Michigan Laws 331.73c – Refunding bonds issued by state authority; payment of principal, interest, and redemption premiums; sources; loan agreement
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(1) The principal of, and interest and redemption premiums, if any, on refunding bonds issued by the state authority pursuant to section 14(2) shall be payable from 1 or more of the following sources:
(a) Proceeds of the repayment of the loan described in subsection (2) and any investment earnings or profits on those proceeds.
Terms Used In Michigan Laws 331.73c
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- hospital: means a public or nonpublic corporation, association, institution, or establishment located within this state for the care of the sick or wounded or of those who require medical treatment or nursing care or home for the aged or which provides retirement housing facilities described in subdivision (f)(iii) operated without profit to an individual, corporation, or association. See Michigan Laws 331.33
- 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
- State authority: means the hospital finance authority created by this act. See Michigan Laws 331.33
(b) Proceeds of the refunding bonds.
(c) Investment earnings or profits on the proceeds of the refunding bonds.
(d) Any other properties, revenues, or moneys of the state authority, as provided in the resolution authorizing the issuance of the refunding bonds, and any investment earnings or profits on those properties, revenues, or moneys, subject only to an agreement with the holders of particular notes or bonds pledging particular properties, revenues, or moneys.
(2) The state authority shall enter into a loan agreement, or a supplement or amendment to an existing loan agreement, with the hospital whose facilities were financed or refinanced by the proceeds of the bonds to be refunded, or with the hospital’s successors, with respect to the loan from the authority to the hospital arising from the issuance of the refunding bonds.