Michigan Laws 285.254 – Performance of duties, implementation of powers, and selection of programs and projects; principles
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In the performance of its duties, the implementation of its powers, and the selection of specific programs and projects to receive its assistance, the authority shall comply with all of the following principles:
(a) The authority shall not become an owner of agricultural land, agricultural improvements, or depreciable agricultural property, except that the authority may own agricultural land, agricultural improvements, or depreciable agricultural property on a temporary basis if necessary to implement its programs, to protect its investments by means of foreclosure or other means, or to facilitate transfer of agricultural land, agricultural improvements, and depreciable agricultural property for the use of beginning farmers.
Terms Used In Michigan Laws 285.254
- Agricultural improvements: means any improvements, buildings, structures, or fixtures suitable for use in farming which are located on agricultural land. See Michigan Laws 285.252
- Agricultural land: means land suitable for use in farming. See Michigan Laws 285.252
- Authority: means the Michigan family farm development authority established in section 3. See Michigan Laws 285.252
- Depreciable agricultural property: means personal property suitable for use in farming for which an income tax deduction for depreciation is allowable in computing federal income tax under the internal revenue code. See Michigan Laws 285.252
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) The authority shall exercise diligence and care in the selection of projects to receive its assistance and shall apply customary and acceptable business and lending standards in the selection and subsequent implementation of those projects. The authority may delegate primary responsibility for determination and implementation of the projects to an agency of the federal government if that agency assumes an obligation to repay the loan, either directly or by insurance or guarantee.