Section 141.1078 – Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.
141.1078 Repealed. 1996, Act 241, Imd. Eff. June 10, 1996. Compiler’s Notes: The repealed section pertained to contracts to invest governmental unit’s money.
Section 141.1055 – Board of Trustees; Appointment, Qualifications, and Terms of Members; Duties; Oath; Vacancy; Organization; Rules of Procedure; Conducting Business at Public Meetings; Notice; Quorum; Action of Board; Designation of Representative.
141.1055 Board of trustees; appointment, qualifications, and terms of members; duties; oath; vacancy; organization; rules of procedure; conducting business at public meetings; notice; quorum; action of board; designation of representative. Sec. 5. (1) The authority shall be governed by a board of trustees consisting of the state treasurer, 2 appointees of the governor to serve […]
Section 141.1066d – Grant Agreements Entered Under MCL 324.5204a.
141.1066d Grant agreements entered under MCL 324.5204a. Sec. 16d. (1) In addition to any other authority granted under law, each governmental unit may enter into grant agreements under section 5204a of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5204a, and may pledge its limited taxing power as security for any repayment […]
Section 141.1056 – Chairperson; Employment, Qualifications, Duties, and Compensation of Personnel; Delegation of Powers and Duties; Exercise of Powers, Duties, and Functions; Budgeting, Procurement, and Related Functions; Costs; Report; Annual Audit.
141.1056 Chairperson; employment, qualifications, duties, and compensation of personnel; delegation of powers and duties; exercise of powers, duties, and functions; budgeting, procurement, and related functions; costs; report; annual audit. Sec. 6. (1) The state treasurer is the chairperson of the board. The authority may employ an executive director, legal and technical experts, and other officers, […]
Section 141.1067 – Default or Noncompliance by Authority.
141.1067 Default or noncompliance by authority. Sec. 17. (1) If the authority defaults in the payment of principal of or interest on an issue of bonds or notes issued under this act after the bonds or notes become due, whether at maturity or upon call for redemption, or in the event that the authority fails […]
Section 141.1057 – Powers of Board Generally.
141.1057 Powers of board generally. Sec. 7. The board has all of the following powers: (a) To adopt bylaws for the regulation of its affairs. (b) To adopt an official seal. (c) To maintain a principal office at a place within this state. (d) To sue and be sued in its own name and to […]
Section 141.1058 – Purchase of Municipal Obligations by Authority; Bonds or Notes of Authority; Expenses; Preferential Treatment in Rate of Interest; Forgiving or Relinquishing Interest or Principal of Obligation; Purchase of Qualified Bonds of School District; Additional Purchase.
141.1058 Purchase of municipal obligations by authority; bonds or notes of authority; expenses; preferential treatment in rate of interest; forgiving or relinquishing interest or principal of obligation; purchase of qualified bonds of school district; additional purchase. Sec. 8. (1) The authority may lend money to a governmental unit through the purchase by the authority of […]
Section 141.1059 – Bonds or Notes of Authority; Purposes; Payment; Security; Authorization; Requirements; Validity of Signature; Sale; Revised Municipal Finance Act Inapplicable; Issuance of Bonds Subject to Agency Financing Reporting Act; Interest Rate Exchange Agreement.
141.1059 Bonds or notes of authority; purposes; payment; security; authorization; requirements; validity of signature; sale; revised municipal finance act inapplicable; issuance of bonds subject to agency financing reporting act; interest rate exchange agreement. Sec. 9. (1) The authority may issue from time to time authority bonds or notes in the principal amounts the authority considers […]
Section 141.1060 – Retirement, Funding, or Refunding of Notes.
141.1060 Retirement, funding, or refunding of notes. Sec. 10. The authority may from time to time issue its notes as provided in this act and pay and retire, fund, or refund those notes from proceeds of bonds or of other notes, or from any other funds or money of the authority available or to be […]
Section 141.1061 – Bonds or Notes to Refund Bonds or Notes.
141.1061 Bonds or notes to refund bonds or notes. Sec. 11. (1) The authority may provide for the issuance of authority bonds or notes in the amounts the authority considers necessary for the purpose of refunding bonds or notes of the authority then outstanding, including the payment of any redemption premium and interest accrued or […]