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 […]
Section 141.1054 – Michigan Municipal Bond Authority; Created; Powers; Funds.
141.1054 Michigan municipal bond authority; created; powers; funds. Sec. 4. The Michigan municipal bond authority is created as a body corporate, separate and distinct from the state. The authority may sue and be sued, plead and be impleaded, contract and be contracted with, have a corporate seal, and enjoy and carry out all powers granted […]
Section 141.1066c – School Loan Revolving Fund.
141.1066c School loan revolving fund. Sec. 16c. The authority shall establish a school loan revolving fund and shall establish accounts and subaccounts with the school loan revolving fund as it determines is necessary or appropriate to operate the school loan revolving fund. The authority may fund the school loan revolving fund with proceeds of bonds […]
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 […]