter 6 of Title 7, as amended, and constituted and established as a public body corporate and agency of the state by § 45-37. See Rhode Island General Laws 45-37.1-3
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• 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.
• 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.
• Industrial pollution: means any gaseous, liquid, or solid waste substance, or combination thereof, resulting from any process of industry, manufacturing, trade, or business, or from the development, processing, or recovery of any natural resources which pollute the land, water, or air of the state. See Rhode Island General Laws 45-37.1-3
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: means any city or town in the state. See Rhode Island General Laws 45-37.1-3
• Oath: A promise to tell the truth.
• oath: includes affirmation; the word "sworn" includes affirmed; and the word "engaged" includes either sworn or affirmed. See Rhode Island General Laws 43-3-11
• 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.
• 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: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Project: means any land and any building or other improvement, and all real and personal properties, including, but not limited to, machinery and equipment, or any interest in them, whether or not now in existence or under construction, which are suitable for use for manufacturing, warehousing, or other industrial or commercial purposes, or suitable for pollution abatement or control, for the reconstruction, modernization, or modification of existing industrial plants for the abatement or control of industrial pollution or suitable for solid waste disposal, or for any combination of these purposes, including working capital, but does not include raw materials, work in process, or stock in trade. See Rhode Island General Laws 45-37.1-3
• Quorum: The number of legislators that must be present to do business.
• seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
• Solid waste: means any refuse matter, trash, or garbage from residences, manufacturing and industrial plants, hotels, apartments, or any other public or private building. See Rhode Island General Laws 45-37.1-3
• State: means the state of Rhode Island. See Rhode Island General Laws 45-37.1-3
• Statute: A law passed by a legislature.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8