Terms Used In Michigan Laws > Chapter 331 > Act 299 of 1947 > Part B - Survey and Planning

• Applicable contract: means a contract for goods or services proposed or entered into by a qualified city or school district that either exceeds $750,000. See Michigan Laws 141.1633
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• commission: means a financial review commission created in section 4. See Michigan Laws 141.1633
• 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.
• federal act: means Public Law 725 of the 79th Congress, approved August 13, 1946, known as the hospital survey and construction act. See Michigan Laws 331.502
• Federal bankruptcy code: means the federal bankruptcy code, 11 USC 101 to 1532. See Michigan Laws 141.1633
• firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t
• Fraud: Intentional deception resulting in injury to another.
• Hospital: includes public health centers and general, tuberculosis, mental, chronic disease, and other types of hospitals, and related facilities, such as laboratories, out-patient departments, nurses' home and training facilities, and central service facilities operated in connection with hospitals, but does not include any hospital furnishing primarily domiciliary care. See Michigan Laws 331.502
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Operating expenses: means the reasonable operating expenses of the commission, including without limitation the cost of preparing accounting and other reports, costs of commission meetings or other required activities of the commission, counsel fees, including fees of the attorney general, and fees and expenses incurred for consultants and fiduciaries required to carry out the purposes of this act. See Michigan Laws 141.1633
• Oversight: 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.
• Plan for adjustment: means the plan for the adjustment of debts of a qualified city approved and entered by a United States bankruptcy court under chapter 9 of title 11 of the United States Code, 11 USC 901 to 946. See Michigan Laws 141.1633
• Professional services: means services that require a high degree of intellectual skill, an advanced degree, or professional licensing or certification. See Michigan Laws 141.1633
• Property: includes any matter or thing upon or in respect to which an offense may be committed. See Michigan Laws 761.1
• Qualified city: means a city with a population of more than 600,000 that is subject to a plan for adjustment. See Michigan Laws 141.1633
• Settlement: 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.
• 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 treasurer: means the treasurer of this state or his or her designee who shall be designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature shall have the same force and effect as the signature of the state treasurer for all purposes under this act. See Michigan Laws 141.1633
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
• Vehicle: means that term as defined in section 79 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 777.1