Michigan Laws > Chapter 141 > Act 147 of 2000 – Safe Drinking Water Financial Assistance Act


§ 141.1451	Short title
§ 141.1452	Definitions
§ 141.1453	Notes or bonds; issuance; use; limitation; sale to Michigan municipal bond authority
§ 141.1454	Notes or bonds; issuance; authorization by resolution; provisions
§ 141.1455	Construction of act; purpose; restriction

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Terms Used In Michigan Laws > Chapter 141 > Act 147 of 2000 - Safe Drinking Water Financial Assistance Act

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.
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Assistance: means that term as it is defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1452
Community water supply: means that term as it is defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1452
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 environmental quality. See Michigan Laws 141.1452
Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
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}
Governmental unit: means a governmental unit as defined in section 3 of the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 141.1452
hospital: means a public or nonpublic corporation, association, institution, or establishment located within this state for the care of the sick or wounded or of those who require medical treatment or nursing care or home for the aged or which provides retirement housing facilities described in subdivision (f)(iii) operated without profit to an individual, corporation, or association. See Michigan Laws 331.33
Hospital facilities: means any of the following:

(i) A building or structure suitable and intended for, or incidental or ancillary to, use by a hospital and includes nursing homes, homes for the aged, outpatient clinics, laboratories, laundries, nurses', doctors', or interns' residences, administration buildings, facilities for research directly involved with hospital care, maintenance, storage, or utility facilities, parking lots, and garages and all necessary, useful, or related equipment, furnishings, and appurtenances and all lands necessary or convenient as a site for these facilities. See Michigan Laws 331.33

Hospital loan: means a loan made by the state authority or a local authority to a hospital. See Michigan Laws 331.33

Incorporating unit: means a county, city, village, or township or a combination of 1 or more counties, cities, villages, or townships incorporating a local authority pursuant to this act. See Michigan Laws 331.33

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}

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 authority: means a public municipal corporation incorporated under this act. See Michigan Laws 331.33

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

Noncommunity water supply: means that term as it is defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1452

Nursing home: means that term as defined in section 20109 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 331.33

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.

Project costs: means the total of the reasonable or necessary costs incurred for carrying out the works and undertakings for the acquisition or construction of hospital facilities under this act. See Michigan Laws 331.33

Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106

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

seal: shall be construed to include any of the following:

(a) The impression of the seal on the paper alone. See Michigan Laws 8.3n

Settlor: means a person, including a testator or a trustee, who creates a trust. See Michigan Laws 700.7103

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

State authority: means the hospital finance authority created by this act. See Michigan Laws 331.33

Statute: A law passed by a legislature.

terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107

Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107

Trustee: A person or institution holding and administering property in trust.

Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107

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