Sec. 125a.
(1) For the purpose of more effectively managing its debt service, an authority may enter into an interest rate exchange or swap, hedge, or similar agreement or agreements in connection with the issuance or proposed issuance of obligations or other evidences of indebtedness or in connection with its then outstanding obligations or other evidences of indebtedness.
(2) In connection with entering into an interest rate exchange or swap, hedge, or similar agreement, the authority may create a reserve fund for the payment thereof.
(3) An agreement entered into pursuant to this section shall comply with all of the following:
(a) The agreement is not a debt of the authority entering into the agreement for any statutory or charter debt limitation purpose.
(b) The agreement is payable from general funds of the authority or, subject to any existing contracts, from any available money or revenue sources, including revenues that shall be specified by the agreement, securing the obligation or evidence of indebtedness in connection with the agreement.
History: Add. 2002, Act 90, Imd. Eff. Mar. 26, 2002
Structure Michigan Compiled Laws
Act 327 of 1945 - Aeronautics Code of the State of Michigan (259.1 - 259.208)
Section 259.108 - Short Title of Chapter.
Section 259.109 - Definitions.
Section 259.115 - Preparation of Annual Budget.
Section 259.118 - Operational Jurisdiction Over Airport; Transfer to Authority; Effect.
Section 259.119 - Election by Employees to Transfer to Authority; Requirements.
Section 259.120 - Sources of Revenue.
Section 259.121 - Other Publicly Owned Airports; Transfer of Operational Jurisdiction.
Section 259.122 - Issuance of Bonds by Authority.
Section 259.123 - Borrowing Money and Issuing Municipal Securities.
Section 259.124 - Bonds or Other Evidence of Indebtedness; Tax Exemption.
Section 259.125 - Legislative Body of Local Government; Actions.
Section 259.125a - Interest Rate Exchange or Agreement.
Section 259.125b - Contract Between Authority and Bond Holder; Provisions.