Michigan Laws 12.275 – Bond issue; determination
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Terms Used In Michigan Laws 12.275
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 12.272
- Bond: means a bond, note, financial instrument, or other evidence of indebtedness or obligation issued by the authority under this act. See Michigan Laws 12.272
For each bond issue, the authority shall determine or prescribe the method of determining all of the following:
(a) The date of issue.
(b) Whether the bonds shall bear no interest, appreciate as to principal amount, bear interest at fixed or variable rates, or any combination of these.
(c) Whether the bonds are payable at or before maturity.
(d) When the bonds shall mature.
(e) Whether the authority may redeem the bonds prior to maturity, at what price, and under what conditions.
(f) The method of payment of principal of and interest on the bonds.
(g) The form, denomination, and place of payment of principal of and interest on the bonds.
(h) If any officer whose signature, or the facsimile of whose signature, appears on any bond shall cease to be that officer before the delivery of the bond, that signature or facsimile shall nevertheless be valid and sufficient for all purposes as if he or she had remained in office until delivery of the bond.
(i) Any other term or condition necessary to issue the bonds.