390.1351 Definitions. Sec. 1. As used in this act: (a) “Board” means the body corporate controlling an institution of higher education which is named in sections 4, 5, or 6 of article 8 of the state constitution of 1963 or established by law, as therein provided. (b) “Student loan” means a loan of the type […]
390.1352 MCL 141.2101 to 141.2821, 141.151 to 141.153, and 141.101 to 141.140 inapplicable to borrowing under act; purpose of act; provisions cumulative as to powers of board; bonds and notes subject to agency financing reporting act. Sec. 2. (1) The revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, 1969 PA 342, MCL […]
390.1353 Methods of making student loan. Sec. 3. To financially assist a student wishing to attend the college or university governed by the board, a board may make or arrange for a loan to the student as it determines to be in need of the assistance on a nondiscriminatory basis upon the terms and provisions […]
390.1354 Financing of student loan program; bonds or notes generally; capital cost. Sec. 4. (1) A student loan program may be financed in whole or in part under the terms and provisions the board deems best, by the issuance of notes or bonds of the board which shall be payable in not more than 18 […]
390.1355 Notes or bonds as negotiable instruments. Sec. 5. Whether or not notes or bonds issued pursuant to this act are within the definition of negotiable instruments under the applicable provisions of the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102, the notes or bonds shall be negotiable instruments within the meaning of […]
390.1356 Bonds, notes, or contracts neither evidence of state indebtedness nor grant of state credit; payment of bonds, notes, or contracts. Sec. 6. A bond or note issued under this act or a contract entered into pursuant to this act shall not constitute or be an evidence of state indebtedness and a bond, note, or […]
