MCL - Act 220 of 1982


Act 220 of 1982

AN ACT to create a Michigan family farm development authority; to define the powers and duties of the authority; to authorize the making and purchase of loans, deferred payment loans, and grants to certain qualified beginning farmers; to provide tax exemptions; to provide for the issuance and purchase of notes and bonds; to provide for the establishment of funds; and to prescribe criminal penalties.

History: 1982, Act 220, Imd. Eff. July 10, 1982

The People of the State of Michigan enact:
Document Type Description
Section 285.251 Section Short title.
Section 285.252 Section Definitions; rules.
Section 285.253 Section 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; conducting business at public meeting; notice of meeting; chairperson and vice-chairperson; officers, agents, and employees; delegation of powers and duties.
Section 285.254 Section Performance of duties, implementation of powers, and selection of programs and projects; principles.
Section 285.255 Section Powers of authority generally.
Section 285.256 Section Annual report.
Section 285.257 Section Use of surplus money.
Section 285.258 Section Combining program with other state or federal programs.
Section 285.259 Section 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 interest; participation interest in mortgage loan.
Section 285.260 Section 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 Section Loans to mortgage lenders; requirements and conditions.
Section 285.262 Section Purchasing mortgage or secured loans from mortgage lenders; commitment to purchase; requirements and conditions.
Section 285.263 Section Bonds and notes; general obligations; negotiability; issuance subject to agency financing reporting act.
Section 285.264 Section Bonds and notes; authorization; requirements; sale.
Section 285.265 Section Resolution authorizing notes or bonds; provisions.
Section 285.266 Section Pledge by authority; validity; lien; recording of resolution or instrument not required.
Section 285.267 Section Personal liability on note or bond of authority.
Section 285.268 Section Purchase and cancellation of notes or bonds by authority; price.
Section 285.269 Section Nonliability of state on notes or bonds of authority; statement.
Section 285.270 Section Capital reserve funds.
Section 285.271 Section General reserve fund.
Section 285.272 Section Pledge and agreement of state with holders of notes or bonds.
Section 285.273 Section Default by authority; appointment and powers of trustee; notice by trustee.
Section 285.274 Section 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 Section Notes and bonds of authority as securities; investment.
Section 285.276 Section Recommending issuance of faith and credit bonds to legislature.
Section 285.277 Section Tax exemptions.
Section 285.278 Section Covenant by state with purchasers, holders, and transferees of notes and bonds concerning tax exemptions.
Section 285.279 Section Prohibited conduct; violation; penalties; determination of total value; prior convictions; “proceeds” defined; prohibition.