reglab/housing_qa huggingface dataset:
MI Comp L § 324.50301 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-503 - Part 503 State Forest Products Industry Development Council (324.50301...324.50302)|Section 324.50301 - Duties of Departments of Agriculture and Rural Development and Natural Resources.

324.50301 Duties of departments of agriculture and rural development and natural resources.Sec. 50301.  The departments of agriculture and rural development and natural resources shall jointly do all of the following:  (a) Advise the legislature and the governor on forest management and development and other matters relevant to the development of the forest products industry in this state.  (b) Develop a forestry development plan to improve the state's business climate for forestry, assure a stable timber supply, and coordinate public and private forestry activities.  (c) Identify the needs of the forest products industry.  (d) Promote and encourage the expansion of the forest products industry in this state.  (e) Promote and encourage the retention and expansion of existing forest products companies in this state and attract new forest products companies to locate in this state.  (f) Perform other functions the departments consider necessary for the development of the forest products industry in this state.  (g) Promote and encourage the use of this state's value-added forest products in Michigan, in other states, and internationally. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 ;-- Am. 2013, Act 47, Imd. Eff. June 6, 2013 Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50302 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-503 - Part 503 State Forest Products Industry Development Council (324.50301...324.50302)|Section 324.50302 - Annual Report.

324.50302 Annual report.Sec. 50302.  The departments of agriculture and rural development and natural resources, jointly, shall annually report to the governor and the legislature on their activities to promote the development of the forest products industry in this state. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 ;-- Am. 2013, Act 47, Imd. Eff. June 6, 2013 Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50501 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50501 - Purpose of Part.

324.50501 Purpose of part.Sec. 50501.  The purpose of this part and of the authority created by this part is to preserve existing jobs, create new jobs, and alleviate and prevent unemployment through the retention, promotion, and development of forestry and forest industries and to protect the health and vigor of forest resources by doing all of the following:  (a) Funding practices prescribed and approved by the department that intensify management of certain highly productive portions of this state's forest system.  (b) Implementing a system of forest management that is investment-oriented, economically efficient, and environmentally sound.  (c) Implementing a system of forest management that is consistent with principles of sustainable forestry and with part 525.  (d) Promoting a stable and continuing supply of timber for future economic expansion.  (e) Providing dependable funding of scheduled forest management operations and practices.  (f) Promoting effective investment of revenues from timber sales for high future returns.  (g) Facilitating timely performance of forest management operations and practices.  (h) Earning additional revenues for forest management from timber sales.  (i) Establishing new stands of trees.  (j) Providing for reforestation, forest protection, and timber stand improvement.  (k) Providing an additional funding source for the purposes described in this section from indebtedness secured with revenues generated from future sale of timber harvested from state tax reverted lands, from lands in the state forest system from which revenues derived from the sale of timber were previously deposited in the forest management fund created in former 1945 PA 268, and from other lands as provided by law. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 ;-- Am. 2004, Act 124, Imd. Eff. May 28, 2004 ;-- Am. 2020, Act 287, Imd. Eff. Dec. 29, 2020 Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50502 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50502 - Definitions.

324.50502 Definitions.Sec. 50502.  As used in this part:  (a) "Authority" means the Michigan forest finance authority created in section 50503.  (b) "Board" means the board of directors of the Michigan forest finance authority, except where the context clearly requires a different definition.  (c) "Bonds" means bonds of the authority issued as provided in this part.  (d) "Forest management operations and practices" means activities related to the harvesting, reforestation, and other forest management, including, but not limited to, road access for silviculture activity and forest thinning, pest control, disease control, fertilization, forest protection, and wildlife management, that are consistent with principles of sustainable forestry.  (e) "Notes" means notes of the authority issued as provided in this part, including commercial paper.  (f) "State forester" means an employee of the department who has a 4-year degree in forest management from an accredited college or university and experience in forest management and who is designated as the state forester by the director.  (g) "Sustainable forestry" means that term as defined in section 52501. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 ;-- Am. 2004, Act 124, Imd. Eff. May 28, 2004 ;-- Am. 2020, Act 287, Imd. Eff. Dec. 29, 2020 Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50503 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50503 - Michigan Forest Finance Authority; Creation; Exercise of Powers, Duties, and Functions; Handling of Funds.

