Michigan Laws > Chapter 123 > Act 123 of 1949 – Disconnection of Land From Cities and Villages
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Terms Used In Michigan Laws > Chapter 123 > Act 123 of 1949 - Disconnection of Land From Cities and Villages
- 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.
- Amortization: Paying off a loan by regular installments.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Board: means the board of trustees of the building authority. See Michigan Laws 830.411
- Building authority: means the state building authority created by this act. See Michigan Laws 830.411
- Capital maintenance improvements: means an expenditure to provide capital maintenance that is an asset depreciable under the internal revenue code that is used by this state or an institution of higher education. See Michigan Laws 830.411
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Equipment: means machinery, hardware, or any other type of equipment or a group of integrally related equipment, which shall meet all of the following:
(i) The equipment or the predominant portion of the group of integrally related equipment is located in or is physically connected to a state occupied building or facility or is located on state owned property. See Michigan Laws 830.411Existing facilities: means all existing buildings and other facilities, the sites for the buildings or facilities, and furnishings or equipment for the buildings or facilities located on real property acquired by the building authority under the terms of this act. See Michigan Laws 830.411 Facilities: means furnishings or equipment, capital maintenance improvements, existing facilities, and all new buildings, parking structures and lots, and other facilities, the sites for the buildings, structures, or facilities, and furnishings or equipment for the buildings, structures, or facilities in any way acquired or constructed by the building authority under this act. See Michigan Laws 830.411 Fiduciary: A trustee, executor, or administrator. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Institution of higher education: means a college or university listed in section 4 or 5 of article VIII of the state constitution of 1963 or described in section 6 of article VIII of the state constitution of 1963 or a community or junior college established under section 7 of article VIII of the state constitution of 1963. See Michigan Laws 830.411 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. obligation: means a bond, note, or other debt obligation issued by the building authority under section 8. See Michigan Laws 830.411 Party in interest: includes an owner of an obligation issued under this act; a counterparty to an agreement relating to security or management of payment, revenue, or interest rate exposure, including, but not limited to, a bank, bond insurance provider, or security firm, as its interest appears; and a trustee or fiduciary duly designated by the building authority or otherwise to act on behalf of 1 or more owners or counterparties. See Michigan Laws 830.411 State: means the legislative, executive, and judicial branches of state government and includes institutions of higher education. See Michigan Laws 830.411 True rental: means the rental required to be paid by the state to the building authority under a lease between the state and the building authority entered into under this act. See Michigan Laws 830.411 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC