Michigan Laws 125.1424a – Land acquisition and development fund; creation; payment of moneys into fund
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(1) A fund to be known as the “land acquisition and development fund” is created and established under the jurisdiction and control of the authority.
(2) There shall be paid into the land acquisition and development fund: any moneys appropriated and made available by the state for the purposes of this fund; any moneys which the authority receives from the sale or rental of real property purchased by the authority with moneys from this fund; and any other moneys which may be made available to or by the authority and designated by the authority for the purpose of this fund from any other source including unpledged accumulated fees and charges and unpledged interest income of the authority. As used in this section, “real property” means an interest, including fee or leasehold interest, in land or improvements to land or a portion thereof.
Terms Used In Michigan Laws 125.1424a
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Fund: means the housing development fund created by this act. See Michigan Laws 125.1411
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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