Terms Used In Michigan Laws > Chapter 390 > Act 549 of 2008 - Michigan Promise Zone Authority Act

• 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.
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assets: means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under contracts and other agreements. See Michigan Laws 500.5500
• Authority: means a promise zone authority created under this act. See Michigan Laws 390.1663
• Board: means the governing body of an authority. See Michigan Laws 390.1663
• Capital: means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Michigan Laws 500.5500
• Commissioner: means the director. See Michigan Laws 500.102
• Common 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.
• 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.
• Department: means the department of insurance and financial services. See Michigan Laws 500.102
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• Dividing insurer: means a domestic stock insurer that approves a plan of division pursuant to section 5505. See Michigan Laws 500.5500
• division: means the act by operation of law by which a domestic stock insurer divides into 2 or more resulting insurers in accordance with a plan of division and this chapter. See Michigan Laws 500.5500
• Domestic stock insurer: means a domestic stock insurer organized or created under the laws of this state. See Michigan Laws 500.5500
• Eligible entity: means a city, township, county, local school district, or intermediate school district, in which the percentage of families with children under age 18 that are living at or below the federal poverty level is greater than or equal to the state average of families with children under age 18 living at or below the federal poverty level, as determined by the department of treasury. See Michigan Laws 390.1663
• 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 poverty level: means the poverty guidelines published annually in the Federal Register by the United States Department of Health and Human Services under its authority to revise the poverty line under 42 USC 9902. See Michigan Laws 390.1663
• 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.
• 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}
• Governing body: means the elected body of an eligible entity that has legislative powers. See Michigan Laws 390.1663
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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
• Insurer: means a corporation engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.5500
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Liability: means any liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise. See Michigan Laws 500.5500
• Majority leader: see Floor Leaders
• New insurer: means a domestic stock insurer that is created by a division occurring on or after the effective date of the amendatory act that added this chapter. See Michigan Laws 500.5500
• Nonpublic high school: means a high school operated by a nonpublic school that includes grades 9 to 12 or 10 to 12 and that awards a high school diploma. See Michigan Laws 390.1663
• Nonpublic school: means that term as defined in section 5 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1663
• Oath: A promise to tell the truth.
• oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
• 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.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Plan of division: means a plan of division approved by a dividing insurer in accordance with section 5505. See Michigan Laws 500.5500
• Promise of financial assistance: means a commitment by an eligible entity to provide financial resources for public or private postsecondary education, including a vocational program, to eligible students living in a promise zone and who have graduated from a public high school or nonpublic high school located within that promise zone. See Michigan Laws 390.1663
• Promise zone: means that area created by a governing body under this act. See Michigan Laws 390.1663
• Promise zone development plan: means that plan developed by an authority under this act that will ensure that the financial resources are available to adequately fund the promise of financial assistance. See Michigan Laws 390.1663
• Public high school: means a public school that includes grades 9 to 12 or 10 to 12 and that awards a high school diploma. See Michigan Laws 390.1663
• Public school: means that term as defined in section 5 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1663
• Qualified educational expenses: means tuition and fees required for the enrollment or attendance of a student at an educational institution, and may also include, if provided for in an authority's promise zone development plan, expenses for fees, books, supplies, and equipment required for courses of instruction at that educational institution. See Michigan Laws 390.1663
• Resulting insurer: means a domestic stock insurer created by a division or a dividing insurer that survives a division. See Michigan Laws 500.5500
• School district: means that term as defined in the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1663
• seal: shall be construed to include any of the following: