reglab/statecodes huggingface dataset:
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50146 - Loans to Members; Purpose; Term; Interest; Security; Recordation of Mortgage or Deed of Trust; Repayment Before Maturity Date; Damage as Grounds for Release of Obligation.

324.50146 Loans to members; purpose; term; interest; security; recordation of mortgage or deed of trust; repayment before maturity date; damage as grounds for release of obligation.
Sec. 50146.
(1) A district may make loans to a member for 1 or more of the following reasons:
(a) To cover all or part of the member's cost share contribution required under section 50145.
(b) To cover all or a part of the cost of forest practices, up to 100% of the lesser of either of the following:
(i) The actual cost per acre to accomplish the work.
(ii) The prevailing cost per acre.
(2) A loan made under this section may be made for a term of not more than 20 years and shall bear interest at the average annual rate being earned by the state on money deposited in the investment account of the general fund of this state. A loan shall be secured by a mortgage or deed of trust upon the parcel of land or the timber rights on the parcel of land upon which the forest practices were conducted. The board shall record the mortgage or deed of trust in the office of the register of deeds in each county in which the real property subject to the loan is located.
(3) An interest penalty shall not be charged to a member who repays a loan made under this section before its maturity date.
(4) The board may release a member's obligation to repay all or part of the principal and interest due under loans made under this section if the board finds that the parcel of land or the timber rights on the parcel of land securing the loan and upon which the forest practices were conducted have been substantially damaged by fire, flood, insects, disease, or other natural causes and the damage was not caused by the negligence or willful act of the member.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50148 - Cost-Share Payments, Loans, or Annual Incentive Payments; Eligibility; Conditions; Guidelines.

324.50148 Cost-share payments, loans, or annual incentive payments; eligibility; conditions; guidelines.
Sec. 50148.
(1) The following conditions shall be met for a member to be eligible for cost-share payments, a loan, or an annual incentive payment:
(a) The member shall make application for financial assistance for forest practices to each federal program specified by the board. The board shall not make any determination as to whether and how much assistance a member will receive until the application is approved or disapproved by the governmental agency administering the federal program.
(b) The member shall submit an application for financial assistance in a form prescribed by the board.
(c) Before receiving assistance under this subpart, the member shall agree not to develop the land for a use incompatible with timber production within 10 years after the receipt of a cost-sharing payment agreement pursuant to section 50145, the making of a loan under section 50146, or the receipt of an annual incentive payment under section 50147. A district shall record the agreement in the office of the register of deeds in each county in which the forest land is located. Once recorded, the contract shall be binding upon each person to whom the parcel of land is sold, assigned, devised, or otherwise transferred by agreement or operation of law.
(d) The member shall submit a forest management plan for approval by the board. This plan shall also fulfill the notification requirements of subpart 5. If the proposed forest practices include preparation of a management plan, the plan need not be completed at the time of application. Assistance under this subpart for other forest practices on forest land within the same ownership shall not be made until the management plan has been approved.
(2) The board shall prepare guidelines specifying the factors to be considered and information which should be included in management plans submitted pursuant to this subpart and subpart 5.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50149 - Applications for Financial Assistance; Selection of Programs; Factors; Preferences; Criteria for Evaluation and Approval.

324.50149 Applications for financial assistance; selection of programs; factors; preferences; criteria for evaluation and approval.
Sec. 50149.
(1) When allocating available funds among applicants for assistance pursuant to this subpart, the board shall select those programs of forest practices which in its judgment produce the greatest public benefit, giving consideration to the following factors:
(a) The need for and potential commercial benefits if the practices are undertaken.
(b) The financial resources of the applicant.
(c) The need for and potential benefits to long-term production, maintenance, and enhancement of the total forest resource system.
(2) The board shall give preference to applications covering forest land that has been substantially damaged by fire, flood, insects, disease, or other natural causes within 36 months before submission of an application under this subpart.
(3) The board shall also give preference to applications with respect to which 1 or more of the following factors is present:
(a) The forest management plan involves reforesting forest land with a more commercially valuable forest tree species than it previously produced.
(b) The forest management plan would provide relatively more employment opportunities than other proposed plans.
(c) The forest land is located in a county with high unemployment.
(d) A small business entity will carry out the proposed plan.
(e) The forest management plan or other actions of the member would increase recreational opportunities for the public.
(4) The board shall establish the criteria for evaluation and approval of applications for financial assistance.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50150 - Cost-Share Payments, Loans, or Annual Incentive Payments; Federal Payments or Other Assistance; Limitation.

