reglab/housing_qa huggingface dataset:
MI Comp L § 285.257 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.257 - Use of Surplus Money.

285.257 Use of surplus money. Sec. 7.  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. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.258 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.258 - Combining Program With Other State or Federal Programs.

285.258 Combining program with other state or federal programs. Sec. 8.  A program authorized by this act may be combined with any other state or federal program in order to facilitate the acquisition of agricultural land, agricultural improvements, and depreciable agricultural property by beginning farmers. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.260 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.260 - Making, Purchasing, or Participating in Loans, Grants, or Deferred Payment Loans to Beginning Farmers; Secured or Unsecured Loans and Grants; Insurance; Interest Rate; Terms and Conditions; Rules.

285.260 Making, purchasing, or participating in loans, grants, or deferred payment loans to beginning farmers; secured or unsecured loans and grants; insurance; interest rate; terms and conditions; rules. Sec. 10.  (1) The authority may make, purchase, or participate in loans, grants, or deferred payment loans to beginning farmers to finance the acquisition of agricultural land, agricultural improvements, and depreciable agricultural property.  (2) A loan under this section may be secured or unsecured as determined by the authority. If the loan is unsecured, it shall be accepted for insurance under the national housing act, 12 U.S.C. 1701 to 1750g, or another federal or private insurance program providing coverage at least equal to that provided by that act. A loan under this section shall bear interest at a rate and be repaid in the period, not exceeding 20 years, as may be determined by the authority and under additional terms and conditions as may be determined by the authority.  (3) A deferred payment loan or grant may be secured or unsecured as determined by the authority, and shall be made under additional terms and conditions determined by the authority.  (4) In recognition of the need for loans, grants, and deferred payment loans in all geographic areas of the state, the authority shall promulgate rules which provide for the availability of loans, grants, and deferred payment loans on an equitable basis to qualified applicants in all geographic areas of this state. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.263 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.263 - Bonds and Notes; General Obligations; Negotiability; Issuance Subject to Agency Financing Reporting Act.

285.263 Bonds and notes; general obligations; negotiability; issuance subject to agency financing reporting act. Sec. 13.  (1) The authority may issue its negotiable bonds and notes in a principal amount, which in the opinion of the authority is necessary to provide sufficient funds for achieving its corporate purposes, the payment of interest on bonds and notes of the authority, the establishment of reserves to secure bonds and notes, and all other expenditures of the authority incident to and necessary or convenient to carry out its corporate purposes and powers.  (2) The authority may issue renewal notes, issue bonds to pay notes, and if it determines refunding expedient, refund bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and issue bonds partly to refund bonds then outstanding and partly for any other purpose. The refunding bonds shall be sold and the proceeds applied to the purchase, redemption, or payment of the bonds to be refunded.  (3) Except as may otherwise be expressly provided by the authority, every issue of its notes or bonds shall be general obligations of the authority payable out of revenues or money of the authority, subject only to agreements with the holders of particular notes or bonds pledging any particular receipts or revenues.  (4) Whether or not the notes or bonds are of a form or character as to be negotiable instruments under the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102, the notes or bonds shall be and are hereby made negotiable instruments within the meaning of and for all the purposes of the uniform commercial code, subject only to the provisions of the notes or bonds for registration.  (5) Bonds and notes issued under this act are not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.  (6) The issuance of bonds and notes under this act is subject to the agency financing reporting act. History: 1982, Act 220, Imd. Eff. July 10, 1982 ;-- Am. 1983, Act 68, Imd. Eff. May 31, 1983 ;-- Am. 2002, Act 381, Imd. Eff. May 24, 2002
MI Comp L § 285.264 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.264 - Bonds and Notes; Authorization; Requirements; Sale.

