Michigan Laws 125.4503 – Legislative intent
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4503
- 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.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Street railway: means a nonprofit corporation organized under this part for the purpose of operating a street railway system other than a railroad train for transporting individuals or property. See Michigan Laws 125.4507
- Street railway system: means the facilities, equipment, and personnel required to provide and maintain a public transportation system operated on rails at grade or above or below ground within a city, village, or township utilizing streetcars, trolleys, light rail vehicles, or trams for the transportation of individuals or property. See Michigan Laws 125.4507
The legislature finds and declares that there exists in this state a need to encourage the development of transportation facilities and the provision of public transportation services by authorizing the acquiring, owning, constructing, furnishing, equipping, completing, operating, improving, and maintaining of nonprofit street railway companies and systems and that public assistance in acquiring, owning, constructing, furnishing, equipping, completing, operating, improving, and maintaining nonprofit street railway companies and systems in this state is declared to be a public purpose. It is the intent of the legislature that a street railway system constructed by a nonprofit corporation under this part be designed to adapt to or connect with other public transit systems. It is the intent of the legislature that resources expended to construct a street railway system under this part qualify as state and local match funds for transit systems eligible for federal funding.