The authority shall have the powers necessary to carry out and effectuate the purposes and provisions of this act, including but not limited to the following powers:
  (a) To sue and be sued; to have a seal and alter it at pleasure; to have perpetual succession; to make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise of its powers; and to make and amend bylaws.

Terms Used In Michigan Laws 390.924

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means the Michigan higher education facilities authority created by this act. See Michigan Laws 390.922
  • Bond: includes a note or other obligation issued by the authority for borrowed money, including refunding bonds. See Michigan Laws 390.922
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • 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
  • institution: means a private or nonpublic, nonprofit educational institution within the state authorized by law to provide a program of education beyond the high school level. See Michigan Laws 390.922
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • seal: shall be construed to include any of the following:
  (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
  • 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
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
    •   (b) To accept gifts, grants, loans, and other aids from a person, corporation, or governmental agency.
      (c) To loan money to educational institutions for the purpose of assisting in the acquisition, construction, alteration, or equipping of educational facilities, including any improvements necessary to make them more energy efficient, and to accept security for money so loaned.
      (d) To loan money to educational institutions for the purpose of refunding outstanding obligations issued by the educational institutions for the acquisition, construction, or alteration of educational facilities prior to or after July 11, 1973, whether or not the obligations to be refunded have matured.
      (e) To enforce its rights under mortgage, contracts, or agreements, including foreclosure and court actions.
      (f) To acquire, hold, and dispose of real or personal property as necessary for the accomplishment of the purpose of this act.
      (g) To procure insurance against any loss in connection with its property, assets, or activities.
      (h) To borrow money and to issue its bonds, to provide for the rights of the holders of the bonds, and to secure the bonds by mortgage, assignment, or pledge of any or all of its properties, including any part of the security for its educational loans. The state shall not be liable on any bonds of the authority, the bonds shall not be a debt of the state, and each bond shall contain on its face a statement to that effect.
      (i) To invest any funds not required for immediate use or disbursement, at its discretion, in obligations of the state or the United States, in obligations the principal and interest of which are guaranteed by the state or the United States, or in certificates of deposit of any bank whose deposits are insured by the federal deposit insurance corporation.
      (j) Subject to the provisions of any contract with the holders of its bonds, whenever it considers it necessary or desirable, to consent to the modification, with respect to security, rate of interest, time of payment of interest or principal, or any other term of a bond, mortgage, contract, or agreement of any kind between the authority and any educational institution.
      (k) To engage the services of private consultants or contract with any private organization for professional and technical assistance and advice or other services.
      (l) To appoint officers, agents, and employees, and to describe their duties and fix their compensation subject to the civil service laws of this state.
      (m) To make rules necessary to carry out the purposes of this act.
      (n) To solicit grants and contributions from a governmental authority and from the general public.
      (o) To agree and comply with conditions attached to federal financial assistance.
      (p) To collect fees and charges in connection with its loans, commitments, and servicing, including but not limited to, reimbursements of costs of financing by the authority, service charges, insurance premiums, and a share of the operating expenses of the authority, and to provide for increasing those fees and charges, if necessary, as the authority determines to be reasonable and as approved by the authority.
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