Michigan Laws 141.1603 – Definitions
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Terms Used In Michigan Laws 141.1603
- Authority: means the Michigan settlement administration authority created under section 4. See Michigan Laws 141.1603
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Board: means the board of directors of the authority. See Michigan Laws 141.1603
- Contribution agreement: means the contribution agreement in substantially the form included with the city of Detroit's plan for adjustment. See Michigan Laws 141.1603
- Countercyclical budget and economic stabilization fund: means the countercyclical budget and economic stabilization fund created in section 351 of the management and budget act, 1984 PA 431, MCL 18. See Michigan Laws 141.1603
- fund: means the settlement administration fund created in section 7. See Michigan Laws 141.1603
- Plan for adjustment: means the plan for the adjustment of debts of the city of Detroit approved and entered by the United States bankruptcy court for the eastern district of Michigan, southern division, In Re City of Detroit, Michigan, case no. See Michigan Laws 141.1603
- 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.
- 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
- State treasurer: means the state treasurer of this state or his or her designee who is designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature has the same force and effect as the signature of the state treasurer for all purposes under this act. See Michigan Laws 141.1603
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Authority” means the Michigan settlement administration authority created under section 4.
(b) “Board” means the board of directors of the authority.
(c) “Contribution agreement” means the contribution agreement in substantially the form included with the city of Detroit’s plan for adjustment.
(d) “Countercyclical budget and economic stabilization fund” means the countercyclical budget and economic stabilization fund created in section 351 of the management and budget act, 1984 PA 431, MCL 18.1351.
(e) “Plan for adjustment” means the plan for the adjustment of debts of the city of Detroit approved and entered by the United States bankruptcy court for the eastern district of Michigan, southern division, In Re City of Detroit, Michigan, case no. 13-53846.
(f) “Retirement systems” means the police and fire retirement system of the city of Detroit and the general retirement system of the city of Detroit.
(g) “Settlement administration fund” or “fund” means the settlement administration fund created in section 7.
(h) “State treasurer” means the state treasurer of this state or his or her designee who is designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature has the same force and effect as the signature of the state treasurer for all purposes under this act.