Michigan Laws 324.50513 – Bonds or notes; authority of board member, executive director, or other officer of authority
Current as of: 2023 | Check for updates
|
Other versions
Within limitations that shall be contained in the issuance or authorization resolution of the authority, the authority may authorize a member of the board, the executive director, or other officer of the authority to do 1 or more of the following:
(a) Sell and deliver, and receive payment for notes or bonds.
Terms Used In Michigan Laws 324.50513
- Authority: means the Michigan forest finance authority created in section 50503. See Michigan Laws 324.50502
- Board: means the board of directors of the Michigan forest finance authority, except where the context clearly requires a different definition. See Michigan Laws 324.50502
- Bonds: means bonds of the authority issued as provided in this part. See Michigan Laws 324.50502
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the director of the department of natural resources. See Michigan Laws 324.301
- 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
- Notes: means notes of the authority issued as provided in this part, including commercial paper. See Michigan Laws 324.50502
(b) Refund notes or bonds by the delivery of new notes or bonds whether or not the notes or bonds to be refunded have matured or are subject to redemption.
(c) Deliver notes or bonds, partly to refund notes or bonds and partly for any other authorized purpose.
(d) Buy notes or bonds so issued and resell those notes or bonds.
(e) Approve interest rates or methods for fixing interest rates, prices, discounts, maturities, principal amounts, denominations, dates of issuance, interest payment dates, redemption rights at the option of the authority or the holder, the place of delivery and payment, and other matters and procedures necessary to complete the transactions authorized.
(f) Direct the investment of any and all funds of the authority.
(g) Approve the terms of a contract, including, but not limited to, a contract for the sale or cutting of timber, and execute and deliver the contract subject to the restrictions of this part.
(h) Approve terms of any insurance contract, agreement for a line of credit, a letter of credit, a commitment to purchase notes or bonds, an agreement to remarket bonds or notes, an agreement to manage payment, revenue, or interest rate exposure, or any other transaction to provide security to assure timely payment of a bond or note.
(i) Perform any power, duty, function, or responsibility of the authority.