324.50150 Cost-share payments, loans, or annual incentive payments; federal payments or other assistance; limitation.
Sec. 50150.
Cost-share payments, loans, or annual incentive payments under this subpart may be made for forest practices that are also the subject of payments or other assistance provided under federal law. Payments or loans may be made to satisfy member cost shares or to repay loans received under federal programs. Combined state and federal payments and loans, and required member cost-share contributions, shall not together exceed the amount of the actual cost or the prevailing cost per acre of the forest practices as determined by the board, whichever is less.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50151 - Cost-Share Payments, Loans, or Annual Incentive Payments; Refund; Interest; Payments as Lien on Forest Land; Filing Lien; Legal Action.

324.50151 Cost-share payments, loans, or annual incentive payments; refund; interest; payments as lien on forest land; filing lien; legal action.
Sec. 50151.
(1) All cost-share payments, loans, or annual incentive payments advanced to a member under this subpart shall be refunded to the district if either of the following applies:
(a) The member files an application for rezoning pursuant to local zoning laws permitting use of the land in a manner incompatible with timber production within 10 years after the date an agreement covering the land was signed under section 50148.
(b) The board finds that a member has not complied with the forest management plan required under section 50148.
(2) The refund shall bear interest from the date of occurrence of an activity described in subsection (1) until repayment, at the average annual rate being earned by the state on money deposited in the investment account of the general fund of this state.
(3) If the member fails to refund the payments or loans within 30 days after written demand by the district, the amount of the payments, together with interest due, shall become a lien upon the forest land upon which the forest practices were conducted as of the date of the event specified in subsection (1). The board shall file the lien in the office of the register of deeds in each county in which the forest land is located. The district may request the prosecuting attorney of a county in which a lien is filed to bring legal action on behalf of the district to recover the debt.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50152 - Severance and Service Fees Generally.

324.50152 Severance and service fees generally.
Sec. 50152.
In order to provide a source of funds for the cost-share payments, loans, annual incentive payments, and other services authorized to be offered to members within a district, a district may charge a severance fee pursuant to the procedure described in section 50153 and collect fees for services provided to those members. The fees shall be deposited in a district forest management fund to be established by the board.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50153 - Schedule of Fees for Services; Establishment; Uniform Severance Fee.

324.50153 Schedule of fees for services; establishment; uniform severance fee.
Sec. 50153.
(1) The board may establish a schedule of fees for the services provided directly to members within a district.
(2) After a referendum in which a majority of the members in a district approve the charging of a severance fee, the district may charge the fee, if a member harvests timber from forest land in the district. The issue of the charging of a severance fee may be placed before the members at the time of the formation of a district. The severance fee shall be uniform throughout a district and shall not exceed 10% of the stumpage value of the timber harvested.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50154 - Severance and Service Fees; Collection and Disposition; Responsibility for Payment of Severance Fee; Stumpage Values and Units of Measurement; Remittance; Reports; Records.

324.50154 Severance and service fees; collection and disposition; responsibility for payment of severance fee; stumpage values and units of measurement; remittance; reports; records.
Sec. 50154.
(1) The board shall develop the necessary administrative procedures to collect the fees and shall deposit the revenue collected in the district forest management fund.
(2) The person responsible for payment of the severance fee is the timber owner before harvest. The department shall provide technical assistance to a district to develop appropriate methods of establishing stumpage values and units of proper measurement.
(3) The fees shall be remitted to a district, by check or money order, with reports as may be required by the board.
(4) The timber owner, for a period of 3 years, shall maintain and make available to the board the records the board may require to verify proper reporting and payment of the severance fee and service fees due a district.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-6 - Subpart 6 Cost-Sharing and Loans for Forest Practices (324.50145...324.50155) › Section 324.50155 - Collection of Fees; Enforcement.

324.50155 Collection of fees; enforcement.
Sec. 50155.
The board shall enforce collection of the fees pursuant to the procedure contained in section 50143.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50156 - Resolution Authorizing Bonds; Provisions.

