Section 285.251 – Short Title.
285.251 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan family farm development act”. History: 1982, Act 220, Imd. Eff. July 10, 1982
Section 285.252 – Definitions; Rules.
285.252 Definitions; rules. Sec. 2. (1) As used in this act: (a) “Agricultural land” means land suitable for use in farming. (b) “Agricultural improvements” means any improvements, buildings, structures, or fixtures suitable for use in farming which are located on agricultural land. Agricultural improvements includes a single-family dwelling located on agricultural land which is or […]
Section 285.253 – Michigan Family Farm Development Authority; Creation; Purpose; Appointment, Qualifications, and Terms of Members; Expenses; Certificate of Appointment or Reappointment; Powers; Actions by Authority; Quorum; Findings of Fact; Conducting Business at Public Meeting; Notice of Meeting; Chairperson and Vice-Chairperson; Officers, Agents, and Employees; Delegation of Powers and Duties.
285.253 Michigan family farm development authority; creation; purpose; appointment, qualifications, and terms of members; expenses; certificate of appointment or reappointment; powers; actions by authority; quorum; findings of fact; conducting business at public meeting; notice of meeting; chairperson and vice-chairperson; officers, agents, and employees; delegation of powers and duties. Sec. 3. (1) The Michigan family farm […]
Section 285.254 – Performance of Duties, Implementation of Powers, and Selection of Programs and Projects; Principles.
285.254 Performance of duties, implementation of powers, and selection of programs and projects; principles. Sec. 4. In the performance of its duties, the implementation of its powers, and the selection of specific programs and projects to receive its assistance, the authority shall comply with all of the following principles: (a) The authority shall not become […]
Section 285.255 – Powers of Authority Generally.
285.255 Powers of authority generally. Sec. 5. The authority shall possess all powers necessary or convenient to carry out this act, including all the following powers and other powers granted by other provisions of this act: (a) To sue and to be sued; to have a seal and to alter the seal at pleasure; to […]
Section 285.256 – Annual Report.
285.256 Annual report. Sec. 6. (1) The authority shall submit to the governor, the speaker of the house of representatives, and the majority leader of the senate not later than January 15 of each year, a complete report on the activities of the authority. The report shall include all of the following: (a) A description […]
Section 285.257 – Use of Surplus Money.
285.257 Use of surplus money. Sec. 7. Money declared by the authority to be surplus money which is not required to service bonds and notes, to pay administrative expenses of the authority, or to accumulate necessary operating or loss reserves shall be used by the authority to provide loans, grants, subsidies, and services to beginning […]
Section 285.258 – Combining Program With Other State or Federal Programs.
285.258 Combining program with other state or federal programs. Sec. 8. A program authorized by this act may be combined with any other state or federal program in order to facilitate the acquisition of agricultural land, agricultural improvements, and depreciable agricultural property by beginning farmers. History: 1982, Act 220, Imd. Eff. July 10, 1982
Section 285.259 – Beginning Farmer Loan Program; Development; Exercise of Powers by Authority; Participation in Federal and State Programs; Requirements for Providing Loan to Beginning Farmer; Acceleration of Loan; Assumption of Mortgage; Transfer of Interest; Participation Interest in Mortgage Loan.
285.259 Beginning farmer loan program; development; exercise of powers by authority; participation in federal and state programs; requirements for providing loan to beginning farmer; acceleration of loan; assumption of mortgage; transfer of interest; participation interest in mortgage loan. Sec. 9. (1) The authority shall develop a beginning farmer loan program to facilitate the acquisition of […]
Section 285.260 – Making, Purchasing, or Participating in Loans, Grants, or Deferred Payment Loans to Beginning Farmers; Secured or Unsecured Loans and Grants; Insurance; Interest Rate; Terms and Conditions; Rules.
