Michigan Compiled Laws
451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)
Section 324.50513 - Bonds or Notes; Authority of Board Member, Executive Director, or Other Officer of Authority.

Sec. 50513.
Within limitations that shall be contained in the issuance or authorization resolution of the authority, the authority may authorize a member of the board, the executive director, or other officer of the authority to do 1 or more of the following:
(a) Sell and deliver, and receive payment for notes or bonds.
(b) Refund notes or bonds by the delivery of new notes or bonds whether or not the notes or bonds to be refunded have matured or are subject to redemption.
(c) Deliver notes or bonds, partly to refund notes or bonds and partly for any other authorized purpose.
(d) Buy notes or bonds so issued and resell those notes or bonds.
(e) Approve interest rates or methods for fixing interest rates, prices, discounts, maturities, principal amounts, denominations, dates of issuance, interest payment dates, redemption rights at the option of the authority or the holder, the place of delivery and payment, and other matters and procedures necessary to complete the transactions authorized.
(f) Direct the investment of any and all funds of the authority.
(g) Approve the terms of a contract, including, but not limited to, a contract for the sale or cutting of timber, and execute and deliver the contract subject to the restrictions of this part.
(h) Approve terms of any insurance contract, agreement for a line of credit, a letter of credit, a commitment to purchase notes or bonds, an agreement to remarket bonds or notes, an agreement to manage payment, revenue, or interest rate exposure, or any other transaction to provide security to assure timely payment of a bond or note.
(i) Perform any power, duty, function, or responsibility of the authority.
History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA

Structure Michigan Compiled Laws