Michigan Laws 324.74107 – Authority of department
Current as of: 2023 | Check for updates
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The commission may authorize the department, but only within limitation which shall be contained in the commission’s authorizing resolution, to do 1 or more of the following:
(a) Sell and deliver and receive payment for bonds.
Terms Used In Michigan Laws 324.74107
- Commission: means the commission of natural resources. See Michigan Laws 324.301
- 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
(b) Approve interest rates, purchase prices, discounts, premiums, maturities, principal amounts, interest payment dates, redemption rights at the option of the commission or the holder, and the place and time of delivery and payment for the bonds.
(c) Deliver bonds to refund prior bonds or partly to refund bonds and partly for other authorized purposes.
(d) Select which outstanding bonds will be refunded, if any, by the new issue of bonds.
(e) Any other matters and procedures necessary to complete the issuance and delivery of the bonds.