Section 285.279 – Prohibited Conduct; Violation; Penalties; Determination of Total Value; Prior Convictions; “Proceeds” Defined; Prohibition.
285.279 Prohibited conduct; violation; penalties; determination of total value; prior convictions; “proceeds” defined; prohibition. Sec. 29. (1) A person shall not, with the intent to defraud or cheat and designedly by false pretenses, including false statement or representation, obtain money, agricultural land, agricultural improvements, depreciable agricultural property, other real or personal property, or the use […]
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 […]
Section 285.271 – General Reserve Fund.
285.271 General reserve fund. Sec. 21. The authority shall create and establish a special fund, referred to as a general reserve fund, and, subject to agreements with bondholders and noteholders, shall pay into the fund all fees and charges collected by the authority on loans made from and mortgages acquired with the proceeds of the […]
Section 285.272 – Pledge and Agreement of State With Holders of Notes or Bonds.
285.272 Pledge and agreement of state with holders of notes or bonds. Sec. 22. The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or alter the rights vested in the authority to fulfill the terms of an agreement made with the […]
Section 285.273 – Default by Authority; Appointment and Powers of Trustee; Notice by Trustee.
285.273 Default by authority; appointment and powers of trustee; notice by trustee. Sec. 23. (1) If the authority defaults in the payment of principal of or interest on an issue of notes or bonds after the notes or bonds become due, whether at maturity or upon call for redemption, and that default continues for a […]
Section 285.274 – Depositing Money of Authority in Bank or Savings and Loan Association; Security; Contracting With Holders of Notes or Bonds for Certain Purposes; System of Accounts; Operating Expenditures; Audit.
285.274 Depositing money of authority in bank or savings and loan association; security; contracting with holders of notes or bonds for certain purposes; system of accounts; operating expenditures; audit. Sec. 24. (1) All money of the authority shall be held by the authority and deposited in a state bank, national bank, or a state or […]
Section 285.275 – Notes and Bonds of Authority as Securities; Investment.
285.275 Notes and bonds of authority as securities; investment. Sec. 25. The notes and bonds of the authority are securities in which all public officers and bodies of the state and all local units of government, all insurance companies and associations, and other persons carrying on an insurance business, all banks, trust companies, savings banks […]
Section 285.276 – Recommending Issuance of Faith and Credit Bonds to Legislature.
285.276 Recommending issuance of faith and credit bonds to legislature. Sec. 26. The authority from time to time at its discretion may recommend an issuance of faith and credit bonds to the legislature for a vote of the people. History: 1982, Act 220, Imd. Eff. July 10, 1982