Section 141.1072 – Property and Income of Authority; Public Property; Public Purpose; Exemptions From Taxes and Special Assessments.
141.1072 Property and income of authority; public property; public purpose; exemptions from taxes and special assessments. Sec. 22. Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to be for a public purpose. The property of the authority and its income […]
Section 141.1062 – Security Transactions; Authorization and Approval.
141.1062 Security transactions; authorization and approval. Sec. 12. (1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to purchase notes or bonds, an agreement to remarket bonds or notes, and any other transaction to provide security to assure timely payment of […]
Section 141.1063 – Authority of Member, Executive Director, or Other Personnel as to Notes, Bonds, and Investments.
141.1063 Authority of member, executive director, or other personnel as to notes, bonds, and investments. Sec. 13. Within limitations that are stated in the issuance or authorization resolution of the authority, the authority may authorize a member of the board, the executive director of the authority, or other personnel within the department of treasury staffing […]
Section 141.1064 – Powers Constituting Covenants by Authority and Contracts With Holders of Bond or Note.
141.1064 Powers constituting covenants by authority and contracts with holders of bond or note. Sec. 14. If provided in a resolution of the authority authorizing or relating to the issuance of bonds or notes, and in order to secure the payment of the bonds or notes and in addition to its other powers, the authority […]
Section 141.1065 – Pledge of Revenues or Other Money; Lien of Pledge; Payment Assigned or Pledged to Authority to Be Held in Trust for Payment of Principal and Interest; Payment Subject to Lien; Nature of Lien; Filing or Recordation Not Required.
141.1065 Pledge of revenues or other money; lien of pledge; payment assigned or pledged to authority to be held in trust for payment of principal and interest; payment subject to lien; nature of lien; filing or recordation not required. Sec. 15. (1) A pledge of revenues or other money made by the authority is valid […]
Section 141.1065a – Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
141.1065a Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990. Compiler’s Notes: The repealed section provided a limitation on outstanding bonds.
Section 141.1066 – Reserve Funds.
141.1066 Reserve funds. Sec. 16. (1) The authority may create and establish 1 or more special funds as reserve funds. The authority shall pay into each reserve fund money appropriated and made available by this state for the purpose of that reserve fund, proceeds of the sale of bonds or notes to the extent provided […]
Section 141.1066a – State Water Pollution Control Revolving Fund; Establishment; Compliance; Funding; Assistance to Governmental Unit; Loan Agreement; Determination of Eligible Projects; Maximum Amount of Municipal Obligation; Maximum Interest Rate.
141.1066a State water pollution control revolving fund; establishment; compliance; funding; assistance to governmental unit; loan agreement; determination of eligible projects; maximum amount of municipal obligation; maximum interest rate. Sec. 16a. The authority shall establish a state water pollution control revolving fund that complies with the requirements and objectives of the federal water pollution control act. […]
Section 141.1053 – Definitions.
141.1053 Definitions. Sec. 3. As used in this act: (a) “Authority” means the Michigan finance authority created by Executive Reorganization Order No. 2010-2, MCL 12.194. (b) “Board” means the board of directors of the authority. (c) “Bonds” means bonds of the authority issued under this act with a maturity greater than 3 years. (d) “Capitalization […]
Section 141.1066b – State Drinking Water Revolving Fund.
141.1066b State drinking water revolving fund. Sec. 16b. The authority shall establish a state drinking water revolving fund that complies with the requirements and objectives of the federal safe drinking water act. The authority shall establish accounts and subaccounts within the state drinking water revolving fund as it determines is necessary or appropriate to operate […]