Michigan Compiled Laws 451-1994-iii-2-4-the-timber-indu Part 505 Michigan Forest Finance Authority (324.50501...324.50522)

• Section 324.50501 Purpose Of Part.
  The purpose of this part and of the authority created by this part is to preserve existing jobs, create new jobs, and alleviate and...
• Section 324.50502 Definitions.
  As used in this part: (a) “Authority” means the Michigan forest finance authority created in section 50503. (b) “Board” means the board of directors...
• Section 324.50503 Michigan Forest Finance Authority; Creation; Exercise Of Powers, Duties, And Functions; Handling Of Funds.
  The Michigan forest finance authority is created as a body corporate within the department of natural resources and shall be administered under the supervision...
• Section 324.50504 Board Of Directors; Appointment; Terms; Oath; Vacancy; Persons Subject To Mcl 15.321 To 15.330; Discharge Of Duties; Policies And Procedures; Conducting Business At Public Meetings; Notice; Quorum; Actions Of Board; Representative As Voting Member; Chairperson.
  (1) The authority shall be governed by a board of directors consisting of the director, the state treasurer, the director of the department of...
• Section 324.50505 Election Of Chairperson And Vice-chairperson; State Forester As Executive Director; Qualifications, Duties, And Compensation Of Employees; Delegation Of Powers Or Duties; Rights And Interests Of Authority; Annual Report; Audits; Records.
  (1) The authority shall elect a chairperson and a vice-chairperson from among its members. The state forester shall serve as the executive director of...
• Section 324.50506 Powers Of Board.
  Except as otherwise provided in this part, the board may do all things necessary or convenient to implement the purposes, objectives, and provisions of...
• Section 324.50507 Financing Forest Management Operations And Practices; Guidelines, Rules, And Objectives; Application Of Funds; Interim Procedure; Annual List Of Activities And Practices; Projection Of Probable Default; Contracts For Cutting And Sale Of Timber; Forest Development Fund; Audit.
  (1) The authority shall finance only forest management operations and practices consistent with part 525 that follow the guidelines, rules, and objectives prescribed and...
• Section 324.50508 Department As Agent For Authority; Conveyance Of State's Interest In Contracts Granting Timber Cutting Rights; Deposit Of Money Received; Conveyance Of Title To Timber.
  (1) Except as provided in section 50507(3), the department shall act as the agent for the authority in contracting for the cutting and sale...
• Section 324.50509 Bonds And Notes Generally; Expenses; Expenditures.
  (1) The authority may authorize and issue its bonds or notes payable solely from the revenues or funds available to the authority. Bonds and...
• Section 324.50510 Bonds Or Notes; Purposes; Payment; Requirements; Signature Of Board Member Or Office Of Authority; Sale Of Bonds Or Notes; Applicability Of Other Laws; Interest Rate Agreement.
  (1) The authority may issue from time to time bonds or notes in principal amounts the authority considers necessary to provide funds for any...
• Section 324.50511 Refunding Bonds Or Notes.
  (1) The authority may provide for the issuance of bonds or notes in the amounts the authority considers necessary for the purpose of refunding...
• Section 324.50512 Security To Assure Timely Payment Of Bond Or Note.
  (1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to...
• Section 324.50513 Bonds Or Notes; Authority Of Board Member, Executive Director, Or Other Officer Of Authority.
  Within limitations that shall be contained in the issuance or authorization resolution of the authority, the authority may authorize a member of the board,...
• Section 324.50514 Resolution Authorizing Bonds Or Notes; Provisions.
  A resolution authorizing bonds or notes may provide for all of the following that shall be part of the contract with the holders of...
• Section 324.50515 Pledge.
  A pledge made by the authority shall be valid and binding from the time the pledge is made. The money or property pledged and...
• Section 324.50516 Personal Liability On Bonds Or Notes.
  Neither the members of the authority nor any person executing bonds or notes issued under this part or any person executing any agreement on...
• Section 324.50517 Purchasing, Holding, Canceling, Or Reselling Bonds Or Notes.
  The authority may purchase bonds or notes of the authority out of funds or money of the authority available for that purpose. The authority...
• Section 324.50518 Rights And Remedies.
  The state pledges to and agrees with the holders of bonds or notes issued under this part that the state shall not limit or...
• Section 324.50519 Bonds Or Notes As Legal Investments; Security.
  Notwithstanding any restriction contained in any other law, the state and a public officer, local unit of government, or agency of the state or...
• Section 324.50520 Property And Income Of Authority; Exemption From Taxes And Special Assessments; Bonds Or Notes Exempt From Taxation.
  Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to...
• Section 324.50521 Liberal Construction; Broad Interpretation.
  This part shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authority for the performance of each...
• Section 324.50522 Rules.
  The authority may promulgate rules as necessary to implement this part. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act...

Last modified: October 10, 2016