MCL - Act 220 of 1982
AN ACT to create a Michigan family farm development authority; to define the powers and duties of the authority; to authorize the making and purchase of loans, deferred payment loans, and grants to certain qualified beginning farmers; to provide tax exemptions; to provide for the issuance and purchase of notes and bonds; to provide for the establishment of funds; and to prescribe criminal penalties.
History: 1982, Act 220, Imd. Eff. July 10, 1982
| Document | Type | Description |
|---|---|---|
| Section 285.251 | Section | Short title. |
| Section 285.252 | Section | Definitions; rules. |
| Section 285.253 | Section | Michigan family farm development authority; creation; purpose; appointment, qualifications, and terms of members; expenses; certificate of appointment or reappointment; powers; actions by authority; quorum; findings of fact; conducting business at public meeting; notice of meeting; chairperson and vice-chairperson; officers, agents, and employees; delegation of powers and duties. |
| Section 285.254 | Section | Performance of duties, implementation of powers, and selection of programs and projects; principles. |
| Section 285.255 | Section | Powers of authority generally. |
| Section 285.256 | Section | Annual report. |
| Section 285.257 | Section | Use of surplus money. |
| Section 285.258 | Section | Combining program with other state or federal programs. |
| Section 285.259 | Section | Beginning farmer loan program; development; exercise of powers by authority; participation in federal and state programs; requirements for providing loan to beginning farmer; acceleration of loan; assumption of mortgage; transfer of interest; participation interest in mortgage loan. |
| Section 285.260 | Section | Making, purchasing, or participating in loans, grants, or deferred payment loans to beginning farmers; secured or unsecured loans and grants; insurance; interest rate; terms and conditions; rules. |
| Section 285.261 | Section | Loans to mortgage lenders; requirements and conditions. |
| Section 285.262 | Section | Purchasing mortgage or secured loans from mortgage lenders; commitment to purchase; requirements and conditions. |
| Section 285.263 | Section | Bonds and notes; general obligations; negotiability; issuance subject to agency financing reporting act. |
| Section 285.264 | Section | Bonds and notes; authorization; requirements; sale. |
| Section 285.265 | Section | Resolution authorizing notes or bonds; provisions. |
| Section 285.266 | Section | Pledge by authority; validity; lien; recording of resolution or instrument not required. |
| Section 285.267 | Section | Personal liability on note or bond of authority. |
| Section 285.268 | Section | Purchase and cancellation of notes or bonds by authority; price. |
| Section 285.269 | Section | Nonliability of state on notes or bonds of authority; statement. |
| Section 285.270 | Section | Capital reserve funds. |
| Section 285.271 | Section | General reserve fund. |
| Section 285.272 | Section | Pledge and agreement of state with holders of notes or bonds. |
| Section 285.273 | Section | Default by authority; appointment and powers of trustee; notice by trustee. |
| Section 285.274 | Section | Depositing money of authority in bank or savings and loan association; security; contracting with holders of notes or bonds for certain purposes; system of accounts; operating expenditures; audit. |
| Section 285.275 | Section | Notes and bonds of authority as securities; investment. |
| Section 285.276 | Section | Recommending issuance of faith and credit bonds to legislature. |
| Section 285.277 | Section | Tax exemptions. |
| Section 285.278 | Section | Covenant by state with purchasers, holders, and transferees of notes and bonds concerning tax exemptions. |
| Section 285.279 | Section | Prohibited conduct; violation; penalties; determination of total value; prior convictions; “proceeds” defined; prohibition. |