Michigan Laws 141.1633 – Definitions
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Terms Used In Michigan Laws 141.1633
- Applicable contract: means a contract for goods or services proposed or entered into by a qualified city or school district that either exceeds $750,000. See Michigan Laws 141.1633
- Appraisal: A determination of property value.
- 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.
- commission: means a financial review commission created in section 4. See Michigan Laws 141.1633
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Federal bankruptcy code: means the federal bankruptcy code, 11 USC 101 to 1532. See Michigan Laws 141.1633
- Operating expenses: means the reasonable operating expenses of the commission, including without limitation the cost of preparing accounting and other reports, costs of commission meetings or other required activities of the commission, counsel fees, including fees of the attorney general, and fees and expenses incurred for consultants and fiduciaries required to carry out the purposes of this act. See Michigan Laws 141.1633
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Plan for adjustment: means the plan for the adjustment of debts of a qualified city approved and entered by a United States bankruptcy court under chapter 9 of title 11 of the United States Code, 11 USC 901 to 946. See Michigan Laws 141.1633
- Professional services: means services that require a high degree of intellectual skill, an advanced degree, or professional licensing or certification. See Michigan Laws 141.1633
- Qualified city: means a city with a population of more than 600,000 that is subject to a plan for adjustment. See Michigan Laws 141.1633
- 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 treasurer of this state or his or her designee who shall be designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature shall have the same force and effect as the signature of the state treasurer for all purposes under this act. See Michigan Laws 141.1633
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Applicable contract” means a contract for goods or services proposed or entered into by a qualified city or school district that either exceeds $750,000.00, or a higher amount as determined by the commission, or is for a term exceeding 2 years. Applicable contract also includes multiple contracts for less than $750,000.00, or the higher amount determined by the commission, with 1 entity that, in the aggregate, exceed $750,000.00, or a higher amount as determined by the commission, within a 12-month period.
(b) “Federal bankruptcy code” means the federal bankruptcy code, 11 USC 101 to 1532.
(c) “Financial review commission” or “commission” means a financial review commission created in section 4.
(d) “Operating expenses” means the reasonable operating expenses of the commission, including without limitation the cost of preparing accounting and other reports, costs of commission meetings or other required activities of the commission, counsel fees, including fees of the attorney general, and fees and expenses incurred for consultants and fiduciaries required to carry out the purposes of this act.
(e) “Person” means an individual, corporation, limited or general partnership, association, joint venture, limited liability company, a governmental entity, including this state.
(f) “Plan for adjustment” means the plan for the adjustment of debts of a qualified city approved and entered by a United States bankruptcy court under chapter 9 of title 11 of the United States Code, 11 USC 901 to 946.
(g) “Professional services” means services that require a high degree of intellectual skill, an advanced degree, or professional licensing or certification. Those providing the professional services are distinguished based on their specialized knowledge, experience, and expertise. Professional services include, but are not limited to, accounting, actuarial, appraisal, auditing, investment advisor, and legal services.
(h) “Qualified city” means a city with a population of more than 600,000 that is subject to a plan for adjustment.
(i) “Qualified school district” means a school district with the same boundaries as a city with a population of 600,000 or more.
(j) “State treasurer” means the treasurer of this state or his or her designee who shall be designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature shall have the same force and effect as the signature of the state treasurer for all purposes under this act.