Michigan Laws > Chapter 123 > Act 285 of 1968 – Reapportionment of Wards or Districts
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§ 123.991 | Reapportioning wards or districts; cities nominating or electing governing bodies not required to reapportion |
Terms Used In Michigan Laws > Chapter 123 > Act 285 of 1968 - Reapportionment of Wards or Districts
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC