Michigan Laws > Chapter 324 > Act 10 of 2013 – Marina Dredging Loan Origination Act
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Terms Used In Michigan Laws > Chapter 324 > Act 10 of 2013 - Marina Dredging Loan Origination Act
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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
- Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
- Bottomland: means the land area of a water body that lies below the ordinary high-water mark and that may or may not be covered by water. See Michigan Laws 324.95232
- Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Director: means a director, trustee, or other person holding a similar position with respect to an organization whether incorporated or unincorporated. See Michigan Laws 487.3102
- Dredging: means the removal of sediments from bottomland. See Michigan Laws 324.95232
- Dredging costs: means the costs associated with dredging that were incurred after February 1, 2013, including costs of removal, disposal, and testing of sediments, and the costs associated with obtaining necessary permits required to conduct dredging. See Michigan Laws 324.95232
- Eligible marina: means a privately owned, commercial facility in this state that meets all of the following requirements:
(i) Extends into or over the Great Lakes, their connecting waters, or an inland lake or stream. See Michigan Laws 324.95232Financial institution: means a state or national bank, a state or federally chartered savings and loan association, a state or federally chartered savings bank, a state or federally chartered credit union, or other regulated lending institution whose deposits are insured by an agency of the United States government, that maintains a principal office or branch office in this state under the laws of this state or the United States. See Michigan Laws 324.95232 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. Inland lake or stream: means that term as it is defined in section 30101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 324.95232 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 Marina dredging loan: means a loan or the refinancing of all or a portion of a loan made to the owner of an eligible marina for dredging costs necessitated by low water levels to accommodate the use of the marina by recreational watercraft. See Michigan Laws 324.95232 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Ordinary high-water mark: means either of the following:
(i) For an inland lake or stream, that term as it is defined in section 30101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 324.95232Partnership: 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 an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.95232 Program: means the marina dredging loan origination program established under this act. See Michigan Laws 324.95232 Qualified financial institution: means a financial institution that has a physical location in this state or whose principal office is located in this state, or both. See Michigan Laws 324.95232 Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103 Shareholder: means the registered owner of any share or shares of capital stock of a savings bank. See Michigan Laws 487.3103 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o