Michigan Compiled Laws Act 289 Of 1976 Financing Of Student Loan Programs (390.1351 - 390.1356)

AN ACT to implement, clarify, and confirm the constitutional powers of the bodies corporate controlling those institutions of higher education named in sections 4, 5, and 6 of article 8 of the state constitution of 1963, or established by law as therein provided, regarding the establishment and financing of student loan programs.

History: 1976, Act 289, Imd. Eff. Oct. 25, 1976

Section 390.1351 Definitions.
As used in this act: (a) “Board” means the body corporate controlling an institution of higher education which is named in sections 4, 5,...
Section 390.1352 Mcl 141.2101 To 141.2821, 141.151 To 141.153, And 141.101 To 141.140 Inapplicable To Borrowing Under Act; Purpose Of Act; Provisions Cumulative As To Powers Of Board; Bonds And Notes Subject To Agency Financing Reporting Act.
(1) The revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, 1969 PA 342, MCL 141.151 to 141.153, and the revenue bond...
Section 390.1353 Methods Of Making Student Loan.
To financially assist a student wishing to attend the college or university governed by the board, a board may make or arrange for a...
Section 390.1354 Financing Of Student Loan Program; Bonds Or Notes Generally; Capital Cost.
(1) A student loan program may be financed in whole or in part under the terms and provisions the board deems best, by the...
Section 390.1355 Notes Or Bonds As Negotiable Instruments.
Whether or not notes or bonds issued pursuant to this act are within the definition of negotiable instruments under the applicable provisions of the...
Section 390.1356 Bonds, Notes, Or Contracts Neither Evidence Of State Indebtedness Nor Grant Of State Credit; Payment Of Bonds, Notes, Or Contracts.
A bond or note issued under this act or a contract entered into pursuant to this act shall not constitute or be an evidence...

Last modified: October 10, 2016