There is no debt relating to the property or excessive cash flow or residual interest on it, whether secured or unsecured, with the exception of authorized charges and eligible debt. The state of indebtedness, regardless of the ability or inability of the party to pay the same. See 1 History, Eq. Jur. 343; 2 hills, Abr. 421. The word implies absolute or total liability. A contingent liability, such as that of a guarantor, before the client defaults does not constitute a debt. On the other hand, the money does not need to be owed immediately. Bonds that are still maturing are debt, as are those that are already due. St.
Louis Perpetual Ins. Co. v. Goodfellow, 9. MB. 149. SCHOOLS – “UNFUNDED DEBT” OF THE SCHOOL BOARD DEFINED To: W. Arvel Drury, Prosecutor for Hamilton County School Board, Jasper Prepared by: Craig B. Willis, Assistant Attorney General QUESTION: What is the meaning of the term “unfunded debt” as used in s? 5(2), c. II.
31459, 1956, Laws of Florida? Abstract: The term “uncovered debt”, as used in Ch. 31459, 1956, Laws of Florida, refers to any debt or debt of the Hamilton County School Board for which no specific tax or income has been allocated to the payment of interest and principal on such debts. § 5 Abs. 2 Kap. 31459, 1956, Laws of Florida, states: “Half (1/2) of all remaining funds shall be distributed to the Hamilton County Board of Public Instruction and the other half (1/2) to the Hamilton County Board of County Commissioners so that they may be used and disbursed by the Board of County Commissioners for any public purpose they deem to be in the best interests of the County and the Board of Public Instruction. first, for the liquidation of an uncovered debt of the council, either for the payment of principal or interest, or both, until liquidation, these funds are used and paid for the payment of teachers` salaries; however, provided that if more than is required for the payment of teachers` salaries, they can be used for the maintenance of school buildings and grounds in that county. They question the meaning and application of the term “uncovered debt” as used in this subsection. When determining the meaning of words used in a law, their clear and obvious meaning should be used, unless a technical meaning is clearly intended or another connotation is expressed or necessarily implicit in the context in which they appear. Graham v.
State, 362 So.2d 924 (Fla. 1978); Gaulden vs. Kirk, 47 Sun.2d 567 (Fla. 1950); and State ex rel. Hanbury v. Tunnicliffe, 124 Sun. 279 (Fla. 1929). In addition, the words of a law must generally be understood in the sense that they were understood when the law was enacted.
State vs. City of Jacksonville, 50 Sun.2d 532 (Fla. 1951). The terms involved in the immediate investigation, such as “funds” and “debt”, have no fixed legal meaning, and their meaning depends on the context in which they are used. The term “any unhedged debt” is a broad or general term that encompasses everything within its general scope and must be interpreted in the light of its general use and ordinary meaning in the sector or field of activity in which the term is used. See, for example, Florida Industrial Commission v. Growers Equipment Co., 12 So.2d 889 (Fla. 1943). The word “debt” is used in Black`s Law Dictionary (4th ed. rev. 1968), p.
1. 909, as “the state of indebtedness, regardless of the party`s ability or inability to pay the same. The debt of a sum of money under a specific and express agreement. In Ballentine`s Law Dictionary (3rd ed. 1969), at p. 606, “debt” is defined as “the state of obligation to a debt or debt.” See also West Florida Grocery Co. v. Teutonia Fire Insurance Co., 77 Sun. 209 (Fla. 1918).
“Debt” is defined in Black`s Law Dictionary at p. 490 as “[a] sum of money owed by a specific and express agreement.” The word “funds” in its nominal form is defined in Black`s Law Dictionary, above, at p. 802, as “[a] sum of money set aside for a specific purpose or available for the payment of debts or receivables” and as “[a]ssets, securities, bonds or revenues of a state or government appropriate for the repayment of its debts”. In 37 C.J.S., p. 1402 (1943), it is stated that the term “fund” is “a term originally applied to a part of the national income intended or pledged for the payment of a particular debt”. See also State ex rel. City of Shreveport v. Dickinson, 150 Sun. 574 to 579 (1933). Thus, we can understand that a “financed debt” is “a debt for which income has been provided to pay interest and make payments on the principal amount, so that the debt is gradually reduced.” Ballentine`s Law Dictionary, op. cit.
cit., p. 508. And it`s in Black`s Law Dictionary, on S. 802: “Applied to States or local authorities, a financed debt is a debt for the payment of which a fund (interest and capital) is used either specifically or through the modalities of future taxation and quasi-collateral upstream of public revenues.” The prefix “one” is defined as “no” in Webster`s Third New International Dictionary, p. 2481. In addition, on page 2496, “unfunded” is defined as “unfunded: floating.” And it is the word “floating,” as used in the term “floating debt,” that has been used in the past in the commercial world and in government to refer to uncovered debt. This term “floating debt” has been used to contrast with and in the opposite sense of the term “degressive fund”, which is a fund created or derived from certain taxes or sources of income for the payment of a particular debt, or as its own commercial expression is called, a financed debt. See, for example, 37 C.S.J., p. 1404 (1943).
“Floating debt” is defined in Black`s Law Dictionary at p. 768 as “terrible and valid claims against the company, for the payment of which neither the money is specifically provided in the treasury of the company, nor any taxation or other means of providing money to be specifically provided.” “Floating debt” is defined in Ballentine`s Law Dictionary, p.