Section 830.416 – Lease of Facilities to State; Term; Provisions.
830.416 Lease of facilities to state; term; provisions. Sec. 6. The building authority may lease existing facilities or facilities defined by this act for the purposes specified in this act, to the state, or any of its agencies acting on its behalf. A lease authorized by this act shall be for a period not exceeding […]
Section 830.417 – Lease of Facilities From Authority; Approval; Payment of True Rental; Leasing of Furnishings or Equipment; Lease for Capital Maintenance Improvements.
830.417 Lease of facilities from authority; approval; payment of true rental; leasing of furnishings or equipment; lease for capital maintenance improvements. Sec. 7. (1) The state may lease facilities from the building authority for public purposes within the concepts provided in this act, upon terms and conditions agreed upon and subject to the limitations and […]
Section 830.418 – Revenue Obligations Generally.
830.418 Revenue obligations generally. Sec. 8. (1) By resolution or resolutions of its board, the building authority may provide for the issuance of revenue obligations, which may include revenue bonds, revenue notes, or other evidences of revenue indebtedness, and refunding revenue bonds or notes, or other refunding evidences of indebtedness, the obligations for which shall […]
Section 830.418a – Reserve Fund; Creation; Purpose; Use of Income and Interest.
830.418a Reserve fund; creation; purpose; use of income and interest. Sec. 8a. The building authority may create and establish a special fund or funds to secure any issue of obligations, referred to as a reserve fund, and shall pay into the reserve fund any proceeds of sale of any issue of obligations to the extent […]
Section 830.419 – Obligations; Statutory First Lien; Enforcement.
830.419 Obligations; statutory first lien; enforcement. Sec. 9. A board resolution authorizing the issuance of an obligation, or an agreement relating to the security of the obligation or agreement to manage payment, revenue, or interest rate exposure with respect to the obligation, may assign, pledge, and create a statutory first lien, and 1 or more […]
Section 830.419a – Moneys of Building Authority; Contract With Bondholders; Security for Deposits.
830.419a Moneys of building authority; contract with bondholders; security for deposits. Sec. 9a. The building authority may contract with the holders of its bonds as to the custody, collection, securing, investment, and payment of any moneys of the building authority. Moneys of the building authority and deposits of such moneys may be secured in the […]
Section 830.420 – Indebtedness of State.
830.420 Indebtedness of state. Sec. 10. This act shall not be construed or interpreted as to authorize or permit the incurring of indebtedness of the state contrary to the provisions of the state constitution. History: 1964, Act 183, Imd. Eff. May 19, 1964 ;– Am. 1976, Act 240, Eff. Mar. 31, 1977 Compiler’s Notes: For […]
Section 830.402 – New State Office Building; Leases, Contracts, Agreements; Validation.
830.402 New state office building; leases, contracts, agreements; validation. Sec. 2. Any and all leases, contracts and agreements, and steps heretofore taken by the state administrative board, the state department of administration and the trustees of the state employees’ retirement funds, jointly or severally, in connection with the financing and construction of a new state […]
Section 830.403 – New State Office Building; Legislature’s Approval Not Required.
830.403 New state office building; legislature’s approval not required. Sec. 3. Notwithstanding the provisions of Acts No. 315 and No. 316 of the Public Acts of 1947, no such contract or lease, whether heretofore or hereafter executed, shall require the approval of the legislature to become effective. History: 1951, 1st Ex. Sess., Act 4, Imd. […]
Section 830.404 – New State Office Building; Funds; Custody, Disbursement.
830.404 New state office building; funds; custody, disbursement. Sec. 4. The state treasurer is hereby authorized and empowered to take custody of such funds as may be deposited with him for the execution of the contracts, leases and agreements entered into under the terms of section 1 of this act, and to disburse said funds […]