2006 Michigan Compiled Laws - Act 220 of 1982

MICHIGAN FAMILY FARM DEVELOPMENT ACT
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

The People of the State of Michigan enact:

Document	Description
Section 285.251	Short title.
Section 285.252	Definitions; rules.
Section 285.253	Michigan 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 285.254	Performance of duties, implementation of powers, and selection of programs and projects; principles.
Section 285.255	Powers of authority generally.
Section 285.256	Annual report.
Section 285.257	Use of surplus money.
Section 285.258	Combining program with other state or federal programs.
Section 285.259	Beginning 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 285.260	Making, 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 285.261	Loans to mortgage lenders; requirements and conditions.
Section 285.262	Purchasing mortgage or secured loans from mortgage lenders; commitment to purchase; requirements and conditions.
Section 285.263	Bonds and notes; general obligations; negotiability; issuance subject to agency financing reporting act.
Section 285.264	Bonds and notes; authorization; requirements; sale.
Section 285.265	Resolution authorizing notes or bonds; provisions.
Section 285.266	Pledge by authority; validity; lien; recording of resolution or instrument not required.
Section 285.267	Personal liability on note or bond of authority.
Section 285.268	Purchase and cancellation of notes or bonds by authority; price.
Section 285.269	Nonliability of state on notes or bonds of authority; statement.
Section 285.270	Capital reserve funds.
Section 285.271	General reserve fund.
Section 285.272	Pledge and agreement of state with holders of notes or bonds.
Section 285.273	Default by authority; appointment and powers of trustee; notice by trustee.
Section 285.274	Depositing 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 285.275	Notes and bonds of authority as securities; investment.
Section 285.276	Recommending issuance of faith and credit bonds to legislature.
Section 285.277	Tax exemptions.
Section 285.278	Covenant by state with purchasers, holders, and transferees of notes and bonds concerning tax exemptions.
Section 285.279	Prohibited conduct; violation; penalties; determination of total value; prior convictions; "proceeds" defined; prohibition.

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