Michigan Laws 125.2953 – Definitions
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Terms Used In Michigan Laws 125.2953
- 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.
- Eligible urban entity: means a city with a population of 100,000 or more and is the largest city within a metropolitan statistical area as defined by the United States office of management and budget. See Michigan Laws 125.2953
- Michigan strategic fund: means the Michigan strategic fund as described in the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2953
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Eligible act 7 entity” means a separate legal and administrative entity formed by interlocal agreement under the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124.501 to 124.512, among 2 or more local governmental units, at least 1 of which shall be a county, and at least 1 of which shall be a qualified local government unit as defined in section 2 of the obsolete property rehabilitation act, 2000 PA 146, MCL 125.2782, for the purpose of jointly exercising economic development powers and attracting business.
(b) “Eligible next Michigan business” means that term as defined in section 3 of the Michigan economic growth authority act, 1995 PA 24, MCL 207.803.
(c) “Eligible urban entity” means a city with a population of 100,000 or more and is the largest city within a metropolitan statistical area as defined by the United States office of management and budget.
(d) “Local governmental unit” means a county, city, village, township, or charter township.
(e) “Michigan strategic fund” means the Michigan strategic fund as described in the Michigan strategic fund act, 1984 PA 270, MCL 125.2001 to 125.2094.
(f) “Next Michigan development corporation” means an eligible act 7 entity or eligible urban entity that meets the requirements of section 4 and has been so designated by the board of the Michigan strategic fund.
(g) “Next Michigan development district” or “district” means the territory of a next Michigan development corporation.