Michigan Laws 12.282 – Power to issue, sell, and deliver bonds; delegation
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Terms Used In Michigan Laws 12.282
- 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
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
In the authority‘s resolution authorizing bonds or in the provisions of a trust agreement or trust indenture that the authority authorizes, the authority may delegate for a time period at the authority’s discretion to an officer, employee, or designated agent of the authority the power to issue, sell, and deliver bonds within limits on those bonds established by the authority, as to any of the following:
(a) Form.
(b) Maximum interest rate or rates.
(c) Maturity date or dates.
(d) Purchase price.
(e) Denominations.
(f) Redemption dates and premiums, if any.
(g) Nature of the security.
(h) Selection of an applicable interest rate index.
(i) Other terms and conditions with respect to the bond issue that the authority prescribes.