324.50503 Michigan forest finance authority; creation; exercise of powers, duties, and functions; handling of funds. Sec. 50503.  The Michigan forest finance authority is created as a body corporate within the department of natural resources and shall be administered under the supervision of the department but shall exercise its prescribed statutory power, duties, and functions independently of the department. The budgeting, procurement, and related functions of the authority shall be performed under the direction and supervision of the department. Funds of the authority shall be handled in the same manner and subject to the same provisions of law applicable to state funds or in a manner specified in a resolution of the authority authorizing the issuance of bonds and notes. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Compiler's Notes: For transfer of powers and duties of Michigan forest finance authority from department of natural resources to department of natural resources and environment, see E.R.O. No. 2009-31, compiled at MCL 324.99919.For transfer of powers and duties of Michigan forest finance authority, and of its board of directors, relating to borrowing money and issuing bonds or notes, to Michigan finance authority, see E.R.O. No. 2010-2, compiled at MCL 12.194.For transfer of certain other powers and duties of Michigan forest finance authority to department of natural resources, see E.R.O. No. 2010-2, compiled at MCL 12.194.For transfer of Michigan forest finance authority from department of natural resources and environment to department of natural resources, see E.R.O. No. 2011-1, compiled at MCL 324.99921.Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50505 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50505 - Election of Chairperson and Vice-Chairperson; State Forester as Executive Director; Qualifications, Duties, and Compensation of Employees; Delegation of Powers or Duties; Rights and Interests of Authority; Annual Report; Audits; Records.

324.50505 Election of chairperson and vice-chairperson; state forester as executive director; qualifications, duties, and compensation of employees; delegation of powers or duties; rights and interests of authority; annual report; audits; records. Sec. 50505.  (1) The authority shall elect a chairperson and a vice-chairperson from among its members. The state forester shall serve as the executive director of the authority. The authority may employ legal and technical experts and other officers, agents, or employees, permanent or temporary, paid from the funds of the authority. The authority shall determine the qualifications, duties, and compensation of those it employs, but an employee shall not be paid a higher salary than the director. The authority may delegate to 1 or more members, officers, agents, or employees any powers or duties it considers proper.  (2) The authority shall contract with the department for the purpose of maintaining and improving the rights and interests of the authority.  (3) The authority shall annually file a written report on its activities of the last year with the legislature. This report shall be submitted not later than 270 days following the end of the fiscal year. This report shall specify the amount and source of revenues received, the status of investments made, and a description of the forest management practices undertaken by the department with proceeds of bonds sold under this part.  (4) The accounts of the authority shall be subject to annual audits by the state auditor general or a certified public accountant appointed by the auditor general. Records shall be maintained according to generally accepted auditing principles. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Compiler's Notes: For abolishment of position of executive director of Michigan forest finance authority, see E.R.O. No. 2010-2, compiled at MCL 12.194.Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50508 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50508 - Department as Agent for Authority; Conveyance of State's Interest in Contracts Granting Timber Cutting Rights; Deposit of Money Received; Conveyance of Title to Timber.

324.50508 Department as agent for authority; conveyance of state's interest in contracts granting timber cutting rights; deposit of money received; conveyance of title to timber. Sec. 50508.  (1) Except as provided in section 50507(3), the department shall act as the agent for the authority in contracting for the cutting and sale of timber or other forest management operations and practices undertaken by the authority.  (2) The state's interest in all existing and future contracts granting timber cutting rights on state tax reverted lands are conveyed to the authority to be used for any of the purposes of this part subject to the restrictions of this part. The money received by the state from existing or future contracts for the cutting and sale of timber on state tax reverted lands, on lands in the state forest system from which revenues derived from the sale of timber were previously deposited in the forest management fund created in former 1945 PA 268, and on other lands as provided by law shall be deposited in the forest development fund and utilized as provided in section 50507(4).  (3) In order to provide for additional security for indebtedness of the authority, the department may convey to the authority title to timber on all or any portion of tax reverted lands, on lands in the state forest system from which revenues derived from the sale of timber were previously deposited in the forest management fund created in former 1945 PA 268, and on other lands as provided by law. The form of conveyance shall be approved by the attorney general and by resolution of the state administrative board. If the authority receives title to any timber, it may release and reconvey timber on state tax reverted lands, on lands in the state forest system from which revenues derived from the sale of timber were previously deposited in the forest management fund created in former 1945 PA 268, and on other lands as provided by law if requested by the department, and the reconveyance from the authority to the department will not cause the authority to default on any obligation or covenant contained in any resolution of the authority authorizing issuance of bonds or notes. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 ;-- Am. 2004, Act 124, Imd. Eff. May 28, 2004 Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50509 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50509 - Bonds and Notes Generally; Expenses; Expenditures.

