Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 31A - Managed Care

• Amortization: Paying off a loan by regular installments.
• Computed millage: means the number of mills in any year, not less than 7 mills and not more than 13 mills, determined on the date of issuance of the order qualifying the bonds or on a later date if requested by the school district and approved by the state treasurer, that, if levied by the school district, will generate sufficient annual proceeds to pay principal and interest on all the school district's qualified bonds plus principal and interest on all qualified loans related to those qualified bonds no later than the final mandatory repayment date. See Michigan Laws 388.1923
• Contract: A legal written agreement that becomes binding when signed.
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• 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.
• Final mandatory repayment date: means the final mandatory repayment date determined by the state treasurer under section 9. See Michigan Laws 388.1923
• 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.
• 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
• 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
• 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}
• managed care option: means an optional coverage selected by an insured at the time a policy is issued that includes, but is not limited to, the monitoring and adjudication of an injured person's care, the use of a preferred provider program or other network, or other similar option. See Michigan Laws 500.3181
• Michigan finance authority: means the Michigan finance authority created under Executive Reorganization Order No. See Michigan Laws 388.1923
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Qualified bond: means a bond that is qualified under this act for state loans as provided in section 16 of article IX of the state constitution of 1963. See Michigan Laws 388.1923
• Qualified loan: means a loan made under this act or former 1961 PA 108 from this state to a school district to pay debt service on a qualified bond. See Michigan Laws 388.1923
• Revolving loan fund: means the school loan revolving fund created under section 16c of the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 388.1923
• School district: means a general powers school district organized under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 388.1923
• 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 treasurer: means the state treasurer or his or her duly authorized designee. See Michigan Laws 388.1923
• Taxable value: means the value determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 388.1923