Michigan Compiled Laws
Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)
Section 285.269 - Nonliability of State on Notes or Bonds of Authority; Statement.

Sec. 19.
The state shall not be liable on notes or bonds of the authority and the notes and bonds shall not be a debt of the state. The notes and bonds shall contain on the face of the notes or bonds a statement to that effect.
History: 1982, Act 220, Imd. Eff. July 10, 1982

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 285 - Agriculture

Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)

Section 285.251 - Short Title.

Section 285.252 - Definitions; Rules.

Section 285.253 - 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; Conduct...

Section 285.254 - Performance of Duties, Implementation of Powers, and Selection of Programs and Projects; Principles.

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 285.259 - 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...

Section 285.260 - 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 - Loans to Mortgage Lenders; Requirements and Conditions.

Section 285.262 - Purchasing Mortgage or Secured Loans From Mortgage Lenders; Commitment to Purchase; Requirements and Conditions.

Section 285.263 - Bonds and Notes; General Obligations; Negotiability; Issuance Subject to Agency Financing Reporting Act.

Section 285.264 - Bonds and Notes; Authorization; Requirements; Sale.

Section 285.265 - Resolution Authorizing Notes or Bonds; Provisions.

Section 285.266 - Pledge by Authority; Validity; Lien; Recording of Resolution or Instrument Not Required.

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 285.274 - 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 - Notes and Bonds of Authority as Securities; Investment.

Section 285.276 - Recommending Issuance of Faith and Credit Bonds to Legislature.

Section 285.277 - Tax Exemptions.

Section 285.278 - Covenant by State With Purchasers, Holders, and Transferees of Notes and Bonds Concerning Tax Exemptions.

Section 285.279 - Prohibited Conduct; Violation; Penalties; Determination of Total Value; Prior Convictions; “Proceeds” Defined; Prohibition.