Michigan Compiled Laws Act 295 Of 1969 Higher Education Facilities Authority Act (390.921 - 390.934)

AN ACT to establish the Michigan higher education facilities authority; to prescribe its powers and duties; to authorize the authority to borrow money and issue bonds for educational facilities; to exempt the bonds from taxation; and to authorize the authority to lend money to nonprofit educational institutions in this state to finance or refinance capital improvements.

History: 1969, Act 295, Imd. Eff. Aug. 11, 1969 ;-- Am. 1973, Act 50, Imd. Eff. July 11, 1973 ;-- Am. 1975, Act 305, Imd. Eff. Dec. 22, 1975 ;-- Am. 1982, Act 409, Imd. Eff. Dec. 28, 1982

Section 390.921 Higher Education Facilities Authority Act; Short Title.
This act shall be known and may be cited as the “higher education facilities authority act”. History: 1969, Act 295, Imd. Eff. Aug. 11,...
Section 390.921a Legislative Determination.
It is hereby determined that there exists in this state a need for the financing of educational facilities at private or nonpublic, nonprofit institutions...
Section 390.922 Definitions.
As used in this act: (a) “Authority” means the Michigan higher education facilities authority created by this act. (b) “Institution for higher learning” or...
Section 390.923 Michigan Higher Education Facilities Authority; Creation; Nature; Members; Exercise Of Powers, Duties, And Functions.
A public body corporate and politic is created as an agency and instrumentality of the state within the department of education to be known...
Section 390.924 Powers Of Authority.
The authority shall have the powers necessary to carry out and effectuate the purposes and provisions of this act, including but not limited to...
Section 390.925 Loans To Educational Institutions For Acquisition, Construction, Or Alteration Of Educational Facilities; Conditions.
(1) The authority may lend money or participate in the lending of money to educational institutions for the acquisition, construction, or alteration of educational...
Section 390.925a Loans To Educational Institutions For Refunding Of Certain Outstanding Obligations; Conditions.
(1) The authority may lend money or participate in the lending of money to educational institutions for the refunding of outstanding obligations issued by...
Section 390.926 Bonds.
(1) The authority may issue its bonds in the principal amount it considers necessary to provide funds for achieving its purposes under this act,...
Section 390.927 Pledge To Bondholders.
The state pledges and agrees with the holders of any bonds issued under this act, that the state will not limit or alter the...
Section 390.928 Bonds As Investment.
The bonds of the authority are securities, in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all...
Section 390.929 Payment And Deposit Of Money; Contract; Security; Examination Of Books And Accounts.
(1) All money of the authority, except as otherwise authorized or provided in this section, shall be paid to the state treasurer as agent...
Section 390.930 Tax Exemption.
The property of the authority and its income and operation shall be exempt from taxation. History: 1969, Act 295, Imd. Eff. Aug. 11, 1969
Section 390.931 Bonds; Negotiability; Tax Exemption.
Bonds issued under this act shall be fully negotiable under the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102, and the bonds...
Section 390.932 Trustee; Appointment; Powers And Duties.
(1) If the authority defaults in the payment of principal of or interest on any issue of bonds after the same shall become due,...
Section 390.933 Nondiscrimination Covenant.
The authority shall require that use of educational facilities assisted under this act shall be consistent with the requirements in section 2(c) and shall...
Section 390.934 Personal Liability As To Notes Or Bonds.
A member of the authority or a person executing the notes or bonds is not personally liable on the notes or bonds or subject...

Last modified: October 10, 2016