Michigan Laws 141.1070 – State pledge to and agreement with holders of bonds or notes
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This state pledges to and agrees with the holders of bonds or notes issued under this act that this state shall not limit or restrict the rights vested in the authority by this act to do any 1 or more of the following:
(a) Purchase, acquire, hold, sell, or dispose of municipal obligations or other investments.
Terms Used In Michigan Laws 141.1070
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 141.1053
- Bonds: means bonds of the authority issued under this act with a maturity greater than 3 years. See Michigan Laws 141.1053
- Governmental unit: means this state, a county, city, township, village, school district, intermediate school district, community college, public university, authority, district, any other body corporate and politic or other political subdivision, any agency or instrumentality of the foregoing, or any group self-insurance pool formed pursuant to 1951 PA 35, MCL 124. See Michigan Laws 141.1053
- Notes: means an obligation of the authority issued as provided in this act, including commercial paper, with a maturity of 3 years or less. See Michigan Laws 141.1053
- Revenues: means all fees, charges, money, profits, payments of principal of or interest on municipal obligations and other investments, gifts, grants, contributions, and all other income derived or to be derived by the authority under this act. See Michigan Laws 141.1053
(b) Make loans to a governmental unit.
(c) Establish and collect fees or other charges as are convenient or necessary to produce sufficient revenues to meet the expenses of operation of the authority.
(d) Fulfill the terms of an agreement made with the holders of authority bonds or notes, or in any way impair the rights or remedies of the holders of authority bonds or notes until the bonds and notes, together with interest on the bonds or notes and interest on any unpaid installments of interest, and all costs and expenses in connection with an action or proceedings by or on behalf of those holders are fully met, paid, and discharged.