The Michigan Legislative Website data sources are undergoing upgrades. Thank you for your patience as we work through any issues.

Go To Top capitol dome
Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Tuesday, December 10, 2019 1:30:00 PM
Senate: Adjourned until Tuesday, December 10, 2019 10:00:00 AM


Michigan Legislature

Main Content

Section 324.21530

NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION ACT (EXCERPT)
Act 451 of 1994


324.21530 Bonds or notes; assurance of timely payments; costs of issuance.

Sec. 21530.

  (1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to purchase bonds or notes, an agreement to remarket bonds or notes, an agreement to manage payment, revenue or interest rate exposure, and any other transaction to provide security to assure timely payment of a bond or note.
  (2) The authority may authorize payment from the proceeds of the bonds or notes, or other funds available, of the cost of issuance including, but not limited to, fees for placement, charges for insurance, letters of credit, lines of credit, remarketing agreements, agreements to manage payment, revenue or interest rate exposure, reimbursement agreements, or purchase or sales agreements or commitments, or agreements to provide security to assure timely payment of bonds or notes.


History: 1994, Act 451, Eff. Mar. 30, 1995
Popular Name: Act 451
Popular Name: NREPA


© 2017 Legislative Council, State of Michigan

up icon