Michigan Laws > Chapter 38 > Act 78 of 1958 – Wayne State University Employee Retirement System
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Terms Used In Michigan Laws > Chapter 38 > Act 78 of 1958 - Wayne State University Employee Retirement System
- 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.
- Aggregate assessable premiums: means the assessable premiums for basic property insurance plus the assessable premiums for home insurance. See Michigan Laws 500.2901
- 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.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Appraisal: A determination of property value.
- Asbestos: means a group of naturally occurring minerals that separate into fibers, including chrysotile, amosite, crocidolite, asbestiform anthophyllite, asbestiform tremolite, and asbestiform actinolite. See Michigan Laws 388.861
- Asbestos-containing material: means any material or product containing more than 1% asbestos. See Michigan Laws 388.861
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Basic property insurance: means :
(i) Insurance against direct loss to any property caused by perils as defined and limited in a fire policy as provided in chapter 28 and an extended coverage indorsement and a vandalism and malicious mischief indorsement or combination thereof as approved by the commissioner. See Michigan Laws 500.2901Board of education: means the board of education of the city of Detroit. See Michigan Laws 38.371 Board of governors: means the board of governors of Wayne state university. See Michigan Laws 38.371 Commissioner: means the director. See Michigan Laws 500.102 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. Cost: means the discounted present value of all anticipated future expenditures associated with a course of action in an area where asbestos removal is being considered. See Michigan Laws 388.861 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Educational facility: means a building owned, leased, or under the control of a public or nonpublic school or school system containing any of grades K-12. See Michigan Laws 388.861 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. 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. Fraud: Intentional deception resulting in injury to another. Home insurance: means a homeowners multiple peril insurance policy for qualified property containing all of the following, but does not include insurance intended to insure commercial, industrial, professional, or business property, obligations, or liabilities:
(i) Fire insurance for an insured's dwelling of a type described in section 2103(2). See Michigan Laws 500.2901Housing charges: means monthly rentals or carrying charges, and includes estimated or actual expenditures for heat, light, water, cooking fuel, and other utilities, and other reasonable expenditures which the authority determines to be a part of housing charges. See Michigan Laws 125.1451 Housing project: means any of the following:
(i) Residential real property developed or to be developed or receiving benefits under this act. See Michigan Laws 125.1411in 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 Inspection bureau: means an organization designated by the commissioner to act as the inspection bureau. See Michigan Laws 500.2901 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 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. Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Low and moderate income housing: means housing financed by bond issues authorized under this act, by federally-aided mortgages as defined in section 11(c), or by other programs directed toward providing housing within the financial means of low and moderate income families as the authority shall determine. See Michigan Laws 125.1451 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgagee: The person to whom property is mortgaged and who has loaned the money. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. 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. Operations and maintenance plan: means a program of work practices designed to maintain asbestos or friable asbestos-containing material in good condition to ensure the cleanup of asbestos or friable asbestos-containing material previously released and to prevent the further release of asbestos or asbestos-containing material by minimizing and controlling the damage or disturbance of asbestos or asbestos-containing material. See Michigan Laws 388.861 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. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Removal: means the taking out or stripping of asbestos or asbestos-containing material from an existing structure. See Michigan Laws 388.861 rental: means all regular charges paid on a periodic basis to a housing corporation by a person or family living in a rental or cooperative housing project, excluding initial down payments. See Michigan Laws 125.1451 Retirement commission: means the retirement commission of the employee retirement system of the school district of the city of Detroit. See Michigan Laws 38.371 Retirement system: means the employee retirement system of the school district of the city of Detroit created and established by chapter 2 of Act No. See Michigan Laws 38.371 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. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c 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 Statute: A law passed by a legislature. Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Wayne service: means creditable service of an employee of the board of education who has been transferred to Wayne state university and includes creditable service prior to such transfer and service as an employee of the board of governors of Wayne state university thereafter. See Michigan Laws 38.371