Terms Used In Michigan Laws > Chapter 124 > Act 425 of 1984 - Intergovernmental Conditional Transfer of Property by Contract

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agreement: means a written agreement between an employer and a community college district concerning a project and any amendments to that agreement. See Michigan Laws 389.161
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• bonds: means bonds, notes, or other debt issued by a community college district under this chapter. See Michigan Laws 389.161
• Community college: means an educational institution providing collegiate and noncollegiate level education primarily to individuals above the twelfth grade age level within commuting distance. See Michigan Laws 389.105
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• county ALICE rate: means an amount equal to the minimum hourly wage rate necessary to pay the minimal estimate of the total household essentials for a household of 1 adult and 1 child in the county in which a job is primarily performed, based on the most recent household survival budget data provided by United for ALICE at unitedforalice. See Michigan Laws 389.161
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Donor: The person who makes a gift.
• Economic development project: means land and existing or planned improvements suitable for use by an industrial or commercial enterprise, or housing development, or the protection of the environment, including, but not limited to, groundwater or surface water. See Michigan Laws 124.21
• Employer: means a person that is engaged in business and has employees in this state. See Michigan Laws 389.161
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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}
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Local unit: means a city, township, or village. See Michigan Laws 124.21
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• New job: means a full-time job in this state that meets all of the following: