Act 183 definition
Examples of Act 183 in a sentence
The term of this Lease shall commence on the date of its execution and shall continue for the period, not to exceed forty (40) years, corresponding to the time component contained in the Rental which shall be fixed within the range as set forth in Section 3.3 of this Lease which shall be certified by the appraiser and thereafter approved by the State Administrative Board and the Authority as authorized by Act 183.
In such event, this Lease shall be supplemented to increase the annual amounts of Rental payable hereunder so long as such amounts do not exceed the "true rental" value of the Facility after acquisition of the Improvements to the Facility as determined and approved pursuant to Sections 1(e) and 7 of Act 183.
No amendment to this Lease shall be effective unless the amendment is in writing and is executed by the duly authorized officers of the Authority, the State and the Educational Institution and all requirements of Act 183 are satisfied.
The Authority, the State and the Educational Institution, in accordance with Act 183, hereby specifically declare the acquisition of the Facility is intended to serve an essential governmental function and nothing herein is to be construed to conclude a contrary intent.
The State shall pay to the Authority for and on behalf of the Educational Institution for the use of the Facility during the term of this Lease, Rental in the annual amounts set forth in Exhibit C hereto, which amounts shall be certified by the appraiser and approved by the State Administrative Board and the Authority as authorized by Act 183 payable monthly on an annualized basis (except as hereinafter provided) on or before the first day of each month prior to the termination of this Lease.
Upon the occurrence of an Event of Default, the Authority or its assignees, [the Bank acting through the Agent to the extent it is or is deemed to be a holder of Authority Debt] and the Trustee shall be entitled to use and exercise any and all remedies provided by law to correct such Default, including, but not limited to, the remedies provided in Act 183.
Unless the Board of Education gives written notice of non-renewal of this contract to the Administrator at least 90 days before the contract's termination date, this contract will, without further action, be automatically renewed for an additional one-year period as provided by Public Act 183 of 1979, now being MCL 380.1229.
Unless the Board of Education gives written notice of non- renewal of this contract to the Administrator at least 90 days before the contract's termination date, this contract will, without further action, be automatically renewed for an additional one-year period as provided by Public Act 183 of 1979, now being MCL 380.1229.
The Governor of the State shall, consistent with Act 183, include in the annual executive budget of the State for each year during the term of this Lease an amount sufficient to pay the Rental required to be paid in such year by the State on behalf of the Educational Institution, to the Authority or its assignee.
If the Board for any reason is considering the non-renewal of an Administrator's contract, the Administrator shall be notified as provided for in Public Act 183 and accorded all other rights as provided by such Act.