Sec. 2.
As used in this act:
(a) “Authority” means the Michigan higher education facilities authority created by this act.
(b) “Institution for higher learning” or “institution” means a private or nonpublic, nonprofit educational institution within the state authorized by law to provide a program of education beyond the high school level.
(c) “Educational facility” means a structure available for use as a dormitory or other housing facility, including housing facilities for students, a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, and maintenance, storage, or utility facility, and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution for higher education, including parking and other facilities or structures essential or convenient for the orderly conduct of the institution for higher education, and shall include lands and interests in lands and landscaping, site preparation, furniture, equipment, machinery, and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended, and any improvements necessary to a particular facility to make the facility more energy efficient. Educational facility does not include items as books, fuel, supplies, or other items the costs of which are customarily deemed to result in a current operating charge and does not include any facility used or to be used for sectarian instruction or as a place of religious worship, nor a facility which is used or to be used primarily in connection with a part of the program of a school or department of divinity for a religious denomination.
(d) “Bond” includes a note or other obligation issued by the authority for borrowed money, including refunding bonds.
(e) “Educational loan” means a loan made by the authority to an institution.
History: 1969, Act 295, Imd. Eff. Aug. 11, 1969 ;– Am. 1971, Act 56, Eff. Mar. 30, 1972 ;– Am. 1972, Act 306, Eff. Mar. 30, 1973 ;– Am. 1975, Act 305, Imd. Eff. Dec. 22, 1975 ;– Am. 1982, Act 409, Imd. Eff. Dec. 28, 1982