Michigan Compiled Laws, Chapter 21. Budget and State Accounts § 21.602

(a) “Asset” means infrastructure related to drinking water, wastewater, stormwater, transportation, energy, or communications, including, but not limited to, drinking water supply systems, wastewater systems, stormwater systems, drains, roads, bridges, broadband and communication systems, and electricity and natural gas networks.

(b) “Asset class” means a single type of asset including its network and all associated appurtenances critical to its performance.

(c) “Asset management” means an ongoing process of maintaining, preserving, upgrading, and operating physical assets cost-effectively, based on a continuous physical inventory and condition assessment and investment to achieve performance goals.

(d) “Asset management plan” means a set of procedures to manage assets through their life cycles, based on principles of life cycle costing. An asset management plan may be used as a tool to help an asset owner implement its asset management program.

(e) “Asset owner” means a person that owns or operates an asset.

(f) “Department” means the department of treasury.

(g) “Performance goals” means standards of system performance that reflect asset management principles for asset preservation and sustainability, operations, capacity consistent with local needs, and identified levels of service.

(h) “Person” means an individual, partnership, corporation, association, governmental entity, or other legal entity.

(i) “Region” means the geographic jurisdiction of any of the following:

(j) “Transportation asset management council” means the transportation asset management council created in section 9a of 1951 PA 51, MCL 247.659a.

(k) “Water asset management council” means the water asset management council created in section 5002 of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5002.