324.50509 Bonds and notes generally; expenses; expenditures. Sec. 50509.  (1) The authority may authorize and issue its bonds or notes payable solely from the revenues or funds available to the authority. Bonds and notes of the authority are not a debt or liability of the state and do not create or constitute any indebtedness, liability, or obligations of the state or constitute a pledge of the faith and credit of the state. All authority bonds and notes shall be payable solely from revenues or funds pledged or available for their payment as authorized in this part. Each bond and note shall contain on its face a statement to the effect that the authority is obligated to pay the principal of and the interest on the bond or note only from revenues or funds of the authority pledged for the payment of principal and interest and that the state is not obligated to pay that principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on the bond or note.  (2) All expenses incurred in carrying out this part shall be payable solely from revenues or funds provided or to be provided under this part. This part does not authorize the authority to incur any indebtedness or liability on behalf of or payable by the state.  (3) Any revenues or funds available to the authority that are not necessary to pay principal of or interest on any outstanding bonds or notes of the authority or which are not required to be deposited in a fund created to secure the bonds or notes of the authority or required to provide for the funding of any other matters required by a resolution authorizing the issuance of bonds or notes of the authority shall be expended to fund forest management programs in a manner prescribed by the department. Any money derived from the proceeds of bonds or notes shall be expended by the authority in the manner prescribed in the part and the resolution authorizing such indebtedness. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50511 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50511 - Refunding Bonds or Notes.

324.50511 Refunding bonds or notes. Sec. 50511.  (1) The authority may provide for the issuance of bonds or notes in the amounts the authority considers necessary for the purpose of refunding bonds or notes of the authority then outstanding, including the payment of any redemption premium and interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or maturity of these bonds or notes. The proceeds of bonds or notes issued for the purpose of refunding outstanding bonds or notes may be applied by the authority to the purchase or retirement at maturity or redemption of outstanding bonds or notes either on the earliest or subsequent redemption date, and pending such applications, may be placed in escrow to be applied to the purchase or retirement at maturity or redemption on the date or dates determined by the authority. Pending such application and subject to agreements with noteholders or bondholders, the escrowed proceeds may be invested and reinvested in the manner the authority determines, maturing at the date or times as appropriate to assure the prompt payment of the principal, interest, and redemption premium, if any, on the outstanding bonds or notes to be refunded. After the terms of the escrow have been fully satisfied and carried out, the balance of the proceeds and interest, income, and profits, if any, earned or realized on the investment of the proceeds shall be returned to the authority for use by the authority in any lawful manner.  (2) In the resolution authorizing bonds or notes to refund bonds or notes, the authority may provide that the bonds or notes to be refunded shall be considered paid when there has been deposited in escrow, money or investment obligations that would provide payments of principal and interest adequate to pay the principal and interest on the bonds to be refunded, as that principal and interest becomes due whether by maturity or prior redemption and that, upon the deposit of the money or investment obligations, the obligations of the authority to the holders of the bonds or notes to be refunded shall be terminated except as to the rights to the money or investment obligations deposited in trust.  (3) The authority shall not have outstanding at any time bonds or notes in an aggregate principal amount exceeding $20,000,000.00 excluding bonds or notes issued to refund outstanding bonds or notes. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA
MI Comp L § 324.50512 (2021)
2021 Michigan Compiled Laws|Chapter 324 - Natural Resources and Environmental Protection|Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)|Article III - Natural Resources Management (324.30101...324.83109)|451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)|451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)|451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)|451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)|Section 324.50512 - Security to Assure Timely Payment of Bond or Note.

324.50512 Security to assure timely payment of bond or note. Sec. 50512.  (1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to purchase notes or bonds, an agreement to remarket bonds or notes, and any other transaction to provide security to assure timely payment of a bond or note.  (2) The authority may authorize payment from the proceeds of the notes or bonds, or other funds available, of the cost of issuance including, but not limited to, fees for placement, charges for insurance, letters of credit, lines of credit, remarketing agreements, reimbursement agreements, or purchase or sales agreements or commitments, or agreements to provide security to assure timely payment of notes or bonds. History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA