Terms Used In Virginia Code > Title 2.2 > Subtitle II > Part B > Chapter 44 - Virginia Security for Public Deposits Act

• Animal: means any animate being, which is not human, endowed with the power of voluntary action. See Virginia Code 3.2-4800
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the respective political subdivisions of the Commonwealth created in this subpart. See Virginia Code 2.2-2200
• Board: means the respective boards of directors for the authorities created in this subpart. See Virginia Code 2.2-2200
• Board: means the Board of Agriculture and Consumer Services. See Virginia Code 3.2-100
• Bonds: means any bonds, refunding bonds, notes, debentures, interim certificates, or any bond, grant, revenue anticipation notes or any other evidences of indebtedness or obligation of an authority, whether in temporary or definitive form and whether the interest thereon is exempt from federal income taxation. See Virginia Code 2.2-2200
• Brand name: means any word, name, symbol, or device, or any combination thereof, identifying the commercial feed of a distributor or registrant and distinguishing it from the commercial feed of other distributors or registrants. See Virginia Code 3.2-4800
• Business enterprise: means any (i) industry for the manufacturing, processing, assembling, storing, warehousing, servicing, distributing, or selling of any products of agriculture, mining, or industry or professional services; (ii) commercial enterprise making sales or providing services to industries described in clause (i); (iii) enterprise for research and development, including scientific laboratories; (iv) not-for-profit entity operating in the Commonwealth; (v) entity acquiring, constructing, improving, maintaining, or operating a qualified transportation facility under the Public-Private Transportation Act of 1995 (§ 33. See Virginia Code 2.2-2279
• Commercial feed: means any materials or combination of materials that are distributed or intended for distribution for use as feed for animals, or for mixing in feed. See Virginia Code 3.2-4800
• Contract feeder: means a person who is an independent contractor and who: (i) feeds commercial feed to animals pursuant to a contract; (ii) is provided such commercial feed by a licensed distributor; and (iii) receives remuneration as determined all or in part by the amount of feed consumption, mortality, profits, or amount or quality of production. See Virginia Code 3.2-4800
• Cost: means as applied to a project financed under the provisions of this article, the sum total of all costs reasonable and necessary for carrying out all works and undertakings necessary or incident to accomplish a project, including, but not limited to the cost of all necessary developmental, planning and feasibility studies, surveys, plans and specifications, architectural, engineering, financial, legal or other special services, the cost of acquisition of land and any buildings and improvements thereon, including the discharge of any obligations of the vendor of such land, buildings or improvements, site preparation and development including demolition or removal of existing structures, construction, and reconstruction, furnishing of a project, the reasonable cost of financing incurred in the course of the development of a project, carrying charges during construction to the occupancy date, interest on bonds issued to finance a project to a date subsequent to the estimated date of completion of a project, necessary expenses incurred in connection with the initial occupancy of a project, the cost of reimbursing the Central Capital Planning Fund, established under § 2. See Virginia Code 2.2-2260
• Custom mix feed: means a feed for which the customer provides ingredients. See Virginia Code 3.2-4800
• Customer-formula feed: means commercial feed that consists of a mixture of commercial feeds, or feed ingredients, or a combination of both commercial feeds and feed ingredients, each batch being manufactured according to the specific instructions of the final purchaser. See Virginia Code 3.2-4800
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Default or insolvency: includes , but shall not be limited to, the failure or refusal of any qualified public depository to return any public deposit upon demand or at maturity and the issuance of an order of supervisory authority restraining such depository from making payments of deposit liabilities or the appointment of a receiver for such depository. See Virginia Code 2.2-4401
• Defaulting depository: means any qualified public depository determined to be in default or insolvent. See Virginia Code 2.2-4401
• Department: means the Department of Agriculture and Consumer Services. See Virginia Code 3.2-100
• Distribute: means to: (i) offer or expose for sale, sell, warehouse, exchange, or barter commercial feed; or (ii) supply, furnish, or otherwise provide commercial feed to a contract feeder. See Virginia Code 3.2-4800
• Distributor: means any person who distributes commercial feed. See Virginia Code 3.2-4800
• Drug: means any article intended for use in the diagnosis, cure, mitigation, treatment, or prevention of disease in animals and articles other than commercial feed intended to affect the structure or any function of the animal body. See Virginia Code 3.2-4800
• Eligible business: means any person engaged in one or more business enterprises in the Commonwealth that satisfies one or more of the following requirements: (i) is a for-profit enterprise that (a) has received $10 million or less in annual gross income under generally accepted accounting principles for each of its last three fiscal years or lesser time period if it has been in existence less than three years, (b) has fewer than 250 employees, (c) has a net worth of $2 million or less, (d) exists for the sole purpose of developing or operating a qualified transportation facility under the Public-Private Transportation Act of 1995 (§ 33. See Virginia Code 2.2-2279
• Eligible collateral: means securities or instruments authorized as legal investments under the laws of the Commonwealth for public sinking funds or other public funds as well as Federal Home Loan Bank letters of credit issued in accordance with guidelines promulgated by the Treasury Board. See Virginia Code 2.2-4401
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
• Federal Act: means the Small Business Investment Act of 1958, 15 U. See Virginia Code 2.2-2279
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guarantor: means any person whose name appears on the label of a commercial feed. See Virginia Code 3.2-4800
• Indenture: means any trust agreement, deed of trust, mortgage, or other security agreement under which bonds authorized pursuant to this article shall be issued or secured. See Virginia Code 2.2-2279
• inhabitants: means with reference to any county, city, town, political subdivision of the Commonwealth or any combination thereof, the natural persons in such county, city, town, political subdivision or combination as shown by the unadjusted United States decennial census last preceding the time at which any provision dependent upon population is being applied or the time as of which it is being construed. See Virginia Code 1-235
• Internal Revenue Code: means the federal Internal Revenue Code of 1986, as amended. See Virginia Code 2.2-2279
• 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.
• Label: means a display of written, printed, or graphic matter upon, or affixed to, the container in which a commercial feed is distributed, or on the invoice or delivery slip with which a bulk commercial feed, or customer-formula feed, is distributed. See Virginia Code 3.2-4800
• Labeling: means all labels and other written, printed, or graphic matter: (i) upon a commercial feed or any of its containers or wrapper; or (ii) accompanying such commercial feed. See Virginia Code 3.2-4800
• Lease: means any lease containing an option to purchase the project or projects of the eligible business being financed for a nominal sum upon payment in full, or provision thereof, of all bonds issued in connection with the eligible business and all interest thereon and principal of and premium, if any, thereon and all other expenses in connection therewith. See Virginia Code 2.2-2279
• Lender: means any federal- or state-chartered bank, federal land bank, production credit association, bank for cooperatives, federal- or state-chartered savings institution, building and loan association, small business investment company, or any other financial institution qualified within the Commonwealth to originate and service loans, including insurance companies, credit unions, investment banking or brokerage companies, and mortgage loan companies. See Virginia Code 2.2-2279
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means the person who receives a license to distribute commercial feed under the provisions of this chapter. See Virginia Code 3.2-4800
• Loan: means any lease, loan agreement, or sales contract defined as follows:

  1. See Virginia Code 2.2-2279

• Loan agreement: means an agreement providing for a loan of proceeds from the sale and issuance of bonds by the Authority or by a lender with which the Authority has contracted to loan such proceeds to one or more contracting parties to be used to pay the cost of one or more projects of an eligible business and providing for the repayment of such loan including all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, by such contracting party or parties and which may provide for such loans to be secured or evidenced by one or more notes, debentures, bonds, or other secured or unsecured debt obligations of such contracting party or parties, delivered to the Authority or to a trustee under an indenture pursuant to which the bonds were issued. See Virginia Code 2.2-2279
• Manufacture: means to grind, mix or blend feed ingredients, or further process a commercial feed for distribution. See Virginia Code 3.2-4800
• Manufacturer: means any person who manufactures commercial feed. See Virginia Code 3.2-4800
• Medicated feed: means a commercial feed obtained by mixing a commercial feed and a drug. See Virginia Code 3.2-4800
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{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.
