Michigan Laws 324.50503 – Michigan forest finance authority; creation; exercise of powers, duties, and functions; handling of funds
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 324.50503
- Authority: means the Michigan forest finance authority created in section 50503. See Michigan Laws 324.50502
- Bonds: means bonds of the authority issued as provided in this part. See Michigan Laws 324.50502
- Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301
- Notes: means notes of the authority issued as provided in this part, including commercial paper. See Michigan Laws 324.50502
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
The Michigan forest finance authority is created as a body corporate within the department of natural resources and shall be administered under the supervision of the department but shall exercise its prescribed statutory power, duties, and functions independently of the department. The budgeting, procurement, and related functions of the authority shall be performed under the direction and supervision of the department. Funds of the authority shall be handled in the same manner and subject to the same provisions of law applicable to state funds or in a manner specified in a resolution of the authority authorizing the issuance of bonds and notes.