Michigan Laws > Chapter 125 > Act 120 of 1961 > Chapter 1 – Principal Shopping District
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 125 > Act 120 of 1961 > Chapter 1 - Principal Shopping District
- 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.
- 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.
- 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 125.981Business 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 Contract: A legal written agreement that becomes binding when signed. District: means a business improvement district or a principal shopping district. See Michigan Laws 125.981 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 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 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 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. 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 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 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