125.1430 Notes and bonds; purchase for cancellation; price. Sec. 30. (1) Except as provided in subsection (2), and subject to such agreements with noteholders or bondholders as may then exist, the authority shall have power out of any funds available therefor to purchase notes or bonds of the authority, which shall thereupon be canceled, at […]
125.1431 Notes and bonds; liability of state. Sec. 31. The state shall not be liable on notes or bonds of the authority and such notes and bonds shall not be a debt of the state. The notes and bonds shall contain on the face thereof a statement to such effect. History: 1966, Act 346, Eff. […]
125.1432 Capital reserve fund; definitions; federal housing subsidy programs; recommendations; priority; program of loans for mobile homes; program of loans for consumer housing cooperatives; notice of public hearing or proposed rule change; rules; identification of housing production goals; report to governor and committees; review of loans, financial instruments, and lines of credit; confidentiality. Sec. 32. […]
125.1432a Issuance of bonds to finance single family homes; previous ownership interest; publicizing program; report to legislature; section inapplicable to refinancing single family homes. Sec. 32a. With respect to bonds, other than refunding bonds, issued to finance single family homes after November 1, 1989, for the first 60 days following the announcement of a program […]
125.1432b Mortgage credit certificate program; authority designated as administrator; guidelines; qualifying for receipt of mortgage credit certificate; adaptation of property for use by disabled individuals; family income limits; applicability of internal revenue code; exception; retroactive effect of changes in subsections (3) and (4). Sec. 32b. (1) The authority is designated as the administrator of the […]
125.1432c Repealed. 1988, Act 496, Eff. Mar. 30, 1989. Compiler’s Notes: The repealed section pertained to allocation to authority from state’s unified volume limitation and to reallocation to municipalities.
125.1432d Legislative intent. Sec. 32d. The legislature intends that the authority explore the possibility of reducing the cost of financing multifamily housing projects through the issuance of variable rate obligations that could be converted to long-term fixed-rate obligations. The authority is authorized to make fixed-rate mortgages with the proceeds of these obligations. The legislature also […]
125.1433 General reserve fund; creation; payments into fund; use of fund. Sec. 33. The authority shall create and establish a special fund, referred to as 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 residential […]
125.1434 Notes and bonds; pledge and agreement of state. Sec. 34. 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 any agreements made with the holders thereof, or […]
125.1435 Trustee; default; powers and duties. Sec. 35. (1) If the authority defaults in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default continues for a period of 30 days, or if the […]
125.1436 Trustee; additional powers. Sec. 36. The trustee, in addition to the powers granted in section 35, shall have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their […]
125.1437 Venue. Sec. 37. The venue of any such action or proceeding shall be in the county of Ingham. History: 1966, Act 346, Eff. Mar. 10, 1967
125.1438 Notes and bonds; notice; declaration, due and payable. Sec. 38. Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days’ notice in writing to the governor, to the authority, and to the attorney general of the state. History: 1966, Act 346, Eff. Mar. 10, 1967
125.1439 Money of authority; deposit; security for deposits; contracts with holders of notes or bonds; security for money held in trust; system of accounts; spending for operating purposes; periodic audits; copies. Sec. 39. (1) Money of the authority shall be held by the authority and deposited in a bank, national banking association, or a savings […]
125.1440 Notes and bonds; legal investment. Sec. 40. The notes and bonds of the authority are securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, trust companies, savings banks and savings associations, […]
125.1441 Faith and credit bonds. Sec. 41. 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: 1966, Act 346, Eff. Mar. 10, 1967
125.1442 Property of authority; exempt from taxation. Sec. 42. The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political subdivisions and all bonds and notes of the authority shall be exempt from all taxation by the state or any of its […]
125.1443 Notes and bonds; exemption from taxation. Sec. 43. The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the acceptance of and payment for the notes and bonds, that the notes and bonds of the authority, issued pursuant to this act […]
125.1443a Authorization of covenant and consent. Sec. 43a. The authority may covenant and consent in any resolution authorizing the issuance of notes or bonds that such notes or bonds shall be treated as an obligation not described in section 103(a) of the internal revenue code or any successor provision. This section shall not be construed […]
125.1444 Loans; purposes; conditions; amount; eligibility; sales and resales; long-term financing or refinancing; securing and repaying loans; interest rate; misrepresentation of income; loans for newly rehabilitated, newly constructed, or existing 1- to 4-unit housing units; definitions. Sec. 44. (1)(a) The authority may make loans to a nonprofit housing corporation, consumer housing cooperative, limited dividend housing […]
