Michigan Laws > Chapter 331 > Act 38 of 1969 > Chapter 2
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 331 > Act 38 of 1969 > Chapter 2
- 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.
- 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.
- Chief administrative officer: means any of the following:
(i) The manager of a village or, if a village does not employ a manager, the president of the village. See Michigan Laws 141.1542Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. 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. Creditor: means either of the following:
(i) An entity that has a noncontingent claim against a local government that arose at the time of or before the commencement of the neutral evaluation process and whose claim represents at least $5,000,000. See Michigan Laws 141.1542Emergency manager: means an emergency manager appointed under section 9. See Michigan Laws 141.1542 Entity: means a partnership, nonprofit or business corporation, limited liability company, labor organization, or any other association, corporation, trust, or other legal entity. See Michigan Laws 141.1542 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. 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 Financial and operating plan: means a written financial and operating plan for a local government under section 11, including an educational plan for a school district. See Michigan Laws 141.1542 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. Governmental unit: means a governmental unit as defined in section 3 of the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 141.1452 hospital: means a public or nonpublic corporation, association, institution, or establishment located within this state for the care of the sick or wounded or of those who require medical treatment or nursing care or home for the aged or which provides retirement housing facilities described in subdivision (f)(iii) operated without profit to an individual, corporation, or association. See Michigan Laws 331.33 Hospital facilities: means any of the following:
(i) A building or structure suitable and intended for, or incidental or ancillary to, use by a hospital and includes nursing homes, homes for the aged, outpatient clinics, laboratories, laundries, nurses', doctors', or interns' residences, administration buildings, facilities for research directly involved with hospital care, maintenance, storage, or utility facilities, parking lots, and garages and all necessary, useful, or related equipment, furnishings, and appurtenances and all lands necessary or convenient as a site for these facilities. See Michigan Laws 331.33Hospital loan: means a loan made by the state authority or a local authority to a hospital. See Michigan Laws 331.33 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 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 Interested party: means a trustee, a committee of creditors, an affected creditor, an indenture trustee, a pension fund, a bondholder, a union that under its collective bargaining agreements has standing to initiate contract negotiations with the local government, or a representative selected by an association of retired employees of the public entity who receive income or benefits from the public entity. See Michigan Laws 141.1542 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 Lien: A claim against real or personal property in satisfaction of a debt. Local emergency financial assistance loan board: means the local emergency financial assistance loan board created under section 2 of the emergency municipal loan act, 1980 PA 243, MCL 141. See Michigan Laws 141.1542 Local government: means a municipal government or a school district. See Michigan Laws 141.1542 Local government representative: means the person or persons designated by the governing body of the local government with authority to make recommendations and to attend the neutral evaluation process on behalf of the governing body of the local government. See Michigan Laws 141.1542 Majority leader: see Floor Leaders Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Municipal government: means a city, a village, a township, a charter township, a county, a department of county government if the county has an elected county executive under 1966 PA 293, MCL 45. See Michigan Laws 141.1542 Neutral evaluation process: means a form of alternative dispute resolution or mediation between a local government and interested parties as provided for in section 25. See Michigan Laws 141.1542 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. 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: 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. Project costs: means the total of the reasonable or necessary costs incurred for carrying out the works and undertakings for the acquisition or construction of hospital facilities under this act. See Michigan Laws 331.33 Quorum: The number of legislators that must be present to do business. Receivership: means the process under this act by which a financial emergency is addressed through the appointment of an emergency manager. See Michigan Laws 141.1542 Review team: means a review team appointed under section 4. See Michigan Laws 141.1542 School district: means a school district as that term is defined in section 6 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 141.1542 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. 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 authority: means the hospital finance authority created by this act. See Michigan Laws 331.33 State financial authority: means the following:
(i) For a municipal government, the state treasurer. See Michigan Laws 141.1542Statute: A law passed by a legislature. Strong mayor: means a mayor who has been granted veto power for any purpose under the charter of that local government. See Michigan Laws 141.1542 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 Vehicle: means that term as defined in section 79 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 777.1 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.