285.264 Bonds and notes; authorization; requirements; sale. Sec. 14.  The notes and bonds shall be authorized by resolution of the members of the authority; shall bear a date or dates; and shall mature at a time or times, in the case of any note, or any renewal of a note, not exceeding 10 years, from the date of issue of the original note, and in the case of any bond not exceeding 50 years from the date of issue, as the resolution may provide. The notes and bonds shall bear interest at a rate or rates; be in such denominations; be in a form, either coupon or registered; carry such registration privileges; be executed in a manner; be payable in a medium of payment; at a place or places; and be subject to terms of redemption as the resolution or resolutions may provide. The notes and bonds of the authority may be sold by the authority, at public or private sale, at a price or prices as the authority shall determine. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.265 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.265 - Resolution Authorizing Notes or Bonds; Provisions.

285.265 Resolution authorizing notes or bonds; provisions. Sec. 15.  A resolution authorizing notes or bonds or an issue of notes or bonds may contain provisions, which shall be a part of the contract with the holders of the notes or bonds, as to:  (a) Pledging all or any part of the fees and charges made or received by the authority, and all or any part of the money received in payment of mortgage or secured loans and interest on the loans, and other money received or to be received, to secure the payment of the notes or bonds or of any issue of the notes or bonds, and subject to the agreements with bondholders or noteholders as may then exist.  (b) Pledging all or any part of the assets of the authority, including mortgages and obligations securing mortgages, to secure the payment of the notes or bonds or of any issue of notes or bonds, subject to the agreements with noteholders or bondholders as may then exist.  (c) Pledging of any loan, grant, or contribution from the federal, state, or local government, or source in aid of such development as provided for in this act.  (d) The use and disposition of the gross income from mortgages or secured loans owned by the authority and payment of principal of mortgages or secured loans owned by the authority.  (e) The setting aside of reserves or sinking funds and the regulation and disposition of reserves or sinking funds.  (f) Limitations on the purpose to which the proceeds of sale of notes or bonds may be applied and pledging those proceeds to secure the payment of the notes or bonds or of any issue of notes or bonds.  (g) Limitations on the issuance of additional notes or bonds, the terms upon which additional notes or bonds may be issued and secured, and the refunding of outstanding or other notes or bonds.  (h) The procedure, if any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated, the amount of notes or bonds of the holders of which must consent to the amendment or abrogation, and the manner in which that consent may be given.  (i) Vesting in a trustee or trustees such property, rights, powers, and duties in trust as the authority may determine, which may include any or all of the rights, powers, and duties of the trustee appointed by the bondholders pursuant to this act and limiting or abrogating the right of the bondholders to appoint a trustee under this section or limiting the rights, powers, and duties of the trustee.  (j) Any other matters, of like or different character, which affect the security or protection of the notes or bonds. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.266 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.266 - Pledge by Authority; Validity; Lien; Recording of Resolution or Instrument Not Required.

285.266 Pledge by authority; validity; lien; recording of resolution or instrument not required. Sec. 16.  Any pledge made by the authority shall be valid and binding from the time when the pledge is made. The money or property so pledged and thereafter received by the authority shall immediately be subject to the lien of that pledge without any physical delivery of the lien or further act; and the lien of the pledge shall be valid and binding as against all parties having claims in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the lien. Neither the resolution nor any other instrument by which a pledge is created need be recorded. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.267 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.267 - Personal Liability on Note or Bond of Authority.

285.267 Personal liability on note or bond of authority. Sec. 17.  The members of the authority or a person who executes a note or bond shall not be liable personally on the note or bond or be subject to any personal liability or accountability by reason of the issuance of the note or bond. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.268 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.268 - Purchase and Cancellation of Notes or Bonds by Authority; Price.

285.268 Purchase and cancellation of notes or bonds by authority; price. Sec. 18.  The authority, subject to the agreements with noteholders or bondholders as may then exist, shall have power out of any funds available therefor to purchase notes or bonds of the authority, which shall thereupon be canceled, at a price not exceeding (a) the redemption price then applicable plus accrued interest to the next interest payment date thereon, if the notes or bonds are then redeemable, or (b) the redemption price applicable on the first date after the purchase upon which the notes or bonds become subject to redemption plus accrued interest to that date, if the notes or bonds are not redeemable. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.269 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.269 - Nonliability of State on Notes or Bonds of Authority; Statement.

