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NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION ACT (EXCERPT) Act 451 of 1994 Part 505 MICHIGAN FOREST FINANCE AUTHORITY
Section 324.50501 Section Purpose of part.
Section 324.50502 Section Definitions.
Section 324.50503 Section Michigan forest finance authority; creation; exercise of powers, duties, and functions; handling of funds.
Section 324.50504 Section Board 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 324.50505 Section Election 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 324.50506 Section Powers of board.
Section 324.50507 Section Financing 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 324.50508 Section Department 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 324.50509 Section Bonds and notes generally; expenses; expenditures.
Section 324.50510 Section Bonds 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 324.50511 Section Refunding bonds or notes.
Section 324.50512 Section Security to assure timely payment of bond or note.
Section 324.50513 Section Bonds or notes; authority of board member, executive director, or other officer of authority.
Section 324.50514 Section Resolution authorizing bonds or notes; provisions.
Section 324.50515 Section Pledge.
Section 324.50516 Section Personal liability on bonds or notes.
Section 324.50517 Section Purchasing, holding, canceling, or reselling bonds or notes.
Section 324.50518 Section Rights and remedies.
Section 324.50519 Section Bonds or notes as legal investments; security.
Section 324.50520 Section Property and income of authority; exemption from taxes and special assessments; bonds or notes exempt from taxation.
Section 324.50521 Section Liberal construction; broad interpretation.
Section 324.50522 Section Rules.