Michigan Laws 285.257 – Use of surplus money
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Terms Used In Michigan Laws 285.257
- Authority: means the Michigan family farm development authority established in section 3. See Michigan Laws 285.252
- Bonds: means bonds issued by the authority pursuant to this act. See Michigan Laws 285.252
Money declared by the authority to be surplus money which is not required to service bonds and notes, to pay administrative expenses of the authority, or to accumulate necessary operating or loss reserves shall be used by the authority to provide loans, grants, subsidies, and services to beginning farmers through any of the programs initiated by the authority pursuant to this act.