Michigan Laws 12.279 – Bond or ancillary facility issued pursuant to act; evidence of validity
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 12.279
- Ancillary facility: means any revolving credit agreement, agreement establishing a line of credit, or letter of credit; reimbursement agreement; interest rate exchange or similar agreement; currency exchange agreement; commodity exchange agreement; interest rate floor or cap; option, put, call, or similar agreement to hedge payment, currency, commodity, rate, spread, or similar exposure; investment agreement; float agreement; forward agreement or other investment arrangement; insurance contract; surety bond; commitment to purchase or sell securities; purchase or sale agreement or commitment; or other contract or agreement or other security agreement approved by the authority under this act, including without limitation any arrangement referred to in this act. See Michigan Laws 12.272
- Bond: means a bond, note, financial instrument, or other evidence of indebtedness or obligation issued by the authority under this act. See Michigan Laws 12.272
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
A recital in a bond or ancillary facility stating that it is issued pursuant to this act is conclusive evidence of the validity of the bond or ancillary facility and the regularity of the proceedings relating to the bond or ancillary facility.