Michigan Compiled Laws Act 220 Of 1982 Michigan Family Farm Development Act (285.251 - 285.279)

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

Section 285.251 Short Title.
This act shall be known and may be cited as the “Michigan family farm development act”. History: 1982, Act 220, Imd. Eff. July 10,
Section 285.252 Definitions; Rules.
(1) As used in this act: (a) “Agricultural land” means land suitable for use in farming. (b) “Agricultural improvements” means any improvements, buildings, structures,...
Section 285.253 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.
(1) The Michigan family farm development authority is created within the department of agriculture. The authority is created to establish and administer programs which...
Section 285.254 Performance Of Duties, Implementation Of Powers, And Selection Of Programs And Projects; Principles.
In the performance of its duties, the implementation of its powers, and the selection of specific programs and projects to receive its assistance, the...
Section 285.255 Powers Of Authority Generally.
The authority shall possess all powers necessary or convenient to carry out this act, including all the following powers and other powers granted by...
Section 285.256 Annual Report.
(1) The authority shall submit to the governor, the speaker of the house of representatives, and the majority leader of the senate not later...
Section 285.257 Use Of Surplus Money.
Money declared by the authority to be surplus money which is not required to service bonds and notes, to pay administrative expenses of the...
Section 285.258 Combining Program With Other State Or Federal Programs.
A program authorized by this act may be combined with any other state or federal program in order to facilitate the acquisition of agricultural...
Section 285.259 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.
(1) The authority shall develop a beginning farmer loan program to facilitate the acquisition of agricultural land, agricultural improvements, and depreciable agricultural property by...
Section 285.260 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.
(1) The authority may make, purchase, or participate in loans, grants, or deferred payment loans to beginning farmers to finance the acquisition of agricultural...
Section 285.261 Loans To Mortgage Lenders; Requirements And Conditions.
(1) The authority may make and contract to make loans to mortgage lenders on terms and conditions it determines are reasonably related to protecting...
Section 285.262 Purchasing Mortgage Or Secured Loans From Mortgage Lenders; Commitment To Purchase; Requirements And Conditions.
(1) The authority may purchase and make advance commitments to purchase mortgage or secured loans from mortgage lenders at prices and upon terms and...
Section 285.263 Bonds And Notes; General Obligations; Negotiability; Issuance Subject To Agency Financing Reporting Act.
(1) The authority may issue its negotiable bonds and notes in a principal amount, which in the opinion of the authority is necessary to...
Section 285.264 Bonds And Notes; Authorization; Requirements; Sale.
The notes and bonds shall be authorized by resolution of the members of the authority; shall bear a date or dates; and shall mature...
Section 285.265 Resolution Authorizing Notes Or Bonds; Provisions.
A resolution authorizing notes or bonds or an issue of notes or bonds may contain provisions, which shall be a part of the contract...
Section 285.266 Pledge By Authority; Validity; Lien; Recording Of Resolution Or Instrument Not Required.
Any pledge made by the authority shall be valid and binding from the time when the pledge is made. The money or property so...
Section 285.267 Personal Liability On Note Or Bond Of Authority.
The members of the authority or a person who executes a note or bond shall not be liable personally on the note or bond...
Section 285.268 Purchase And Cancellation Of Notes Or Bonds By Authority; Price.
The authority, subject to the agreements with noteholders or bondholders as may then exist, shall have power out of any funds available therefor to...
Section 285.269 Nonliability Of State On Notes Or Bonds Of Authority; Statement.
The state shall not be liable on notes or bonds of the authority and the notes and bonds shall not be a debt of...
Section 285.270 Capital Reserve Funds.
(1) The authority shall create and establish 1 or more special funds to secure notes and bonds of the authority, referred to in this...
Section 285.271 General Reserve Fund.
The authority shall create and establish a special fund, referred to as a general reserve fund, and, subject to agreements with bondholders and noteholders,...
Section 285.272 Pledge And Agreement Of State With Holders Of Notes Or Bonds.
The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or...
Section 285.273 Default By Authority; Appointment And Powers Of Trustee; Notice By Trustee.
(1) If the authority defaults in the payment of principal of or interest on an issue of notes or bonds after the notes or...
Section 285.274 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.
(1) All money of the authority shall be held by the authority and deposited in a state bank, national bank, or a state or...
Section 285.275 Notes And Bonds Of Authority As Securities; Investment.
The notes and bonds of the authority are securities in which all public officers and bodies of the state and all local units of...
Section 285.276 Recommending Issuance Of Faith And Credit Bonds To Legislature.
The authority from time to time at its discretion may recommend an issuance of faith and credit bonds to the legislature for a vote...
Section 285.277 Tax Exemptions.
The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political...
Section 285.278 Covenant By State With Purchasers, Holders, And Transferees Of Notes And Bonds Concerning Tax Exemptions.
The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the...
Section 285.279 Prohibited Conduct; Violation; Penalties; Determination Of Total Value; Prior Convictions; “proceeds” Defined; Prohibition.
(1) A person shall not, with the intent to defraud or cheat and designedly by false pretenses, including false statement or representation, obtain money,...

Last modified: October 10, 2016