324.50156 Resolution authorizing bonds; provisions.
Sec. 50156.
A resolution authorizing bonds to be issued under the power granted in section 50135 may contain provisions, which shall be part of the contract with the holders of the bonds, as to:
(a) The use and disposition of the payments received under the agreement, including the creation and maintenance of reserves.
(b) The issuance of other or additional bonds of equal standing with bonds of a district already issued.
(c) The insurance to be carried on the forest improvement project and the use and disposition of insurance money.
(d) The terms and conditions upon which the holder of the bonds, or a portion of the bonds, or a trustee of the bonds, shall be entitled to the appointment of a receiver by a court which has jurisdiction in those proceedings, who may enter and take possession of the forest improvement project and lease and maintain it, prescribe rentals, and collect, receive, and apply all income and revenues thereafter arising in the same manner and to the same extent as a district may do under this part.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50157 - Resolution Authorizing Bonds; Principal, Interest, Payment, and Security; Full Faith and Credit; Trustees.

324.50157 Resolution authorizing bonds; principal, interest, payment, and security; full faith and credit; trustees.
Sec. 50157.
(1) The bonds shall be payable and secured as set forth in the resolution authorizing the issuance. The resolution may provide that the principal of and interest on any bonds issued shall be payable and secured by 1 or more of the following:
(a) The net revenues derived from a forest improvement project.
(b) Amounts derived from the disposition of projects and other property mortgaged or otherwise pledged as security for payment of the bonds.
(c) Gifts or grants by any person.
(d) Federal funds.
(e) Loan repayments.
(f) An assignment of a percentage of gross revenues received by the district.
(g) Any other source approved by the board.
(2) District debt may also be secured by the full faith and credit of the district but shall not be general obligations of the state of Michigan. The resolution may also provide for the appointment of 1 or more trustees for bondholders. A trustee may be a person domiciled or located within or outside the state and may be given appropriate powers.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50158 - Special Debt Service Reserve Fund; Creation; Purpose; Sources and Use of Money; Transfer of Income or Interest; Limitation on Approved Reserve Fund Requirement; Limitation on Issuance of Bonds.

324.50158 Special debt service reserve fund; creation; purpose; sources and use of money; transfer of income or interest; limitation on approved reserve fund requirement; limitation on issuance of bonds.
Sec. 50158.
(1) A district, with the approval of the department, may create and establish 1 or more special debt service reserve funds, to secure its bonds, referred to in this part as approved reserve funds. A district shall pay into an approved reserve fund the money appropriated and made available by the state for the purpose of the fund; proceeds of the sale of bonds, to the extent provided in the resolution of the district authorizing the issuance of bonds; and other money made available for the purpose of a fund from any other source. The money held in an approved reserve fund shall be used as required by the resolution authorizing the issuance of bonds and creating the fund. Income or interest earned by, or increment to an approved reserve fund due to the investment of money in the fund may be transferred by a district to other funds or accounts of the district to the extent the transfer does not reduce the amount of an approved reserve fund below the required level for a fund, as specified in the bond authorizing resolution.
(2) An approved reserve fund requirement in the resolution of the board authorizing the bonds with respect to which the fund is established, shall not exceed the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the bonds secured in whole or part by the fund. A district shall not issue bonds secured in whole or in part by an approved reserve fund if, upon the issuance of the bonds, the amount in the fund would be less than the requirement for the fund, unless the district at the time of issuance of the bonds, deposits in the fund from the proceeds of the bonds to be issued, or from other sources, an amount which, together with the amount then in the fund, shall be not less than the approved reserve fund requirement for the fund.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50159 - Statement of Liability on Face of Bond.

324.50159 Statement of liability on face of bond.
Sec. 50159.
The state shall not be liable on bonds of a district, and the bonds shall not be a debt of the state. The bonds shall contain on their face a statement to that effect.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50160 - Applicability of Part And Resolution; Enforcement of Duties; Recital in Bond as Evidence of Validity; Publication and Effective Date of Resolution.