285.269 Nonliability of state on notes or bonds of authority; statement. Sec. 19.  The state shall not be liable on notes or bonds of the authority and the notes and bonds shall not be a debt of the state. The notes and bonds shall contain on the face of the notes or bonds a statement to that effect. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.271 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.271 - General Reserve Fund.

285.271 General reserve fund. Sec. 21.  The authority shall create and establish a special fund, referred to as a general reserve fund, and, subject to agreements with bondholders and noteholders, shall pay into the fund all fees and charges collected by the authority on loans made from and mortgages acquired with the proceeds of the sale of bonds and any money which the authority transfers from the capital reserve fund. That money and any other money paid into the general reserve fund, in the discretion of the authority but subject to agreements with bondholders and noteholders, may be used by the authority for any of the following:  (a) For the repayment of advances from the state in accordance with the provisions of repayment agreements between the authority and the director of the department of management and budget.  (b) To pay all costs, expenses, and charges of financing, including fees and expenses of trustees and paying agents.  (c) For transfers to the capital reserve fund.  (d) For the payment of the principal of and interest on bonds or notes issued by the authority when they shall become due whether at maturity or on call for redemption and for the payment of a redemption premium required to be paid if the bonds or notes are redeemed prior to their stated maturities, and to purchase bonds or notes.  (e) For other corporate purposes of the authority as the authority in its discretion shall determine and provide. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.272 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.272 - Pledge and Agreement of State With Holders of Notes or Bonds.

285.272 Pledge and agreement of state with holders of notes or bonds. Sec. 22.  The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or alter the rights vested in the authority to fulfill the terms of an agreement made with the holders of the notes or bonds, or impair the rights and remedies of the holders until the notes or bonds, together with the interest on the notes or bonds, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in an agreement with the holders of notes or bonds. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.273 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.273 - Default by Authority; Appointment and Powers of Trustee; Notice by Trustee.

285.273 Default by authority; appointment and powers of trustee; notice by trustee. Sec. 23.  (1) If the authority defaults in the payment of principal of or interest on an issue of notes or bonds after the notes or bonds become due, whether at maturity or upon call for redemption, and that default continues for a period of 30 days, or if the authority fails or refuses to comply with the provisions of this act, or defaults on an agreement made with the holders of an issue of notes or bonds, the holders of 25% in aggregate principal amount of the notes or bonds of the issue then outstanding, by instrument or instruments filed in the office of the clerk of the county of Ingham and approved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes provided in this section.  (2) The trustee may, and upon written request of the holders of 25% in principal amount of the notes or bonds then outstanding shall, in the trustee's own name:  (a) By civil action or administrative proceeding, enforce all rights of the noteholders or bondholders, including the right to require the authority to collect fees and charges and interest and amortization payments on mortgages or secured loans made by it adequate to carry out any agreement as to, or pledge of, such fees and charges and interest and amortization payments on mortgages or secured loans and other properties and to require the authority to carry out any other agreements with the holders of the notes or bonds and to perform its duties under this act.  (b) Bring a civil action upon the notes or bonds.  (c) By civil action, require the authority to account as if it were the trustee of an express trust for the holders of the notes or bonds.  (d) By civil action, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of the notes or bonds.  (e) Declare all the notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of 25% of the principal amount of the notes or bonds then outstanding, to annul that declaration and its consequences.  (3) The trustee, in addition to the powers granted in subsection (2), shall have and possess all of the powers necessary or appropriate for the exercise of a function specifically provided in this section or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.  (4) Before declaring the principal of notes or bonds due and payable pursuant to this section, the trustee shall first give 30 days' notice in writing to the governor, to the authority, and to the attorney general of this state. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.274 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.274 - Depositing Money of Authority in Bank or Savings and Loan Association; Security; Contracting With Holders of Notes or Bonds for Certain Purposes; System of Accounts; Operating Expenditures; Audit.

