Terms Used In Virginia Code > Title 51.1 > Chapter 8 - Local Retirement Systems

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• College: means any associate-degree-granting institution of higher education or institution of higher education at which a bachelor's degree is the most advanced degree that is granted. See Virginia Code 23.1-213
• Conduit entity: means an organization described in § 501(c)(3) of the Internal Revenue Code that qualifies as a public charity under § 509(a)(2) or 509(a)(3) of the Internal Revenue Code, and the purposes of which entity allow it to perform the functions and obligations of a conduit entity prescribed in a financing agreement. See Virginia Code 15.2-1815
• Conveyed property: means real and personal property conveyed by a local government to a conduit or other entity pursuant to a financing agreement. See Virginia Code 15.2-1815
• Council: means the State Council of Higher Education for Virginia. See Virginia Code 23.1-100
• Degree: means any earned award at the associate, baccalaureate, graduate, first professional, or specialist levels that represents satisfactory completion of the requirements of a program or course of study or instruction beyond the secondary school level. See Virginia Code 23.1-213
• institution: means any person or other entity, other than a public institution of higher education or any other entity authorized to issue bonds pursuant to Chapter 11 (§ 23. See Virginia Code 23.1-213
• local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
• Postsecondary school: includes programs of academic, vocational, and continuing professional education, except courses or programs of continuing professional education set forth in subdivision B 4 of § 23. See Virginia Code 23.1-213
• Private capital funding source: means a private entity that enters into a financing agreement, under which that private entity shall purchase a lease of the conveyed property for a consideration to be provided in such agreement, and its successors and assigns. See Virginia Code 15.2-1815
• Project: means a structure or structures identified in the capital improvement program of the locality or an agency or instrumentality of the locality that is a revenue-producing undertaking as provided in § 15. See Virginia Code 15.2-1815
• Public institution of higher education: includes the System as a whole and each associate-degree-granting and baccalaureate public institution of higher education in the Commonwealth. See Virginia Code 23.1-100
• University: means any baccalaureate institution of higher education. See Virginia Code 23.1-213