Terms Used In Michigan Laws > Chapter 123 > Act 235 of 1947 - Joint Water and Sewage Disposal System

• Additions: means that term as defined in section 34d. See Michigan Laws 211.27a
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Charitable nonprofit housing organization: means a charitable nonprofit organization the primary purpose of which is the construction or renovation of residential housing for conveyance to a low-income person. See Michigan Laws 211.27
• Commercial purpose: means used in connection with any business or other undertaking intended for profit, but does not include the rental of residential real property for a period of less than 15 days in a calendar year. See Michigan Laws 211.27a
• Eligible nonprofit housing property: means property owned by a charitable nonprofit housing organization, the ownership of which the charitable nonprofit housing organization intends to transfer to a low-income person after construction or renovation of the property is completed. See Michigan Laws 211.27
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Low-income person: means a person with a family income of not more than 80% of the statewide median gross income who is eligible to participate in the charitable nonprofit housing organization's program based on criteria established by the charitable nonprofit housing organization. See Michigan Laws 211.27
• nonprofit cooperative housing corporation: means a nonprofit cooperative housing corporation that is engaged in providing housing services to its stockholders and members and that does not pay dividends or interest upon stock or membership investment but that does distribute all earnings to its stockholders or members. See Michigan Laws 211.27
• present economic income: means for leased or rented property the ordinary, general, and usual economic return realized from the lease or rental of property negotiated under current, contemporary conditions between parties equally knowledgeable and familiar with real estate values. See Michigan Laws 211.27
• purchase price: means the total consideration agreed to in an arms-length transaction and not at a forced sale paid by the purchaser of the property, stated in dollars, whether or not paid in dollars. See Michigan Laws 211.27
• Qualified forest property: means that term as defined in section 7jj[1]. See Michigan Laws 211.27a
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• transfer of ownership: means the conveyance of title to or a present interest in property, including the beneficial use of the property, the value of which is substantially equal to the value of the fee interest. See Michigan Laws 211.27a
• true cash value: means the usual selling price at the place where the property to which the term is applied is at the time of assessment, being the price that could be obtained for the property at private sale, and not at auction sale except as otherwise provided in this section, or at forced sale. See Michigan Laws 211.27
• Uphold: The decision of an appellate court not to reverse a lower court decision.