390.921 Higher education facilities authority act; short title. Sec. 1. This act shall be known and may be cited as the “higher education facilities authority act”. History: 1969, Act 295, Imd. Eff. Aug. 11, 1969 Compiler’s Notes: For transfer of Higher Education Facilities Authority from the Department of Education to the Department of Treasury, see […]
390.921a Legislative determination. Sec. 1a. It is hereby determined that there exists in this state a need for the financing of educational facilities at private or nonpublic, nonprofit institutions of higher learning so as to maintain and further the educational capabilities of these institutions. It is further determined that it is a valid public purpose […]
390.922 Definitions. Sec. 2. As used in this act: (a) “Authority” means the Michigan higher education facilities authority created by this act. (b) “Institution for higher learning” or “institution” means a private or nonpublic, nonprofit educational institution within the state authorized by law to provide a program of education beyond the high school level. (c) […]
390.923 Michigan higher education facilities authority; creation; nature; members; exercise of powers, duties, and functions. Sec. 3. A public body corporate and politic is created as an agency and instrumentality of the state within the department of education to be known as the “Michigan higher education facilities authority”. The authority shall consist of the members […]
390.924 Powers of authority. Sec. 4. The authority shall have the powers necessary to carry out and effectuate the purposes and provisions of this act, including but not limited to the following powers: (a) To sue and be sued; to have a seal and alter it at pleasure; to have perpetual succession; to make, execute, […]
390.925 Loans to educational institutions for acquisition, construction, or alteration of educational facilities; conditions. Sec. 5. (1) The authority may lend money or participate in the lending of money to educational institutions for the acquisition, construction, or alteration of educational facilities. An educational loan for acquisition or alteration shall not be made unless the authority […]
390.925a Loans to educational institutions for refunding of certain outstanding obligations; conditions. Sec. 5a. (1) The authority may lend money or participate in the lending of money to educational institutions for the refunding of outstanding obligations issued by educational institutions for the acquisition, construction, or alteration of educational facilities. An educational loan for refunding shall […]
390.926 Bonds. Sec. 6. (1) The authority may issue its bonds in the principal amount it considers necessary to provide funds for achieving its purposes under this act, including the making of educational loans, the payment of interest on bonds of the authority during construction, the establishment of reserves to secure the bonds, and all […]
390.927 Pledge to bondholders. Sec. 7. The state pledges and agrees with the holders of any 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 in any way impair the rights and […]
390.928 Bonds as investment. Sec. 8. The 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, savings and loan associations, […]
390.929 Payment and deposit of money; contract; security; examination of books and accounts. Sec. 9. (1) All money of the authority, except as otherwise authorized or provided in this section, shall be paid to the state treasurer as agent of the authority, who shall not commingle the money with any other money. The money shall […]
390.930 Tax exemption. Sec. 10. The property of the authority and its income and operation shall be exempt from taxation. History: 1969, Act 295, Imd. Eff. Aug. 11, 1969
390.931 Bonds; negotiability; tax exemption. Sec. 11. Bonds issued under this act shall be fully negotiable under the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102, and the bonds and the interest thereon are exempt from all taxation by this state or any of its political subdivisions. History: 1969, Act 295, Imd. Eff. […]
390.932 Trustee; appointment; powers and duties. Sec. 12. (1) If the authority defaults in the payment of principal of or interest on any issue of 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 authority fails […]
390.933 Nondiscrimination covenant. Sec. 13. The authority shall require that use of educational facilities assisted under this act shall be consistent with the requirements in section 2(c) and shall be open to all regardless of race, religion, color, sex, or national origin, except that there may be restrictions on the basis of sex in the […]
390.934 Personal liability as to notes or bonds. Sec. 14. A member of the authority or a person executing the notes or bonds is not personally liable on the notes or bonds or subject to any personal liability or accountability by reason of the issuance or nonissuance thereof. History: Add. 1972, Act 306, Eff. Mar. […]
