Michigan Laws > Chapter 125 > Act 120 of 1961 – Principal Shopping Districts and Business Improvement Districts


Chapter 1	Principal Shopping District
Chapter 2	Business Improvement Zone

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Terms Used In Michigan Laws > Chapter 125 > Act 120 of 1961 - Principal Shopping Districts and Business Improvement Districts

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
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.
Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
Assessable property: means real property in a zone area other than property classified as residential real property under section 34c of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.990
Assessable property: means real property in a district area other than all of the following:

(i) Property classified as residential real property under section 34c of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.981

Assessment: means an assessment imposed under this chapter against assessable property for the benefit of the property owners. See Michigan Laws 125.990

Assessment revenue: means the money collected by a business improvement zone from any assessments, including any interest on the assessments. See Michigan Laws 125.990

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}

Bequest: Property gifted by will.

Board: means the board of directors of a business improvement zone. See Michigan Laws 125.990

Business improvement district: means 1 or more portions of a local governmental unit or combination of contiguous portions of 2 or more local governmental units that are predominantly commercial or industrial in use. See Michigan Laws 125.981

Business improvement zone: means a business improvement zone created under this chapter. See Michigan Laws 125.990

Contract: A legal written agreement that becomes binding when signed.

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.

Department: means the department of licensing and regulatory affairs. See Michigan Laws 333.6230

Director: means the director of the department or his or her designee. See Michigan Laws 333.6230

District: means a business improvement district or a principal shopping district. See Michigan Laws 125.981

Document of title: means a record that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. See Michigan Laws 440.1201

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.

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

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}

Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}

Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

Highways: means public streets, highways, and alleys. See Michigan Laws 125.981

in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q

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.

Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}

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 governmental unit: means a city, village, or urban township. See Michigan Laws 125.981

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

Nonprofit corporation: means a nonprofit corporation organized under the nonprofit corporation act, 1982 PA 162, MCL 450. See Michigan Laws 125.990

Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

Person: means an individual, partnership, corporation, limited liability company, association, or other legal entity. See Michigan Laws 125.990

person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l

Personal property: All property that is not real property.

Principal shopping district: means a portion of a local governmental unit designated by the governing body of the local governmental unit that is predominantly commercial and that contains at least 10 retail businesses. See Michigan Laws 125.981

Project: means any activity within a zone area for the benefit of property owners authorized by section 10a. See Michigan Laws 125.990

Property owner: means a person that owns, or an agent authorized in writing by a person that owns, assessable property according to the records of the treasurer of the city or village in which the business improvement zone is located. See Michigan Laws 125.990

Proportional voting: means voting with an allocation of votes under section 10f(7) if provided for in a zone plan or a proposed zone plan. See Michigan Laws 125.990

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

Qualifying period: means the period in which a business improvement zone is authorized to operate and impose and collect assessments, beginning on the date that the business improvement zone is approved by the property owners voting on the question as provided in section 10f and ending 7 to 10 calendar years after that date as determined in the petition described in section 10c. See Michigan Laws 125.990

Quorum: The number of legislators that must be present to do business.

Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.

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

Statute: A law passed by a legislature.

Substance use disorder services: means substance use disorder prevention services or substance use disorder treatment and rehabilitation services, or both, as those terms are defined in section 100d of the mental health code, 1974 PA 258, MCL 330. See Michigan Laws 333.6230

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

Urban township: means a township that is an urban township as defined in section 402 of the recodified tax increment financing act, 2018 PA 57, MCL 125. See Michigan Laws 125.981

Zone area: means the area designated in the zone plan as the area to be served by the business improvement zone. See Michigan Laws 125.990

Zone plan: means a set of goals, strategies, objectives, and guidelines for the operation of a business improvement zone. See Michigan Laws 125.990