Sec. 1.
As used in this act:
(a) "Director" means the director of the department of management and budget.
(b) "Estimated equalized value" means 50% of the final estimated value of a state facility as determined by the director.
(c) "Municipality" means a city, village, or township.
(d) "State facility" means state owned real property associated with buildings primarily used for office purposes, state prisons, or hospitals, institutions of higher education, and state owned real and inventory personal property associated with a state proprietary function, the inventory personal property of which shall be valued on the basis of the average monthly inventory for the preceding state fiscal year.
History: 1977, Act 289, Eff. Mar. 30, 1978