Michigan Laws > Chapter 125 > Act 57 of 2018 > Part 2 – Downtown Development Authorities
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Terms Used In Michigan Laws > Chapter 125 > Act 57 of 2018 > Part 2 - Downtown Development Authorities
- Advance: means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. See Michigan Laws 125.4201
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amortization: Paying off a loan by regular installments.
- 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.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assessed value: means 1 of the following:
(i) For valuations made before January 1, 1995, the state equalized valuation as determined under the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.4201Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Authority: means a downtown development authority created pursuant to this part. See Michigan Laws 125.4201 Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed. Board: means the governing body of an authority. See Michigan Laws 125.4201 Business district: means an area in the downtown of a municipality zoned and used principally for business. See Michigan Laws 125.4201 Captured assessed value: means the amount in any 1 year by which the current assessed value of the project area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in subdivision (aa), exceeds the initial assessed value. See Michigan Laws 125.4201 Catalyst development project: means a project that is located in a municipality with a population greater than 600,000, is designated by the authority as a catalyst development project, and is expected to result in at least $300,000,000. See Michigan Laws 125.4201 Chief executive officer: means the mayor or city manager of a city, the president or village manager of a village, or the supervisor of a township or, if designated by the township board for purposes of this part, the township superintendent or township manager of a township. See Michigan Laws 125.4201 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. Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the department of management and budget. See Michigan Laws 38.1161 Development area: means that area to which a development plan is applicable. See Michigan Laws 125.4201 Development plan: means that information and those requirements for a development plan set forth in section 217. See Michigan Laws 125.4201 Development program: means the implementation of the development plan. See Michigan Laws 125.4201 Director: means the director of the department or his or her designee. See Michigan Laws 38.1161 Downtown district: means that part of an area in a business district that is specifically designated by ordinance of the governing body of the municipality pursuant to this part. See Michigan Laws 125.4201 Eligible advance: means an advance made before August 19, 1993. See Michigan Laws 125.4201 Eligible obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority before August 19, 1993 and its subsequent refunding by a qualified refunding obligation. See Michigan Laws 125.4201 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Ex officio: Literally, by virtue of one's office. Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fiduciary: A trustee, executor, or administrator. Fire alarm system: means a system designed to detect and annunciate the presence of fire, or by-products of fire. See Michigan Laws 125.4201 Fiscal year: means the fiscal year of the authority. See Michigan Laws 125.4201 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. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Governing body of a municipality: means the elected body of a municipality having legislative powers. See Michigan Laws 125.4201 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Initial assessed value: means the assessed value, as equalized, of all the taxable property within the boundaries of the development area at the time the ordinance establishing the tax increment financing plan is approved, as shown by the most recent assessment roll of the municipality for which equalization has been completed at the time the resolution is adopted. See Michigan Laws 125.4201 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 Ionizing radiation: means gamma rays and x-rays, alpha particles, beta particles, high speed electrons, neutrons, protons, high speed ions, and other high speed nuclear particles. See Michigan Laws 333.13501 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. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto). Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Mammography: means radiography of the breast for the purpose of enabling a physician to determine the presence, size, location, and extent of cancerous or potentially cancerous tissue in the breast. See Michigan Laws 333.13501 Mammography authorization: means authorization under section 13523 to use a radiation machine for mammography. See Michigan Laws 333.13501 Mammography interpreter: means an individual who meets the requirements set forth in section 13523(2)(g) and is responsible for evaluating and interpreting mammographic images. See Michigan Laws 333.13501 Manufacturer: means a person that prepares, produces, derives, propagates, compounds, processes, packages, or repackages a drug or device salable on prescription only, or otherwise changes the container or the labeling of a drug or device salable on prescription only, and that supplies, distributes, sells, offers for sale, barters, or otherwise disposes of that drug or device and any other drug or device salable on prescription only, to another person for resale, compounding, or dispensing. See Michigan Laws 333.17706 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Municipality: means a city, village, or township. See Michigan Laws 125.4201 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Oath: A promise to tell the truth. oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k Obligation: means a written promise to pay, whether evidenced by a contract, agreement, lease, sublease, bond, or note, or a requirement to pay imposed by law. See Michigan Laws 125.4201 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. Other protected obligation: means :
(i) A qualified refunding obligation issued to refund an obligation described in subparagraph (ii), (iii), or (iv), an obligation that is not a qualified refunding obligation that is issued to refund an eligible obligation, or a qualified refunding obligation issued to refund an obligation described in this subparagraph. See Michigan Laws 125.4201Oversight: Committee review of the activities of a Federal agency or program. 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. Person: means a person as defined in section 1106 or a governmental entity. See Michigan Laws 333.13501 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Process improvement: is a recommended improvement that is concisely written and identifies a problem, situation, or opportunity for improvement, together with a recommendation for a remedy. See Michigan Laws 38.1161 Public facility: means a street, plaza, pedestrian mall, and any improvements to a street, plaza, or pedestrian mall including street furniture and beautification, park, parking facility, recreational facility, right-of-way, structure, waterway, bridge, lake, pond, canal, utility line or pipe, building, and access routes to any of the foregoing, designed and dedicated to use by the public generally, or used by a public agency. See Michigan Laws 125.4201 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Qualified refunding obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority to refund an obligation if 1 or more of the following apply:
(i) The obligation is issued to refund a qualified refunding obligation issued in November 1997 and any subsequent refundings of that obligation issued before January 1, 2010 or the obligation is issued to refund a qualified refunding obligation issued on May 15, 1997 and any subsequent refundings of that obligation issued before January 1, 2010 in an authority in which 1 parcel or group of parcels under common ownership represents 50% or more of the taxable value captured within the tax increment finance district and that will ultimately provide for at least a 40% reduction in the taxable value of the property as part of a negotiated settlement as a result of an appeal filed with the state tax tribunal. See Michigan Laws 125.4201Qualified township: means a township that meets all of the following requirements:
(i) Was not eligible to create an authority prior to January 3, 2005. See Michigan Laws 125.4201Quorum: The number of legislators that must be present to do business. Radioactive material: means a solid, liquid, or gas material which emits ionizing radiation spontaneously. See Michigan Laws 333.13501 Radiography: means the making of a film or other record of an internal structure of the body by passing x-rays or gamma rays through the body to act on film or other image receptor. See Michigan Laws 333.13501 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. recognition board: means the recognition board established in section 2. See Michigan Laws 38.1161 Registration: means registration of a source of ionizing radiation in writing with the department. See Michigan Laws 333.13501 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Retired state employee: means an individual who has retired from state service and is receiving a retirement benefit from either the defined benefits or defined contributions retirement plans sponsored by this state. See Michigan Laws 38.1161 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSettlement: 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. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Source of ionizing radiation: means a device or material that emits ionizing radiation. See Michigan Laws 333.13501 Specific local tax: means a tax levied under 1974 PA 198, MCL 207. See Michigan Laws 125.4201 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 employee: means a classified member of the state civil service or an unclassified employee of the executive, legislative, or judicial branch of state government. See Michigan Laws 38.1161 Statute: A law passed by a legislature. Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area, subject to the following requirements:
(i) Tax increment revenues include ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions other than the state pursuant to the state education tax act, 1993 PA 331, MCL 211. See Michigan Laws 125.4201Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Usury: Charging an illegally high interest rate on a loan. Source: OCC Value added behavior: means a positive contribution by a person that advances the implementation of a process improvement or otherwise assists in the advancement of overall organizational success. See Michigan Laws 38.1161 Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.