Michigan Compiled Laws
Act 289 of 1976 - Financing of Student Loan Programs (390.1351 - 390.1356)
Section 390.1356 - Bonds, Notes, or Contracts Neither Evidence of State Indebtedness nor Grant of State Credit; Payment of Bonds, Notes, or Contracts.

Sec. 6.
A bond or note issued under this act or a contract entered into pursuant to this act shall not constitute or be an evidence of state indebtedness and a bond, note, or contract does not constitute or is not a grant of the credit of the state to or in aid of the issuing or contracting board. The bonds, notes, or contracts shall be payable only by the board issuing or authorizing the same and from the sources specified therein for repayment, subject to the right of the board to make voluntary payments thereon from outside sources so long as permitted by law to do so.
History: 1976, Act 289, Imd. Eff. Oct. 25, 1976

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 390 - Universities and Colleges

Act 289 of 1976 - Financing of Student Loan Programs (390.1351 - 390.1356)

Section 390.1351 - Definitions.

Section 390.1352 - MCL 141.2101 to 141.2821, 141.151 to 141.153, and 141.101 to 141.140 Inapplicable to Borrowing Under Act; Purpose of Act; Provisions Cumulative as to Powers of Board; Bonds and Notes Subject to Agency Financing Reporting Act.

Section 390.1353 - Methods of Making Student Loan.

Section 390.1354 - Financing of Student Loan Program; Bonds or Notes Generally; Capital Cost.

Section 390.1355 - Notes or Bonds as Negotiable Instruments.

Section 390.1356 - Bonds, Notes, or Contracts Neither Evidence of State Indebtedness nor Grant of State Credit; Payment of Bonds, Notes, or Contracts.