Sec. 59a.
(1) The bond authorizing ordinance shall provide for appointment of a fiscal agent and may provide for appointment of successor fiscal agents and alternate paying agents and such fiscal agents so designated shall be qualified to act as such under the laws of this state or the United States. The ordinance shall also provide for the removal of a fiscal agent upon written request of the holders of 51% in the aggregate of the principal of bonds issued thereunder or by resolution of the agent borrower, and for the obligations, responsibilities and duties of the fiscal agent.
(2) The authorizing ordinance shall be a contract between the agent borrower, all cooperating borrowers and any holders of bonds issued thereunder.
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Section 125.672-125.674 - Repealed. 2002, Act 268, Imd.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.