Terms Used In Michigan Laws > Chapter 38 > Act 306 of 1976 - Deferred Compensation Plan

• Advance: means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. See Michigan Laws 125.4201
• 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.
• Authority: means a downtown development authority created pursuant to this part. See Michigan Laws 125.4201
• Contract: A legal written agreement that becomes binding when signed.
• Development area: means that area to which a development plan is applicable. See Michigan Laws 125.4201
• Development program: means the implementation of the development plan. See Michigan Laws 125.4201
• Eligible advance: means an advance made before August 19, 1993. See Michigan Laws 125.4201
• Eligible obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority before August 19, 1993 and its subsequent refunding by a qualified refunding obligation. See Michigan Laws 125.4201
• Fiscal year: means the fiscal year of the authority. See Michigan Laws 125.4201
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Municipality: means a city, village, or township. See Michigan Laws 125.4201
• Obligation: means a written promise to pay, whether evidenced by a contract, agreement, lease, sublease, bond, or note, or a requirement to pay imposed by law. See Michigan Laws 125.4201
• 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.
• 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.
• 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
• Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area, subject to the following requirements: