Sec. 18.
The authority, subject to the agreements with noteholders or bondholders as may then exist, shall have power out of any funds available therefor to purchase notes or bonds of the authority, which shall thereupon be canceled, at a price not exceeding (a) the redemption price then applicable plus accrued interest to the next interest payment date thereon, if the notes or bonds are then redeemable, or (b) the redemption price applicable on the first date after the purchase upon which the notes or bonds become subject to redemption plus accrued interest to that date, if the notes or bonds are not redeemable.
History: 1982, Act 220, Imd. Eff. July 10, 1982
Structure Michigan Compiled Laws
Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)
Section 285.251 - Short Title.
Section 285.252 - Definitions; Rules.
Section 285.255 - Powers of Authority Generally.
Section 285.256 - Annual Report.
Section 285.257 - Use of Surplus Money.
Section 285.258 - Combining Program With Other State or Federal Programs.
Section 285.261 - Loans to Mortgage Lenders; Requirements and Conditions.
Section 285.264 - Bonds and Notes; Authorization; Requirements; Sale.
Section 285.265 - Resolution Authorizing Notes or Bonds; Provisions.
Section 285.267 - Personal Liability on Note or Bond of Authority.
Section 285.268 - Purchase and Cancellation of Notes or Bonds by Authority; Price.
Section 285.269 - Nonliability of State on Notes or Bonds of Authority; Statement.
Section 285.270 - Capital Reserve Funds.
Section 285.271 - General Reserve Fund.
Section 285.272 - Pledge and Agreement of State With Holders of Notes or Bonds.
Section 285.273 - Default by Authority; Appointment and Powers of Trustee; Notice by Trustee.
Section 285.275 - Notes and Bonds of Authority as Securities; Investment.
Section 285.276 - Recommending Issuance of Faith and Credit Bonds to Legislature.