Sec. 57.
A borrower desiring to join in a cooperating financing arrangement with any other borrower shall adopt a resolution determining to enter into a cooperative financing arrangement and designating 1 of the cooperating borrowers as agent borrower. The agent borrower by resolution shall agree to accept the designation and act in the capacity of agent borrower and direct the preparation of a financing agreement.
History: Add. 1970, Act 249, Imd. Eff. Dec. 30, 1970
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 18 of 1933 (Ex. Sess.) - Housing Facilities (125.651 - 125.709e)
Section 125.651 - Definitions.
Section 125.652 - Cities, Villages, Townships, Counties; Housing Facilities and Conditions, Powers.
Section 125.653a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 125.656 - Municipal Housing Commission; Funds for Operation.
Section 125.657 - Municipal Housing Commission; Powers and Duties.
Section 125.659 - Municipal Housing Commission; Report to Governing Body.
Section 125.660 - Municipal Housing Commission; Proceedings Under Power of Eminent Domain.
Section 125.661 - Municipal Housing Commission; Deeds, Mortgages, Contracts, Leases, Purchases.
Section 125.661a - Property, Income, and Operations Exempt From State Taxation.
Section 125.662 - Municipal Housing Commission; Control of Project.
Section 125.663 - Claims Against Project; Damages; Asserting Governmental Immunity as Defense.
Section 125.664 - Claims Against Project; Contractual.
Section 125.665 - Preliminary Estimate of Costs.
Section 125.667 - Revenue Bonds Generally.
Section 125.668 - Bondholder's Lien; Contributions Contract.
Section 125.669 - Bondholder's Lien Upon Revenue; Enforcement.
Section 125.670 - Receiver; Appointment; Powers and Duties.
Section 125.671 - Bonds; Inapplicability of Other Laws.
Section 125.672-125.674 - Repealed. 2002, Act 268, Imd. Eff. May 9, 2002.
Section 125.675 - Free Services.
Section 125.676 - Additional Bonds.
Section 125.677 - Rent Schedule; Policy of State; Basis; Limitation.
Section 125.681 - Income From Sources Other Than Operation; Use.
Section 125.683 - Operating Year.
Section 125.684 - Rents; Supervision; State Department of Health.
Section 125.687 - Construction of Act.
Section 125.689 - Authority Conferred.
Section 125.690 - Declaration of Necessity; Liberal Construction.
Section 125.692 - Slum Clearance and Housing Projects as Public Purposes.
Section 125.693 - Immediate Necessity.
Section 125.694a - Tenancy or Contract Right to Occupy Housing; Termination; Just Cause.
Section 125.694b - Municipal Housing Commission; Rules; Adoption; Promulgation; Publication.
Section 125.695 - Minimum Wages and Maximum Hours; Contract Provisions.
Section 125.696 - Additional Powers; Intent of Act.
Section 125.697 - Promissory Notes; Issuance; Authorization; Principal and Interest as Indebtedness.
Section 125.698 - Bonds; Powers of Borrower.
Section 125.699-125.704 - Repealed. 1996, Act 338, Imd. Eff. June 27, 1996.
Section 125.705 - Application of Act.
Section 125.706 - Cooperative Action by Borrowers; Scope.
Section 125.707 - Cooperative Financing Arrangement; Resolution; Agent Borrower.
Section 125.708 - Financing Agreement; Preparation; Terms.
Section 125.709 - Special Obligation Notes or Revenue Bonds; Authorization; Issuance.
Section 125.709a - Bond Authorizing Ordinance; Fiscal Agent; Contract.
Section 125.709b - Bond Proceeds; Payment Order; Execution; Delivery.
Section 125.709c - Revenues, Disposition, Purpose; Fiscal Agent, Duties.
Section 125.709d, 125.709e - Repealed. 1996, Act 338, Imd. Eff. June 27, 1996.