Sec. 6.
(1) The authority shall submit to the governor, the speaker of the house of representatives, and the majority leader of the senate not later than January 15 of each year, a complete report on the activities of the authority. The report shall include all of the following:
(a) A description of its operations and accomplishments.
(b) An accounting of its receipts and expenditures during the fiscal year, in accordance with the classifications it establishes for its operating and capital accounts.
(c) An accounting of its assets and liabilities at the end of its fiscal year and the status of reserve, special, and other funds.
(d) A schedule of the bonds and notes outstanding at the end of its fiscal year and a statement of the amounts redeemed and issued during its fiscal year.
(e) A statement of its proposed and projected activities.
(f) Recommendations to the legislature.
(g) An analysis of beginning farmer needs in the state.
(2) The annual report shall identify the performance goals of the authority and clearly indicate the progress made to attain those goals during the reporting period. If possible, results shall be expressed in terms of number of loans and acres of agricultural land.
History: 1982, Act 220, Imd. Eff. July 10, 1982
Last modified: October 10, 2016