• Official sample: means a sample of feed taken by the Commissioner and designated as "official" by the Board. See Virginia Code 3.2-4800
• Pet food: means any commercial feed prepared and distributed for consumption by cats and dogs. See Virginia Code 3.2-4800
• Pooled method: means securing public deposits by accepting the contingent liability for the losses of public deposits of other qualified public depositories choosing this method, pursuant to § 2. See Virginia Code 2.2-4401
• Product name: means the name of the commercial feed that identifies it as to kind, class, or specific use. See Virginia Code 3.2-4800
• Project: means any structure, facility, personal property or undertaking that the Authority is authorized to finance, refinance, construct, improve, furnish, equip, maintain, acquire, or operate under the provisions of this article. See Virginia Code 2.2-2260
• Public deposit: means moneys held by a public depositor who is charged with the duty to receive or administer such moneys and is acting in an official capacity, such moneys being deposited in any of the following types of accounts: nonnegotiable time deposits, demand deposits, savings deposits, or any other transaction accounts. See Virginia Code 2.2-4401
• Public depositor: means the Commonwealth or any county, city, town or other political subdivision thereof, including any commission, institution, committee, board, or officer of the foregoing and any state court. See Virginia Code 2.2-4401
• Qualified energy project: means a solar-powered or wind-powered electricity generation facility located in the Commonwealth on premises owned or leased by an eligible customer-generator, as defined in § 56-594, the electricity generated from which is sold exclusively to the eligible customer-generator under a power purchase agreement used to provide third party financing of the costs of such a renewable generation facility (third party power purchase agreement) pursuant to a pilot program established under Chapter 382 of the Acts of Assembly of 2013. See Virginia Code 2.2-2279
• Qualified escrow agent: means the State Treasurer or any bank or trust company approved by the Treasury Board to hold collateral pledged to secure public deposits. See Virginia Code 2.2-4401
• Qualified pollution control project: means environmental pollution control and prevention equipment certified by the business enterprise or eligible business as being needed to comply with the federal Clean Air Act (42 U. See Virginia Code 2.2-2279
• Qualified public depository: means any national banking association, federal savings and loan association or federal savings bank located in Virginia, any bank, trust company or savings institution organized under Virginia law, or any state bank or savings institution organized under the laws of another state located in Virginia authorized by the Treasury Board to hold public deposits according to this chapter. See Virginia Code 2.2-4401
• Quantity statement: means the net weight (mass), net volume (liquid or dry), count or other form of measurement of a commodity. See Virginia Code 3.2-4800
• Quorum: The number of legislators that must be present to do business.
• Revenues: means any and all fees, rates, rentals, profits, and receipts collected by, payable to, or otherwise derived by, the Authority, and all other moneys and income of whatsoever kind or character collected by, payable to, or otherwise derived by, the Authority in connection with loans to any eligible business in furtherance of the purposes of this article. See Virginia Code 2.2-2279
• Sales contract: means a contract providing for the sale of one or more projects of an eligible business to one or more contracting parties and includes a contract providing for payment of the purchase price including all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, in one or more installments. See Virginia Code 2.2-2279
• 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.
• Small package commercial feed: means commercial feed distributed in individual packages of 10 pounds or less. See Virginia Code 3.2-4800
• Specialty pet: means any domesticated animal usually maintained in a cage or tank, including gerbils, hamsters, canaries, psittacine birds, mynahs, finches, tropical fish, goldfish, snakes and turtles. See Virginia Code 3.2-4800
• Specialty pet food: means any commercial feed prepared and distributed for consumption by specialty pets. See Virginia Code 3.2-4800
• state: means the Commonwealth of Virginia or any of its agencies or departments. See Virginia Code 2.2-2200
• Ton: means a unit of 2,000 pounds avoirdupois weight. See Virginia Code 3.2-4800
• Treasury Board: means the Treasury Board of the Commonwealth created by § 2. See Virginia Code 2.2-4401
• Trustee: A person or institution holding and administering property in trust.