Michigan Compiled Laws 451-1994-iii-4-1-administration- Part 715 Recreation Bond Implementation (324.71501...324.71514)

• Section 324.71501 Definitions.
  As used in this part: (a) “Bonds” means the bonds issued under part 713 or former Act No. 327 of the Public Acts of...
• Section 324.71502 Legislative Finding And Declaration.
  The legislature finds and declares that the construction, expansion, development, and rehabilitation of state and local recreational facilities and the restoration of the natural...
• Section 324.71503 Bonds; Requirements Generally.
  (1) The bonds issued under part 713 shall be issued in 1 or more series, each series to be in a principal amount, to...
• Section 324.71504 Bonds Negotiable; Tax Exemption.
  Bonds issued under part 713 shall be fully negotiable under the uniform commercial code, Act No. 174 of the Public Acts of 1962, being...
• Section 324.71505 Bonds As Securities.
  Bonds issued under part 713 are made securities in which banks, savings and loan associations, investment companies, credit unions, and other persons carrying on...
• Section 324.71506 Recreation Bond Fund; Creation; Composition; Restricted Subaccounts.
  (1) The recreation bond fund is created in the state treasury. (2) The fund shall consist of all of the following: (a) The proceeds...
• Section 324.71507 Disposition Of Bond Proceeds; Investment Of Fund; Allocation Of Interest And Earnings; Crediting And Use Of Repayments Of Principal And Interest; Disposition Of Unencumbered Balance; Submission And Contents Of List Of Projects; Appropriations; Report.
  (1) The proceeds of the bonds issued under part 713 shall be deposited into the fund. (2) The state treasurer shall direct the investment...
• Section 324.71508 Use Of Fund Generally.
  (1) Except as otherwise provided in this section, money in the fund shall be used as follows: (a) $70,000,000.00 of the bond revenues shall...
• Section 324.71509 Making And Allocating Grants And Loans To Local Units Of Government; Division Of State Into Regions; Match By Local Unit; Rules; Sale, Disposal, Or Use Of Facility.
  (1) Grants and loans made to local units of government under section 71508(1)(b) shall be made by the department and allocated as follows: (a)...
• Section 324.71510 Grant Or Loan Program; Rules; Maximum Participation; Considerations In Determining Appropriateness Of Grant Or Loan Program; Considerations In Making Grant Or Loan.
  (1) The department shall assure maximum participation by local units of government by promulgating rules that provide for a grant or loan program, where...
• Section 324.71511 Application For Grant Or Loan; Form; Information.
  An application for a grant or a loan authorized under this part shall be made on a form prescribed by the department. The department...
• Section 324.71512 Conditions To Making Grant Or Loan.
  The department shall not make a grant or a loan under this part unless all of the following conditions are met: (a) The applicant...
• Section 324.71513 Recipient Of Grant Or Loan; Duties; Noncompliance; Recovery Of Grant; Withholding Grant Or Loan.
  (1) A recipient of a grant or a loan made under this part shall be subject to all of the following: (a) A recipient...
• Section 324.71514 Rules Generally.
  The department shall promulgate rules as are necessary or required to implement this part. History: Add. 1995, Act 58, Imd. Eff. May 24, 1995...

Last modified: October 10, 2016