Terms Used In Rhode Island General Laws > Chapter 45-58 - Pascoag Utility District

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Fire district: means the Pascoag fire district created by the act passed at the May session 1887, entitled "An Act to Incorporate the Pascoag Fire District" as thereafter amended and supplemented from time to time. See Rhode Island General Laws 45-58-2
• Fire protection assets: means that real property, facilities, equipment, statutory rights and privileges, and other tangible or intangible property of any kind whatever used in, or useful to, the conduct of the fire protection and prevention operations conducted prior to, on and after April 4, 2001 by the fire district. See Rhode Island General Laws 45-58-2
• 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}
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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: 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.
• 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.
• 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
• 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
• Utility assets: means that real property, personal property, rights in any real and personal property, facilities, equipment, contract rights, statutory rights and privileges, franchises and other tangible or intangible property of any kind whatever used in, or useful to, the conduct of the electric and water utility operations conducted prior to April 4, 2001 by the fire district, and on and after April 4, 2001 by the utility district. See Rhode Island General Laws 45-58-2
• Utility bond obligations: means the obligations represented by and inherent in any revenue or general obligation bond issued by the Pascoag fire district prior to April 4, 2001 for the purpose of financing any aspect of its electric or water utility system or operations, which obligations remain outstanding in any part as of April 4, 2001. See Rhode Island General Laws 45-58-2
• Utility district: means the Pascoag utility district, a quasi-municipal corporation, district and political subdivision of the state established and empowered by this chapter to:

  (i)  Succeed to and fulfill the electric and water utility functions, powers, rights, property and obligations heretofore held and fulfilled by the Pascoag fire district created by the act passed at the May session 1887, entitled "An Act to Incorporate the Pascoag Fire District" as thereafter amended and supplemented from time to time;

  (ii)  Exercise certain additional powers as a water supplier, an electric distribution company and as a nonregulated power producer; and

  (iii)  To provide additional utility services not inconsistent with the duties, powers and obligations of the utility district as defined in this section. See Rhode Island General Laws 45-58-2

• Utility service area: means that geographic area located within the boundaries of the Pascoag fire district, as established under the act passed at the May session 1887, entitled "An Act to Incorporate the Pascoag Fire District" as thereafter amended and supplemented from time to time. See Rhode Island General Laws 45-58-2