(i) An expense designated as an administrative expense under this act or by the court. See Michigan Laws 487.11201

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.

Aeronautical facilities: means any device, physical or otherwise, that is an object of nature or that is human-made, that aids and is used in aeronautics. See Michigan Laws 259.2

Affiliate: means a corporation, business trust, limited liability company, partnership, association, or similar organization to which any of the following apply:

  (i) A person, directly or indirectly, owns or controls either more than 25% of its voting shares or a majority of the shares voted at the most recent election for the election of its directors, trustees, or other individuals who exercise similar functions, or controls in any manner the election of a majority of its directors, trustees, or other individuals who exercise similar functions. See Michigan Laws 487.11201

Air navigation: means the operation or navigation of aircraft in the airspace over the land and waters of this state. See Michigan Laws 259.2

Aircraft: means any contrivance used or designed for navigation of or flight in the air. See Michigan Laws 259.2

Airport: means any location, either on land or water, that is used for the landing or take-off of aircraft, and includes the buildings and facilities, if any, on that location. See Michigan Laws 259.2

Airport: means a publicly owned airport licensed by the department under section 86 and includes all airport facilities at the airport. See Michigan Laws 259.138

Airport approach plan: means a plan, or an amendment to a plan, adopted under section 12 of the airport zoning act, 1950 (Ex Sess) PA 23, MCL 259. See Michigan Laws 259.2

Airport facilities: means any of the following at an airport:

  (i) Real or personal property, or an interest in real or personal property, used for the landing, taking off, taxiing, parking, or storing of aircraft, or for receiving or discharging passengers or cargo, an appurtenant area used for an airport building or other facility, and any appurtenant right-of-way. See Michigan Laws 259.138

Airport layout plan: means a plan, or an amendment to a plan, that shows current or proposed layout of an airport and that is approved by the commission. See Michigan Laws 259.2

Airport manager: means any individual who is properly appointed and designated by the airport owner as the airport manager, and who is responsible for the supervision and operation of the airport to the airport owner. See Michigan Laws 259.2

Approval date: means , for airports certificated under 14 C. See Michigan Laws 259.138

Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.11201

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

Association: means a federal savings association organized under section 5 of the home owners' loan act, 12 USC 1464, or a savings and loan association, building and loan association, or homestead association that is organized under the laws of a state, the District of Columbia, or a territory or protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11201

Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201

Bank holding company: means a company as defined in the bank holding company act that is not a bank or national banking association and that is a bank holding company approved by the Board of Governors of the Federal Reserve System under the bank holding company act or that will become an approved bank holding company before or upon the completion of a consolidation provided in section 3706. See Michigan Laws 487.11201

Board: means the governing body of a regional authority appointed under section 140. See Michigan Laws 259.138

Branch: means , except as otherwise provided in this subdivision, a branch bank, branch office, branch agency, additional office, or a branch place of business at which deposits are received, checks paid, or money lent. See Michigan Laws 487.11201

capital stock: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.11201

Commission: means the Michigan aeronautics commission. See Michigan Laws 259.3

consolidation: include , respectively, consolidate or merge, consolidated or merged, consolidating or merging, and consolidation or merger. See Michigan Laws 487.11201

Contract: A legal written agreement that becomes binding when signed.

Contractor: means a person who contracts with a governmental entity to improve real property or perform or manage construction services. See Michigan Laws 125.1591

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.

Corporation: means a corporation organized pursuant to this act. See Michigan Laws 125.1603

costs: means the cost of purchasing, acquiring, constructing, improving, enlarging, extending, or repairing a project. See Michigan Laws 125.1603

Department: means the state transportation department, bureau of aeronautics. See Michigan Laws 259.3

department: means the department of insurance and financial services. See Michigan Laws 487.11201

Department: means the department of treasury. See Michigan Laws 325.851

Depository institution: means a bank, out-of-state bank, national bank, foreign bank branch, association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.11201

Derivative transaction: means any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, 1 or more commodities, securities, currencies, interest or other rates, indices, or other assets. See Michigan Laws 487.11201

director: means the director of the department. See Michigan Laws 487.11201

Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}

Employee-owned corporation: means an employee-owned corporation as defined by the employee-owned corporation act. See Michigan Laws 125.1603

Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.

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.

FAA: means the Federal Aviation Administration of the United States Department of Transportation, or any successor agency. See Michigan Laws 259.138

Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.

Federal deposit insurance act: means the federal deposit insurance act, 12 USC 1811 to 1835a. See Michigan Laws 487.11201

Federal home loan bank act: means the federal home loan bank act, 12 USC 1421 to 1449. See Michigan Laws 487.11201

Federal reserve act: means the federal reserve act, 12 USC 221 to 522. See Michigan Laws 487.11201

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}

Fiduciary: A trustee, executor, or administrator.

Financial institution: means an organization that is licensed, chartered, or regulated by the department under the laws of this state. See Michigan Laws 487.11202

Foreign bank: means an entity that is organized and recognized as a bank under the laws of a foreign country that lawfully engages in the business of banking and is not directly or indirectly owned or controlled by United States citizens or by a corporation organized under the laws of the United States. See Michigan Laws 487.11202

Foreign bank agency: means an office or place of business of a foreign bank, established under this act, the international banking act of 1978, or the laws of another state, that does not exercise trust powers and at which deposits of citizens or residents of the United States are not accepted. See Michigan Laws 487.11202

Foreign bank branch: means a place of business of a foreign bank, located in any state, the District of Columbia, or a territory, or protectorate of the United States, that is not a foreign bank agency, bank, or out-of-state bank, at which deposits are received and that is established and operating as a branch of a foreign bank under this act, the international banking act of 1978, or the laws of another state. See Michigan Laws 487.11202

Foreign country: means a country other than the United States and includes a colony, dependency, or possession of a country other than the United States. See Michigan Laws 487.11202

Fund: means the toxic substance loan repayment fund established in section 4. See Michigan Laws 325.851

Governing body: means the body in which the legislative powers of a municipality are vested. See Michigan Laws 125.1603

Governmental entity: means the state, a county, city, township, village, public educational institution, or any political subdivision thereof. See Michigan Laws 125.1591

Improve: means to build, alter, repair, or demolish an improvement upon, connected with, or beneath the surface of any real property, to excavate, clear, grade, fill, or landscape any real property, to construct driveways and roadways, or to perform labor upon improvements. See Michigan Laws 125.1591

Improvement: includes , but is not limited to, all or any part of any building, structure, erection, alteration, demolition, excavation, clearing, grading, filling, landscaping, trees, shrubbery, driveways, and roadways on real property. See Michigan Laws 125.1591

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

Institution: means a bank, state agency, or state foreign bank branch operating or organized or reorganized under this act or operating or organized under any law of this state enacted before August 20, 1969. See Michigan Laws 487.11202

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}

Investment security: means a marketable obligation in the form of a bond, note, or debenture, commonly regarded as an investment security and that is salable under ordinary circumstances with reasonable promptness at a fair value. See Michigan Laws 487.11202

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.

Landing field: means any location, either on land or water, that is used for the landing or take-off of aircraft. See Michigan Laws 259.6

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}

Legislative body: means the elected body of a local government that has legislative powers. See Michigan Laws 259.138

Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

loan or extension of credit: includes all direct or indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person, and any credit exposure arising from a derivative transaction. See Michigan Laws 487.11202

Loan production office: means an office of a depository institution or institutions at which activities related to the lending of money are conducted, deposits are not received, and checks are not paid, and which office is not the principal office, a branch, or an agency of an affiliated depository financial institution. See Michigan Laws 487.11202

Local government: means a county, city, township, or village that creates the regional authority. See Michigan Laws 259.138

Member: means a person with an ownership interest under the Michigan limited liability company act, 1993 PA 23, MCL 450. See Michigan Laws 487.11202

Messenger service: means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions, or 1 or more affiliates of a depository institution, cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. See Michigan Laws 487.11202

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

Municipality: means a county, city, village, or township. See Michigan Laws 125.1603

National bank: means a national banking association chartered by the federal government under the national bank act. See Michigan Laws 487.11202

National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}

National bank act: means the national bank act, 12 USC 21 to 216d. See Michigan Laws 487.11202

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.

Out-of-state bank: means a banking corporation that is organized under the laws of another state, the District of Columbia, or a territory or a protectorate of the United States whose principal office is located in a state other than this state, in the District of Columbia, or in a territory or a protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11202

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: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 259.7

Person: means an individual, partnership, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 487.11202

Person: means an individual, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 125.1591

Personal property: All property that is not real property.

Political subdivision: means a county, city, village, or township of this state, and any other political subdivision, public corporation, authority, or district in this state that is or may be authorized by law to acquire, establish, construct, maintain, improve, and operate airports, landing fields, and other aeronautical facilities. See Michigan Laws 259.7

Pollution control facilities: means water or air pollution control equipment or solid waste disposal facilities located within or without the limits of the municipality. See Michigan Laws 125.1603

Project: means land or an interest in land, existing or planned improvements, machinery, furnishings, or equipment suitable for use by any of the following:

  (i) An industrial or commercial enterprise, including agricultural and forestry enterprises and enterprises designed to produce energy from renewable resources. See Michigan Laws 125.1603

Project area: means that land area or an interest in a land area within the municipality which will be acquired in the implementation of a project or which will be the permanent site of machinery, furnishings, or equipment constituting all or part of a project. See Michigan Laws 125.1603

Project citizens district council: means a project citizens district council established pursuant to this act. See Michigan Laws 125.1603

Project plan: means that information and those requirements for a project set forth in section 8. See Michigan Laws 125.1603

Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

Real property: means the real estate that is improved, including, but not limited to, lands, leaseholds, tenements, hereditaments, and improvements placed on the real property. See Michigan Laws 125.1591

Regional authority: means a regional airport authority created under section 139 and governed by a board. See Michigan Laws 259.138

Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.

Savings bank: means a savings bank that is organized under the savings bank act, 1996 PA 354, MCL 487. See Michigan Laws 487.11203

Service entity: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership in which a bank has invested under section 4310(1). See Michigan Laws 487.11203

Solid waste disposal facilities: means buildings, plants, structures, equipment, or facilities and their appurtenances, together with land or an interest in land or a portion of land, for the purpose of treating, shredding, compression, high temperature incineration, pyrolization, separation, or any other technology for recovery, transporting, storing, or the final placement and disposal of solid wastes resulting from any process of industry, manufacture, trade, or business, from the development, processing, or recovery of any natural resources, or from the operation of any public utility. See Michigan Laws 125.1603

Sponsor: means a public agency authorized by 49 USC 47101 to 47134 to submit requests for, accept, and be responsible for performing all of the assurances associated with accepting grant agreements with respect to airports from the FAA or this state, and to perform some duties and responsibilities previously assumed by the local government that owns or operates the airport before the transfer of operational jurisdiction of the airport to an authority created under this chapter by virtue of the local government's acceptance before the approval date of grants for the benefit of the airport from the FAA or another agency of the United States or this state. See Michigan Laws 259.138

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 agency: means a foreign bank agency that is established and operating under this act. See Michigan Laws 487.11203

Statute: A law passed by a legislature.

Subsidiary: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more depository institutions, and in which a bank has an ownership interest, membership interest, or other legally enforceable interest that is the indicia of ownership. See Michigan Laws 487.11203

Surplus: means the amount paid for issued and outstanding common and preferred stock of a bank in excess of the stated par value, plus any amount of transferred undivided profits and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.11203

Total capital: means an amount equal to any capital, plus any surplus, undivided profits, and instruments of indebtedness authorized under section 3801. See Michigan Laws 487.11203

Transit-oriented development: means infrastructure improvements that are located within 1/2 mile of a transit station or transit-oriented facility that promotes transit ridership or passenger rail use. See Michigan Laws 125.1603

Transit-oriented facility: means a facility that houses a transit station in a manner that promotes transit ridership or passenger rail use. See Michigan Laws 125.1603

Trust office: means an office of a bank at which trust services are performed and at which deposits are not accepted, checks are not paid, and money is not lent. See Michigan Laws 487.11203

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

Venture capital: means equity financing that is provided for starting up or expanding a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital. See Michigan Laws 487.11203

Water and air pollution control equipment: means buildings, plants, structures, equipment, or facilities and their appurtenances, together with land or an interest in land or a portion of land, for the purpose of controlling, eliminating, recovering, removing, reducing, dispersing, treating, or neutralizing atmospheric or water pollutants, including liquid, gaseous, or solid substances or discharges or radiation, or cooling the temperature of atmospheric or water pollutants, or any liquid, gas, or solid, resulting from any process of industry, manufacture, trade, or business; the development, processing, or recovery of any natural resources; or the operation of any public utility, any of which may pollute or may tend to pollute or affect the water or air of this state or adjacent to this state. See Michigan Laws 125.1603