285.260 Making, purchasing, or participating in loans, grants, or deferred payment loans to beginning farmers; secured or unsecured loans and grants; insurance; interest rate; terms and conditions; rules. Sec. 10. (1) The authority may make, purchase, or participate in loans, grants, or deferred payment loans to beginning farmers to finance the acquisition of agricultural land, […]
Section 285.261 – Loans to Mortgage Lenders; Requirements and Conditions.
285.261 Loans to mortgage lenders; requirements and conditions. Sec. 11. (1) The authority may make and contract to make loans to mortgage lenders on terms and conditions it determines are reasonably related to protecting the security of the authority’s investment and to implementing the purposes of this act. Mortgage lenders are authorized to borrow from […]
Section 285.262 – Purchasing Mortgage or Secured Loans From Mortgage Lenders; Commitment to Purchase; Requirements and Conditions.
285.262 Purchasing mortgage or secured loans from mortgage lenders; commitment to purchase; requirements and conditions. Sec. 12. (1) The authority may purchase and make advance commitments to purchase mortgage or secured loans from mortgage lenders at prices and upon terms and conditions the authority determines. However, the total purchase price for all mortgage or secured […]
Section 285.263 – Bonds and Notes; General Obligations; Negotiability; Issuance Subject to Agency Financing Reporting Act.
285.263 Bonds and notes; general obligations; negotiability; issuance subject to agency financing reporting act. Sec. 13. (1) The authority may issue its negotiable bonds and notes in a principal amount, which in the opinion of the authority is necessary to provide sufficient funds for achieving its corporate purposes, the payment of interest on bonds and […]
Section 285.264 – Bonds and Notes; Authorization; Requirements; Sale.
285.264 Bonds and notes; authorization; requirements; sale. Sec. 14. The notes and bonds shall be authorized by resolution of the members of the authority; shall bear a date or dates; and shall mature at a time or times, in the case of any note, or any renewal of a note, not exceeding 10 years, from […]
Section 285.265 – Resolution Authorizing Notes or Bonds; Provisions.
285.265 Resolution authorizing notes or bonds; provisions. Sec. 15. A resolution authorizing notes or bonds or an issue of notes or bonds may contain provisions, which shall be a part of the contract with the holders of the notes or bonds, as to: (a) Pledging all or any part of the fees and charges made […]
Section 285.266 – Pledge by Authority; Validity; Lien; Recording of Resolution or Instrument Not Required.
285.266 Pledge by authority; validity; lien; recording of resolution or instrument not required. Sec. 16. Any pledge made by the authority shall be valid and binding from the time when the pledge is made. The money or property so pledged and thereafter received by the authority shall immediately be subject to the lien of that […]
Section 285.267 – Personal Liability on Note or Bond of Authority.
285.267 Personal liability on note or bond of authority. Sec. 17. The members of the authority or a person who executes a note or bond shall not be liable personally on the note or bond or be subject to any personal liability or accountability by reason of the issuance of the note or bond. History: […]
Section 285.268 – Purchase and Cancellation of Notes or Bonds by Authority; Price.
285.268 Purchase and cancellation of notes or bonds by authority; price. Sec. 18. The authority, subject to the agreements with noteholders or bondholders as may then exist, shall have power out of any funds available therefor to purchase notes or bonds of the authority, which shall thereupon be canceled, at a price not exceeding (a) […]
Section 285.269 – Nonliability of State on Notes or Bonds of Authority; Statement.
285.269 Nonliability of state on notes or bonds of authority; statement. Sec. 19. The state shall not be liable on notes or bonds of the authority and the notes and bonds shall not be a debt of the state. The notes and bonds shall contain on the face of the notes or bonds a statement […]
Section 285.270 – Capital Reserve Funds.
285.270 Capital reserve funds. Sec. 20. (1) The authority shall create and establish 1 or more special funds to secure notes and bonds of the authority, referred to in this act as capital reserve funds. The authority shall pay into a capital reserve fund money appropriated and made available by this state for the purposes […]