Michigan Laws > Chapter 324 > Act 451 of 1994 > Article III > Chapter 4 > Subchapter 2 > PARKS > Part 743 – State Parks Foundation
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 324 > Act 451 of 1994 > Article III > Chapter 4 > Subchapter 2 > PARKS > Part 743 - State Parks Foundation
- 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.
- Ancillary facility: means any revolving credit agreement, agreement establishing a line of credit, or letter of credit; reimbursement agreement; interest rate exchange or similar agreement; currency exchange agreement; commodity exchange agreement; interest rate floor or cap; option, put, call, or similar agreement to hedge payment, currency, commodity, rate, spread, or similar exposure; investment agreement; float agreement; forward agreement or other investment arrangement; insurance contract; surety bond; commitment to purchase or sell securities; purchase or sale agreement or commitment; or other contract or agreement or other security agreement approved by the authority under this act, including without limitation any arrangement referred to in this act. See Michigan Laws 12.272
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney general: means the department of the attorney general. See Michigan Laws 324.20101
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 12.272
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Board: means the board of directors of the authority. See Michigan Laws 12.272
- Bond: means a bond, note, financial instrument, or other evidence of indebtedness or obligation issued by the authority under this act. See Michigan Laws 12.272
- Cleanup criteria for unrestricted residential use: means any of the following:
(i) Cleanup criteria that satisfy the requirements for the residential category in section 20120a(1)(a). See Michigan Laws 324.20101Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Contract: A legal written agreement that becomes binding when signed. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Decedent: A deceased person. Department: means the director or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.20101 Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301 Department of natural resources: means the principal state department created in section 501. See Michigan Laws 324.301 Director: means the director of the department of natural resources. See Michigan Laws 324.301 Environmental contamination: means the release of a hazardous substance, or the potential release of a discarded hazardous substance, in a quantity which is or may become injurious to the environment or to the public health, safety, or welfare. See Michigan Laws 324.20101 Ex officio: Literally, by virtue of one's office. Facility: means any area, place, parcel or parcels of property, or portion of a parcel of property where a hazardous substance in excess of the concentrations that satisfy the cleanup criteria for unrestricted residential use has been released, deposited, disposed of, or otherwise comes to be located. See Michigan Laws 324.20101 Fiduciary: A trustee, executor, or administrator. Financing costs: means all capitalized interest; operating and debt service reserves; costs of issuance; fees for credit and liquidity enhancements; any item of expense directly or indirectly payable or reimbursable by the authority and related to the authorization, sale, or issuance of bonds, including without limitation underwriting fees, counsel fees, fees of the attorney general, and fees and expenses of consultants, advisors, fiduciaries, and rating agencies; and other costs as the authority determines to be desirable in issuing, securing, and marketing and remarketing the bonds. See Michigan Laws 12.272 Foundation: means the Michigan state parks foundation created in section 74302. See Michigan Laws 324.74301 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 Grantor: The person who establishes a trust and places property into it. grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 8.3e Hazardous substance: means 1 or more of the following, but does not include fruit, vegetable, or field crop residuals or processing by-products, or aquatic plants, that are applied to the land for an agricultural use or for use as an animal feed, if the use is consistent with generally accepted agricultural management practices at the time of the application or stamp sands:
(i) Any substance that the department demonstrates, on a case by case basis, poses an unacceptable risk to the public health, safety, or welfare, or the environment, considering the fate of the material, dose-response, toxicity, or adverse impact on natural resources. See Michigan Laws 324.20101Interest 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 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 Lender: means any of the following:
(i) A state or nationally chartered bank. See Michigan Laws 324.20101local unit: means a municipality or county. See Michigan Laws 324.301 Local unit of government: means a county, city, township, or village, an agency of a local unit of government, an authority or any other public body or entity created by or pursuant to state law. See Michigan Laws 324.20101 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 natural resources: means land, surface water, groundwater, subsurface strata, air, fish, wildlife, or biota within this state. See Michigan Laws 324.20101 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. Operator: means a person who is in control of or responsible for the operation of a facility. See Michigan Laws 324.20101 Outstanding: means with respect to bonds, all bonds except those that have been paid in full at maturity or that are not outstanding under the terms of the applicable authority resolution, trust indenture, or trust agreement authorizing the issuance of the bonds. See Michigan Laws 12.272 Owner: means a person who owns a facility. See Michigan Laws 324.20101 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301 person who is liable: includes a person who is described as being subject to liability in section 20126. See Michigan Laws 324.20101 Quorum: The number of legislators that must be present to do business. Release: includes , but is not limited to, any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, or disposing of a hazardous substance into the environment, or the abandonment or discarding of barrels, containers, and other closed receptacles containing a hazardous substance. See Michigan Laws 324.20101 Residential: means that category of land use for parcels of property or portions of parcels of property where people live and sleep for significant periods of time such that the frequency of exposure is reasonably expected or foreseeable to meet the exposure assumptions used by the department to develop generic residential cleanup criteria as set forth in rules promulgated under this part. See Michigan Laws 324.20101 Response activity: means evaluation, interim response activity, remedial action, demolition, providing an alternative water supply, or the taking of other actions necessary to protect the public health, safety, or welfare, or the environment or the natural resources. See Michigan Laws 324.20101 Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301 Service of process: The service of writs or summonses to the appropriate party. Stamp sands: means finely grained crushed rock resulting from mining, milling, or smelting of copper ore and includes native substances contained within the crushed rock and any ancillary material associated with the crushed rock. See Michigan Laws 324.20101 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 park: means a state park or state recreation area designated by the director. See Michigan Laws 324.74301 this part: includes "rules promulgated under this part". See Michigan Laws 324.20101 threat of release: means any circumstance that may reasonably be anticipated to cause a release. See Michigan Laws 324.20101 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