Section 125.699-125.704 – Repealed. 1996, Act 338, Imd. Eff. June 27, 1996.
125.699-125.704 Repealed. 1996, Act 338, Imd. Eff. June 27, 1996. Compiler’s Notes: The repealed sections pertained to board of tenant affairs.
Section 125.705 – Application of Act.
125.705 Application of act. Sec. 55. Nothing in this act shall preclude the creation by the housing commission of any city, village or township of individual boards of tenant affairs or tenant advisory councils in individual housing projects operated by the commission. History: Add. 1968, Act 344, Eff. Oct. 1, 1968
Section 125.706 – Cooperative Action by Borrowers; Scope.
125.706 Cooperative action by borrowers; scope. Sec. 56. Any 2 or more borrowers may join or cooperate in the exercise, either jointly or otherwise, of any power conferred in this act for the purpose of financing including the issuance of bonds, notes or other obligations and giving security with respect to housing facilities. For such […]
Section 125.707 – Cooperative Financing Arrangement; Resolution; Agent Borrower.
125.707 Cooperative financing arrangement; resolution; agent borrower. Sec. 57. A borrower desiring to join in a cooperating financing arrangement with any other borrower shall adopt a resolution determining to enter into a cooperative financing arrangement and designating 1 of the cooperating borrowers as agent borrower. The agent borrower by resolution shall agree to accept the […]
Section 125.708 – Financing Agreement; Preparation; Terms.
125.708 Financing agreement; preparation; terms. Sec. 58. The agent borrower shall cause to be prepared and executed by the cooperating borrowers a financing agreement. The agreement shall provide for: (a) The authority of the agent borrower to undertake such financing on a continuing basis but only to the extent of the aggregate estimated total development […]
Section 125.709 – Special Obligation Notes or Revenue Bonds; Authorization; Issuance.
125.709 Special obligation notes or revenue bonds; authorization; issuance. Sec. 59. (1) For the purpose of defraying the cost of purchasing, acquiring, constructing, improving, enlarging, extending, or repairing a housing project for any cooperating borrower in a cooperative financing arrangement, the agent borrower may borrow money and issue its special obligation notes or revenue bonds […]
Section 125.709a – Bond Authorizing Ordinance; Fiscal Agent; Contract.
125.709a Bond authorizing ordinance; fiscal agent; contract. Sec. 59a. (1) The bond authorizing ordinance shall provide for appointment of a fiscal agent and may provide for appointment of successor fiscal agents and alternate paying agents and such fiscal agents so designated shall be qualified to act as such under the laws of this state or […]
Section 125.709b – Bond Proceeds; Payment Order; Execution; Delivery.
125.709b Bond proceeds; payment order; execution; delivery. Sec. 59b. (1) The bond authorizing ordinance shall provide that the proceeds of the bonds shall be paid in the following order: (a) To the United States in an amount equal to that portion of the development cost which is financed by the bonds issued thereunder as represented […]
Section 125.709c – Revenues, Disposition, Purpose; Fiscal Agent, Duties.
125.709c Revenues, disposition, purpose; fiscal agent, duties. Sec. 59c. The bond authorizing ordinance shall also provide for the disposition, disbursement and deposit of all revenues generated from any cooperatively financed project to insure the proper operation and maintenance of the projects and the payment of bonds and the interest thereon. The ordinance shall specify the […]
Section 125.709d, 125.709e – Repealed. 1996, Act 338, Imd. Eff. June 27, 1996.
125.709d, 125.709e Repealed. 1996, Act 338, Imd. Eff. June 27, 1996. Compiler’s Notes: The repealed sections pertained to issuance of additional bonds and notice of sale of bonds.