Michigan Laws 21.602 – Definitions
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Terms Used In Michigan Laws 21.602
- Asset: means infrastructure related to drinking water, wastewater, stormwater, transportation, energy, or communications, including, but not limited to, drinking water supply systems, wastewater systems, stormwater systems, drains, roads, bridges, broadband and communication systems, and electricity and natural gas networks. See Michigan Laws 21.602
- Asset management: means an ongoing process of maintaining, preserving, upgrading, and operating physical assets cost-effectively, based on a continuous physical inventory and condition assessment and investment to achieve performance goals. See Michigan Laws 21.602
- Asset owner: means a person that owns or operates an asset. See Michigan Laws 21.602
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Department: means the department of treasury. See Michigan Laws 21.602
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- Performance goals: means standards of system performance that reflect asset management principles for asset preservation and sustainability, operations, capacity consistent with local needs, and identified levels of service. See Michigan Laws 21.602
- Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 21.602
- Transportation asset management council: means the transportation asset management council created in section 9a of 1951 PA 51, MCL 247. See Michigan Laws 21.602
- Water asset management council: means the water asset management council created in section 5002 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 21.602
As used in this act:
(a) “Asset” means infrastructure related to drinking water, wastewater, stormwater, transportation, energy, or communications, including, but not limited to, drinking water supply systems, wastewater systems, stormwater systems, drains, roads, bridges, broadband and communication systems, and electricity and natural gas networks.
(b) “Asset class” means a single type of asset including its network and all associated appurtenances critical to its performance.
(c) “Asset management” means an ongoing process of maintaining, preserving, upgrading, and operating physical assets cost-effectively, based on a continuous physical inventory and condition assessment and investment to achieve performance goals.
(d) “Asset management plan” means a set of procedures to manage assets through their life cycles, based on principles of life cycle costing. An asset management plan may be used as a tool to help an asset owner implement its asset management program.
(e) “Asset owner” means a person that owns or operates an asset.
(f) “Department” means the department of treasury.
(g) “Performance goals” means standards of system performance that reflect asset management principles for asset preservation and sustainability, operations, capacity consistent with local needs, and identified levels of service.
(h) “Person” means an individual, partnership, corporation, association, governmental entity, or other legal entity.
(i) “Region” means the geographic jurisdiction of any of the following:
(i) A regional planning commission created pursuant to 1945 PA 281, MCL 125.11 to 125.25.
(ii) A regional economic development commission created pursuant to 1966 PA 46, MCL 125.1231 to 125.1237.
(iii) A metropolitan area council formed pursuant to the metropolitan councils act, 1989 PA 292, MCL 124.651 to 124.729.
(iv) A metropolitan planning organization established pursuant to federal law.
(v) An agency directed and funded by section 822f of article VIII of 2016 PA 268, to engage in joint decision-making practices related, but not limited to, community development, economic development, talent, and infrastructure opportunities.
(j) “Transportation asset management council” means the transportation asset management council created in section 9a of 1951 PA 51, MCL 247.659a.
(k) “Water asset management council” means the water asset management council created in section 5002 of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5002.