324.50160 Applicability of part and resolution; enforcement of duties; recital in bond as evidence of validity; publication and effective date of resolution.
Sec. 50160.
(1) This part, and the resolution authorizing the issuance of bonds under this part shall remain applicable until the principal and interest on bonds issued by a district have been fully paid or provided for. The duties of a district and its board under this part and the resolution authorizing the issuance of bonds under this part shall be enforceable by a bondholder by mandamus or other appropriate action in a court of competent jurisdiction.
(2) The resolution authorizing the issuance of bonds shall provide that the bonds shall contain a recital that they are issued under this part, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.
(3) A resolution authorizing the issuance of bonds under this part is not effective until publication at least once in a newspaper of general circulation within the area comprised by a district or, if such a newspaper does not exist, within the nearest city or county having a newspaper of general circulation.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50161 - Refunding Bonds.

324.50161 Refunding bonds.
Sec. 50161.
A district may issue its bonds to refund in whole or part, at any time, bonds previously issued by the district under this part.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50162 - Adoption of Bonds by Resolution of Majority of Board; Bonds Subject to Revised Municipal Finance Act.

324.50162 Adoption of bonds by resolution of majority of board; bonds subject to revised municipal finance act.
Sec. 50162.
The bonds of a district shall be authorized by resolution adopted by a majority of the board. The bonds are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995 ;-- Am. 2002, Act 222, Imd. Eff. Apr. 29, 2002
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50163 - Pledge and Lien of Pledge Valid and Binding; Recordation Not Required.

324.50163 Pledge and lien of pledge valid and binding; recordation not required.
Sec. 50163.
A pledge made by a district shall be valid and binding from the time the pledge is made. The money or property pledged and thereafter received by a district is immediately subject to the lien of the pledge without physical delivery or a further act. The lien of a pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against a district, irrespective of whether the parties have notice of the claim. Neither the resolution nor any other instrument by which a pledge is created need be recorded.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50164 - Liability on Bonds.

324.50164 Liability on bonds.
Sec. 50164.
Neither the members of the board of a district nor a person executing the bonds is personally liable on the bonds or subject to personal liability or accountability by reason of the board's issuance or the person's execution of the bonds.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50165 - Pledge and Agreement of State Not to Impair Rights and Remedies of Bondholders; Bonds as Negotiable Instruments; Bonds as Securities; Investment in Bonds.

324.50165 Pledge and agreement of state not to impair rights and remedies of bondholders; bonds as negotiable instruments; bonds as securities; investment in bonds.
Sec. 50165.
(1) The state pledges and agrees with the holders of bonds issued under this part that the state will not limit or alter the rights vested in a district to fulfill the terms of agreements made with the holders of bonds or in any way impair the rights and remedies of the holders until the bonds, together with the interest on the bonds, with interest on any unpaid installments of interest and all costs and expenses in connection with an action or proceeding by or on behalf of the holders, are fully met and discharged. A district shall include this pledge and agreement of the state in each agreement with the holders of the bonds.
(2) The bonds authorized to be issued by this part are negotiable instruments within the meaning of and for all the purposes of the uniform commercial code, Act No. 174 of the Public Acts of 1962, being sections 440.1101 to 440.11102 of the Michigan Compiled Laws, subject only to the provisions of the bonds for registration.
(3) The bonds of a district are securities in which each public officer or body of the state and each political subdivision of the state; each insurance company and association and any other person carrying on an insurance business; each bank, trust company, savings bank and savings association, savings and loan association, or investment company; each administrator, guardian, executor, trustee, or other fiduciary; and any other person who is authorized to invest in bonds or other obligations of the state, may properly and legally invest funds, including capital, which are either owned or controlled by the person or other entity.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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-501 - Part 501 Forest Improvements (324.50101...324.50166) › 451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166) › Section 324.50166 - Exemption From Taxation.

324.50166 Exemption from taxation.
Sec. 50166.
The state covenants with the purchasers and all subsequent holders and transferees of bonds issued under this part, in consideration of the acceptance of and payment for the bonds, that the bonds issued under this part and the income from those 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 bonds at all times are exempt from state or local income taxation provided by the laws of the state, except for estate, inheritance, and gift taxes and taxes on transfers.
History:
Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name:
Act 451
Popular Name:
NREPA
2023 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 451
Popular Name:
NREPA
2023 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 451
Popular Name:
NREPA
2023 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 451
Popular Name:
NREPA
2023 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 451
Popular Name:
NREPA
2023 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 451
Popular Name:
NREPA