2006 Michigan Compiled Laws - Act 295 of 1969


Act 295 of 1969

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

The People of the State of Michigan enact:

Section 390.921Higher education facilities authority act; short title.
Section 390.921aLegislative determination.
Section 390.922Definitions.
Section 390.923Michigan higher education facilities authority; creation; nature; members; exercise of powers, duties, and functions.
Section 390.924Powers of authority.
Section 390.925Loans to educational institutions for acquisition, construction, or alteration of educational facilities; conditions.
Section 390.925aLoans to educational institutions for refunding of certain outstanding obligations; conditions.
Section 390.926Bonds.
Section 390.927Pledge to bondholders.
Section 390.928Bonds as investment.
Section 390.929Payment and deposit of money; contract; security; examination of books and accounts.
Section 390.930Tax exemption.
Section 390.931Bonds; negotiability; tax exemption.
Section 390.932Trustee; appointment; powers and duties.
Section 390.933Nondiscrimination covenant.
Section 390.934Personal liability as to notes or bonds.

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