Michigan Laws > Chapter 141 > Act 243 of 1980 – Emergency Municipal Loan Act
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Terms Used In Michigan Laws > Chapter 141 > Act 243 of 1980 - Emergency Municipal Loan Act
- 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.
- Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: includes , but is not limited to, the following:
(i) In relation to a trust, a person that is a trust beneficiary as defined in section 7103. See Michigan Laws 700.1103Board: means the local emergency financial assistance loan board created under section 2. See Michigan Laws 141.931 Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in section 7405(1). See Michigan Laws 700.7103 Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Court: means the probate court or the court with responsibility with regard to mental health services for the county of residence of an individual with developmental disability, or for the county in which the individual was found if a county of residence cannot be determined. See Michigan Laws 330.1600 Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103 Decedent: A deceased person. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Distributee: means a person that receives a decedent's property from the decedent's personal representative or trust property from the trustee other than as a creditor or purchaser. See Michigan Laws 700.1103 Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104 Fiscal year: means , unless otherwise provided in this act, the fiscal year of the municipality applying for a loan under this act. See Michigan Laws 141.931 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. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. 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 Income tax collections: means the total collection of a municipality under the city income tax act, 1964 PA 284, MCL 141. See Michigan Laws 141.931 Income tax revenue growth rate: means the quotient of the following:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
(i) The numerator is the income tax collections of the municipality for the calendar year immediately preceding the municipality's application for a loan under this act. See Michigan Laws 141.931Interest 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 Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. Issue: means an individual's descendant. See Michigan Laws 700.1105 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. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Majority leader: see Floor Leaders Minority leader: See Floor Leaders Municipality: means a county, city, village, or township in this state. See Michigan Laws 141.931 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. Organization: means a corporation, business trust, estate, trust, partnership, limited liability company, association, or joint venture; governmental subdivision, agency, or instrumentality; public corporation; or another legal or commercial entity. See Michigan Laws 700.1106 Person: means an individual or an organization. See Michigan Laws 700.1106 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. Probable cause: A reasonable ground for belief that the offender violated a specific law. Probate: Proving a will Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106 Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106 Qualified trust beneficiary: means a trust beneficiary to whom 1 or more of the following apply on the date the trust beneficiary's qualification is determined:
(i) The trust beneficiary is a distributee or permissible distributee of trust income or principal. See Michigan Laws 700.7103Settlement: 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. Settlement: means , in reference to a decedent's estate, the full process of administration, distribution, and closing. See Michigan Laws 700.1107 Settlor: means a person, including a testator or a trustee, who creates a trust. See Michigan Laws 700.7103 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: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107 State equalized valuation of real and personal property of the municipality: means the valuation determined under 1911 PA 44, MCL 209. See Michigan Laws 141.931 Statewide tax base growth rate: means the total state equalized valuation for real and personal property for the most recent year for which data is available divided by the total state equalized valuation for the fifth year preceding the most recent year for which data is available. See Michigan Laws 141.931 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Successor: means a person, other than a creditor, who is entitled to property of a decedent under the decedent's will or this act. See Michigan Laws 700.1107 terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107 Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107 Trust director: means that term as defined in section 7703a. See Michigan Laws 700.7103 Trustee: A person or institution holding and administering property in trust. Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o