§ 830.411 Definitions
§ 830.411a Legislative findings
§ 830.412 State building authority; creation; body corporate; powers; handling of funds; board of trustees; appointment and terms of members; vacancy; oath; organization; conducting business at public meet
§ 830.413 Powers of building authority generally
§ 830.414 Acquisition of property; condemnation
§ 830.415 Conveyance to building authority of property owned by state or institution of higher education
§ 830.416 Lease of facilities to state; term; provisions
§ 830.417 Lease of facilities from authority; approval; payment of true rental; leasing of furnishings or equipment; lease for capital maintenance improvements
§ 830.418 Revenue obligations generally
§ 830.418a Reserve fund; creation; purpose; use of income and interest
§ 830.419 Obligations; statutory first lien; enforcement
§ 830.419a Moneys of building authority; contract with bondholders; security for deposits
§ 830.420 Indebtedness of state
§ 830.421 Exemption from taxation
§ 830.421a Liability on notes or bonds
§ 830.422 Investment in bonds
§ 830.423 Declaration of public purpose; liberal construction
§ 830.424 Act supplemental and additional to existing powers
§ 830.425 Advisory opinion as to constitutionality
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Terms Used In Michigan Laws > Chapter 830 > Act 183 of 1964 - State Building Authority

  • 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.
  • Appraisal: A determination of property value.
  • Board: means the board of trustees of the building authority. See Michigan Laws 830.411
  • Building authority: means the state building authority created by this act. See Michigan Laws 830.411
  • Capital maintenance improvements: means an expenditure to provide capital maintenance that is an asset depreciable under the internal revenue code that is used by this state or an institution of higher education. See Michigan Laws 830.411
  • Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Equipment: means machinery, hardware, or any other type of equipment or a group of integrally related equipment, which shall meet all of the following:
    (i) The equipment or the predominant portion of the group of integrally related equipment is located in or is physically connected to a state occupied building or facility or is located on state owned property. See Michigan Laws 830.411
  • Existing facilities: means all existing buildings and other facilities, the sites for the buildings or facilities, and furnishings or equipment for the buildings or facilities located on real property acquired by the building authority under the terms of this act. See Michigan Laws 830.411
  • Facilities: means furnishings or equipment, capital maintenance improvements, existing facilities, and all new buildings, parking structures and lots, and other facilities, the sites for the buildings, structures, or facilities, and furnishings or equipment for the buildings, structures, or facilities in any way acquired or constructed by the building authority under this act. See Michigan Laws 830.411
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • Institution of higher education: means a college or university listed in section 4 or 5 of article VIII of the state constitution of 1963 or described in section 6 of article VIII of the state constitution of 1963 or a community or junior college established under section 7 of article VIII of the state constitution of 1963. See Michigan Laws 830.411
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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.
  • obligation: means a bond, note, or other debt obligation issued by the building authority under section 8. See Michigan Laws 830.411
  • Party in interest: includes an owner of an obligation issued under this act; a counterparty to an agreement relating to security or management of payment, revenue, or interest rate exposure, including, but not limited to, a bank, bond insurance provider, or security firm, as its interest appears; and a trustee or fiduciary duly designated by the building authority or otherwise to act on behalf of 1 or more owners or counterparties. See Michigan Laws 830.411
  • 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.
  • 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.
  • 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
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: means the legislative, executive, and judicial branches of state government and includes institutions of higher education. See Michigan Laws 830.411
  • Statute: A law passed by a legislature.
  • True rental: means the rental required to be paid by the state to the building authority under a lease between the state and the building authority entered into under this act. See Michigan Laws 830.411
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC