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2018 Michigan Compiled Laws
Chapter 285 - Agriculture
Act 220 of 1982 MICHIGAN FAMILY FARM DEVELOPMENT ACT (285.251 - 285.279)
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
- 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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