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Michigan Legislature
Michigan Compiled Laws Complete Through PA 357 & includes Initiated Law 1 of 2018
House: Adjourned until Tuesday, December 11, 2018 10:00:00 AM
Senate: Adjourned until Tuesday, December 11, 2018 10:00:00 AM

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Act 451 of 1994
Part 505

Section 324.50501SectionPurpose of part.
Section 324.50502SectionDefinitions.
Section 324.50503SectionMichigan forest finance authority; creation; exercise of powers, duties, and functions; handling of funds.
Section 324.50504SectionBoard of directors; appointment; terms; oath; vacancy; persons subject to MCL 15.321 to 15.330; discharge of duties; policies and procedures; conducting business at public meetings; notice; quorum; actions of board; representative as voting member; chairperson.
Section 324.50505SectionElection of chairperson and vice-chairperson; state forester as executive director; qualifications, duties, and compensation of employees; delegation of powers or duties; rights and interests of authority; annual report; audits; records.
Section 324.50506SectionPowers of board.
Section 324.50507SectionFinancing forest management operations and practices; guidelines, rules, and objectives; application of funds; interim procedure; annual list of activities and practices; projection of probable default; contracts for cutting and sale of timber; forest development fund; audit.
Section 324.50508SectionDepartment as agent for authority; conveyance of state's interest in contracts granting timber cutting rights; deposit of money received; conveyance of title to timber.
Section 324.50509SectionBonds and notes generally; expenses; expenditures.
Section 324.50510SectionBonds or notes; purposes; payment; requirements; signature of board member or office of authority; sale of bonds or notes; applicability of other laws; interest rate agreement.
Section 324.50511SectionRefunding bonds or notes.
Section 324.50512SectionSecurity to assure timely payment of bond or note.
Section 324.50513SectionBonds or notes; authority of board member, executive director, or other officer of authority.
Section 324.50514SectionResolution authorizing bonds or notes; provisions.
Section 324.50515SectionPledge.
Section 324.50516SectionPersonal liability on bonds or notes.
Section 324.50517SectionPurchasing, holding, canceling, or reselling bonds or notes.
Section 324.50518SectionRights and remedies.
Section 324.50519SectionBonds or notes as legal investments; security.
Section 324.50520SectionProperty and income of authority; exemption from taxes and special assessments; bonds or notes exempt from taxation.
Section 324.50521SectionLiberal construction; broad interpretation.
Section 324.50522SectionRules.
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