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 […]
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 […]