W. Va. Code R. § 53-3-3 - Definitions

3.1. "Acquiring entity" means the Authority or any entity which has a project qualified by the Authority as consistent with the Authority's statutory authority and purpose.

3.2. "Act" means the West Virginia Public Energy Authority Act compiled in W. Va. Code '5D-1-1 et seq.

3.3. "Agency" means the Public Energy Authority or entity which under the auspices of the Public Energy Authority acquires real property, right-of-ways or easements.

3.4. "Appraisal" means a written statement independently and impartially prepared by a qualified appraiser setting forth an opinion of defined value of the adequately described property as of a specific date, supported by the presentation and analysis of relevant market information. An appraisal shall be performed using the principles contained in the "Uniform Appraisal Standards for Federal Land Acquisitions" published under the auspices of the Interagency Land Acquisition Conference, United States Government Printing Office, 1972.

3.5. "Fair market value" means the appraised value as determined by an appraisal made by an independent person or firm chosen by the Authority.

3.6. "Qualified project" means either a natural gas transmission project or an electric power project as defined in the Act and that has been approved by a vote of the Authority that such project is consistent with the purposes of the Act.

3.7. "Real property" means lands, structures, franchises and interests in land, including lands under water and riparian rights, and any and all other things and rights usually included within the term real property and includes any and all interests in such property less than full title (fee simple), such as easements, right-of-ways, uses, leases, licenses and all other incorporeal hereditaments and every estate, interest or right, legal or equitable, including terms for years and liens thereon by way of judgements, mortgages or otherwise, and also all claims for damages for such real estate.

3.8. The terms "Authority", "Board", "bond", "construction", "cost", "electric power project", "governmental agency", "natural gas transmission project", "owner", and "person" shall have the meanings ascribed to them in the W. Va. Code '5D-1-3.

Notes

W. Va. Code R. § 53-3-3