Sec. 25.
The notes and bonds of the authority are securities in which all public officers and bodies of the state and all local units of government, all insurance companies and associations, and other persons carrying on an insurance business, all banks, trust companies, savings banks and savings associations, savings and loan associations, investment companies, all administrators, guardians, executors, trustees, and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them.
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.