285.274 Depositing money of authority in bank or savings and loan association; security; contracting with holders of notes or bonds for certain purposes; system of accounts; operating expenditures; audit. Sec. 24.  (1) All money of the authority shall be held by the authority and deposited in a state bank, national bank, or a state or federally chartered savings and loan association approved by the state treasurer. All deposits of money that are not fully insured by an agency of the United States shall, if required by the state treasurer or the authority, be secured by obligations of the United States, an agency of the United States, or obligations of this state or a local unit of government in this state, of a market value equal to the uninsured amount of the deposit. A state bank, national bank, or a state or federally chartered savings and loan association may give security for the deposits.  (2) The authority may, subject to the approval of the state treasurer, contract with the holders of any of its notes or bonds as to the custody, collection, securing, investment, and payment of money of the authority, of any money held in trust or otherwise for the payment of notes or bonds, and to carry out the contract. Money held in trust or otherwise for the payment of notes or bonds or to secure notes or bonds and deposits of money may be secured in the same manner as money of the authority, and all banks and trust companies may give security for the deposits.  (3) Subject to agreements with noteholders and bondholders, the authority shall prescribe a system of accounts.  (4) The authority may spend for operating purposes those funds appropriated to it annually by the legislature for operating purposes or as otherwise authorized. The authority is subject to audit by the auditor general or an independent public accounting firm appointed by the auditor general. History: 1982, Act 220, Imd. Eff. July 10, 1982 ;-- Am. 1992, Act 56, Imd. Eff. May 20, 1992
MI Comp L § 285.275 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.275 - Notes and Bonds of Authority as Securities; Investment.

285.275 Notes and bonds of authority as securities; investment. Sec. 25.  The notes and bonds of the authority are securities in which all public officers and bodies of the state and all local units of government, all insurance companies and associations, and other persons carrying on an insurance business, all banks, trust companies, savings banks and savings associations, savings and loan associations, investment companies, all administrators, guardians, executors, trustees, and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.276 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.276 - Recommending Issuance of Faith and Credit Bonds to Legislature.

285.276 Recommending issuance of faith and credit bonds to legislature. Sec. 26.  The authority from time to time at its discretion may recommend an issuance of faith and credit bonds to the legislature for a vote of the people. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.277 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.277 - Tax Exemptions.

285.277 Tax exemptions. Sec. 27.  The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political subdivisions and all bonds and notes of the authority shall be exempt from all taxation by the state or any of its political subdivisions. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.278 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)|Section 285.278 - Covenant by State With Purchasers, Holders, and Transferees of Notes and Bonds Concerning Tax Exemptions.

285.278 Covenant by state with purchasers, holders, and transferees of notes and bonds concerning tax exemptions. Sec. 28.  The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the acceptance of and payment for the notes and bonds, that the notes and bonds of the authority issued pursuant to this act and the income from notes and bonds and all its fees, charges, gifts, grants, revenues, receipts, and other money received or to be received, pledged to pay or secure the payment of the notes or bonds shall be free and exempt from all state, city, county, or other taxation provided by the laws of the state, except for estate and gift taxes and taxes on transfers. History: 1982, Act 220, Imd. Eff. July 10, 1982
MI Comp L § 285.301 (2021)
2021 Michigan Compiled Laws|Chapter 285 - Agriculture|Act 322 of 2000 - Julian-Stille Value-Added Act (285.301 - 285.304)|Section 285.301 - Short Title.

285.301 Short title. Sec. 1.  This act shall be known and may be cited as the "Julian-Stille value-added act". History: 2000, Act 322, Imd. Eff. Oct. 26, 2000