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Act 295 of 1969
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HIGHER EDUCATION FACILITIES AUTHORITY ACT

Act 295 of 1969

AN ACT to establish the Michigan higher education facilities authority; to prescribe its powers and duties; to authorize the authority to borrow money and issue bonds for educational facilities; to exempt the bonds from taxation; and to authorize the authority to lend money to nonprofit educational institutions in this state to finance or refinance capital improvements.


History: 1969, Act 295, Imd. Eff. Aug. 11, 1969 ;-- Am. 1973, Act 50, Imd. Eff. July 11, 1973 ;-- Am. 1975, Act 305, Imd. Eff. Dec. 22, 1975 ;-- Am. 1982, Act 409, Imd. Eff. Dec. 28, 1982


© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 390.921SectionHigher education facilities authority act; short title.
Section 390.921aSectionLegislative determination.
Section 390.922SectionDefinitions.
Section 390.923SectionMichigan higher education facilities authority; creation; nature; members; exercise of powers, duties, and functions.
Section 390.924SectionPowers of authority.
Section 390.925SectionLoans to educational institutions for acquisition, construction, or alteration of educational facilities; conditions.
Section 390.925aSectionLoans to educational institutions for refunding of certain outstanding obligations; conditions.
Section 390.926SectionBonds.
Section 390.927SectionPledge to bondholders.
Section 390.928SectionBonds as investment.
Section 390.929SectionPayment and deposit of money; contract; security; examination of books and accounts.
Section 390.930SectionTax exemption.
Section 390.931SectionBonds; negotiability; tax exemption.
Section 390.932SectionTrustee; appointment; powers and duties.
Section 390.933SectionNondiscrimination covenant.
Section 390.934SectionPersonal liability as to notes or bonds.