Section 124.774 – Authority Created Under MCL 124.773; Borrowing Money and Issuing Bonds or Notes.
124.774 Authority created under MCL 124.773; borrowing money and issuing bonds or notes. Sec. 24. (1) By resolution of its board, an authority created under section 23 may borrow money and issue bonds and notes, subject to limitations set forth in this section, for the purpose of achieving the purposes of and objectives incident to […]
Section 124.781 – Transfer of Powers and Duties of Board of Directors and Office of the Executive Director of State Land Bank Fast Track Authority to Office of Executive Director of Michigan State Housing Development Authority; Abolishment of Board of Directors and Office of Executive Director of State Land Bank Fast Track Authority.
124.781 Transfer of powers and duties of board of directors and office of the executive director of state land bank fast track authority to office of executive director of Michigan state housing development authority; abolishment of board of directors and office of executive director of state land bank fast track authority. WHEREAS, Section 1 of […]
Section 124.765 – Land Bank Fast Track Authority; Creation; Powers and Duties; Staffing; Cooperation With State Departments and Agencies.
124.765 Land bank fast track authority; creation; powers and duties; staffing; cooperation with state departments and agencies. Sec. 15. (1) The land bank fast track authority is created as a public body corporate and politic within the department. (2) The state authority shall exercise its powers, duties, functions, and responsibilities independently of the director of […]
Section 124.766 – Board of Directors; Membership; Appointment; Terms; Oath; Removal; Vacancy; Election of Chairperson and Vice-Chairperson; Designation of Representative; Discharge of Duties.
124.766 Board of directors; membership; appointment; terms; oath; removal; vacancy; election of chairperson and vice-chairperson; designation of representative; discharge of duties. Sec. 16. (1) The purposes, powers, and duties of the state authority are vested in and shall be exercised by a board of directors. The authority board shall consist of 7 members. The governor […]
Section 124.767 – Executive Director; Appointment; Eligibility; Oath; Duties.
124.767 Executive director; appointment; eligibility; oath; duties. Sec. 17. The governor shall appoint a person to serve as the executive director of the state authority. A member of the authority board is not eligible to hold the position of executive director. Before entering upon the duties of his or her office, the executive director shall […]
Section 124.768 – Land Bank Fast Track Fund; Creation; Receipt of Money or Other Assets; Transfer of Money in Urban Land Assembly Loan Fund; Loan Repayments; Money Remaining in Fund; Expenditures; Disposition of Proceeds.
124.768 Land bank fast track fund; creation; receipt of money or other assets; transfer of money in urban land assembly loan fund; loan repayments; money remaining in fund; expenditures; disposition of proceeds. Sec. 18. (1) The land bank fast track fund is created under the jurisdiction and control of the state authority and may be […]
Section 124.769 – Borrowing Money and Issuing Bonds or Notes.
124.769 Borrowing money and issuing bonds or notes. Sec. 19. (1) The state authority may borrow money and issue bonds or notes for the following purposes: (a) To provide sufficient funds for achieving the state authority’s purposes and objectives or incident to and necessary or convenient to carry out the state authority’s purposes and objectives, […]
Section 124.770 – Transfer of Property From State Administrative Board.
124.770 Transfer of property from state administrative board. Sec. 20. (1) The state administrative board may transfer to the state authority tax reverted property owned or under control of this state, on terms and conditions the state administrative board considers appropriate and consistent with the provisions of this act. A transfer of property by the […]
Section 124.771 – Dissolution of Authority.
124.771 Dissolution of authority. Sec. 21. If the state authority has completed the purposes for which it was organized, the authority board, by vote of at least 5 directors and with the written consent of the governor, may provide for the dissolution of the state authority and may provide for the transfer of any property […]
Section 124.772 – Biennial Report.
124.772 Biennial report. Sec. 22. The state authority shall report biennially to the legislature on the activities of the state authority. History: 2003, Act 258, Imd. Eff. Jan. 5, 2004 Compiler’s Notes: For transfer of powers and duties relative to land bank fast track act, 2003 PA 258, performed by Michigan strategic fund to Michigan […]