Michigan Laws > Chapter 125 > Act 346 of 1966 > Chapter 3
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Terms Used In Michigan Laws > Chapter 125 > Act 346 of 1966 > Chapter 3
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Board of education: means the board of education of the city of Detroit. See Michigan Laws 38.371
- Board of governors: means the board of governors of Wayne state university. See Michigan Laws 38.371
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the housing development fund created by this act. See Michigan Laws 125.1411
- Housing charges: means monthly rentals or carrying charges, and includes estimated or actual expenditures for heat, light, water, cooking fuel, and other utilities, and other reasonable expenditures which the authority determines to be a part of housing charges. See Michigan Laws 125.1451
- Housing project: means any of the following:
(i) Residential real property developed or to be developed or receiving benefits under this act. See Michigan Laws 125.1411Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Low and moderate income housing: means housing financed by bond issues authorized under this act, by federally-aided mortgages as defined in section 11(c), or by other programs directed toward providing housing within the financial means of low and moderate income families as the authority shall determine. See Michigan Laws 125.1451 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l rental: means all regular charges paid on a periodic basis to a housing corporation by a person or family living in a rental or cooperative housing project, excluding initial down payments. See Michigan Laws 125.1451 Retirement commission: means the retirement commission of the employee retirement system of the school district of the city of Detroit. See Michigan Laws 38.371 Retirement system: means the employee retirement system of the school district of the city of Detroit created and established by chapter 2 of Act No. See Michigan Laws 38.371 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 Wayne service: means creditable service of an employee of the board of education who has been transferred to Wayne state university and includes creditable service prior to such transfer and service as an employee of the board of governors of Wayne state university thereafter. See Michigan Laws 38.371