Michigan Laws 798.411 – Contract to supply water from southern Michigan prison to local industry; mandatory provisions
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(1) The director of the department of corrections may contract with the Jackson area industrial development corporation to supply water from southern Michigan prison to local industry.
(2) The contract shall provide:
Terms Used In Michigan Laws 798.411
- 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.
- 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.
(a) That the water shall be used solely for fire protection and fire extinguishing systems.
(b) That the water shall be sold at not less than its fair market value.
(c) That all water main and other installation and maintenance costs shall be paid by the corporation.