451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 Part 505 Michigan Forest Finance Authority (324.50501...324.50522)

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.
Section 324.50502 Definitions.
Section 324.50503 Michigan Forest Finance Authority; Creation; Exercise of Powers, Duties, and Functions; Handling of Funds.
Section 324.50504 Board of Directors; Appointment; Terms; Oath; Vacancy; Persons Subject to Mcl 15.321 to 15.330; Discharge of Duties; Policies and Procedures; Conducting Business at Public Meetings; Notice; Quorum; Actions of Board; Representative as Voting Member; Chairperson.
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.
Section 324.50506 Powers of Board.
Section 324.50507 Financing Forest Management Operations and Practices; Guidelines, Rules, and Objectives; Application of Funds; Interim Procedure; Annual List of Activities and Practices; Projection of Probable Default; Contracts for Cutting and Sale of Timber; Forest Development Fund; Audit.
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.
Section 324.50509 Bonds and Notes Generally; Expenses; Expenditures.
Section 324.50510 Bonds or Notes; Purposes; Payment; Requirements; Signature of Board Member or Office of Authority; Sale of Bonds or Notes; Applicability of Other Laws; Interest Rate Agreement.
Section 324.50511 Refunding Bonds or Notes.
Section 324.50512 Security to Assure Timely Payment of Bond or Note.
Section 324.50513 Bonds or Notes; Authority of Board Member, Executive Director, or Other Officer of Authority.
Section 324.50514 Resolution Authorizing Bonds or Notes; Provisions.
Section 324.50515 Pledge.
Section 324.50516 Personal Liability on Bonds or Notes.
Section 324.50517 Purchasing, Holding, Canceling, or Reselling Bonds or Notes.
Section 324.50518 Rights and Remedies.
Section 324.50519 Bonds or Notes as Legal Investments; Security.
Section 324.50520 Property and Income of Authority; Exemption From Taxes and Special Assessments; Bonds or Notes Exempt From Taxation.
Section 324.50521 Liberal Construction; Broad Interpretation.
Section 324.50522 Rules.

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