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Act 220 of 1982
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Act 220 of 1982

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

© 2020 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 285.251SectionShort title.
Section 285.252SectionDefinitions; rules.
Section 285.253SectionMichigan 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.
Section 285.254SectionPerformance of duties, implementation of powers, and selection of programs and projects; principles.
Section 285.255SectionPowers of authority generally.
Section 285.256SectionAnnual report.
Section 285.257SectionUse of surplus money.
Section 285.258SectionCombining program with other state or federal programs.
Section 285.259SectionBeginning 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.
Section 285.260SectionMaking, 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.
Section 285.261SectionLoans to mortgage lenders; requirements and conditions.
Section 285.262SectionPurchasing mortgage or secured loans from mortgage lenders; commitment to purchase; requirements and conditions.
Section 285.263SectionBonds and notes; general obligations; negotiability; issuance subject to agency financing reporting act.
Section 285.264SectionBonds and notes; authorization; requirements; sale.
Section 285.265SectionResolution authorizing notes or bonds; provisions.
Section 285.266SectionPledge by authority; validity; lien; recording of resolution or instrument not required.
Section 285.267SectionPersonal liability on note or bond of authority.
Section 285.268SectionPurchase and cancellation of notes or bonds by authority; price.
Section 285.269SectionNonliability of state on notes or bonds of authority; statement.
Section 285.270SectionCapital reserve funds.
Section 285.271SectionGeneral reserve fund.
Section 285.272SectionPledge and agreement of state with holders of notes or bonds.
Section 285.273SectionDefault by authority; appointment and powers of trustee; notice by trustee.
Section 285.274SectionDepositing 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.
Section 285.275SectionNotes and bonds of authority as securities; investment.
Section 285.276SectionRecommending issuance of faith and credit bonds to legislature.
Section 285.277SectionTax exemptions.
Section 285.278SectionCovenant by state with purchasers, holders, and transferees of notes and bonds concerning tax exemptions.
Section 285.279SectionProhibited conduct; violation; penalties; determination of total value; prior convictions; “proceeds” defined; prohibition.
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