Michigan · statute · 183 of 1964, Mich. Comp. Laws · 19 active provisions
As used in this act: (a) "Building authority" means the state building authority created by this act. (b) "State" means the legislative, executive, and judicial branches of state government and includes institutions of higher education. (c) "Existing facilities" means all existing buildings and other facilities, the si…
The legislature finds all of the following: (a) That there is a present need for the state, its agencies, and departments, in order to carry out necessary governmental functions and enterprises and to provide necessary services to the people of the state as mandated or permitted by constitution and law, to do both of t…
(1) The state building authority is created, is made a body corporate, separate and distinct from the state, and may sue and be sued, plead and be impleaded, contract and be contracted with, have a corporate seal, and enjoy and carry out all powers granted it in this act. Funds of the authority shall be handled in the…
The building authority may do any of the following: (a) Adopt bylaws for the regulation of its affairs and the conduct of its business. (b) Adopt an official seal. (c) Maintain a principal office at a place within this state. (d) Sue and be sued in its own name and plead and be impleaded. (e) Acquire, construct, furnis…
The building authority may acquire property by purchase, construction, lease, gift, devise, or condemnation, and for the purpose of condemnation, it may proceed under the provisions of Act No. 149 of the Public Acts of 1911, as amended, being sections 213.21 to 213.41 of the Michigan Compiled Laws, or any other appropr…
(1) Property owned by the state may be conveyed to the building authority for any purpose expressed in this act, subject, however, to prior approval by the state administrative board, by the attorney general, and as provided in an appropriations act. After approval as provided in this subsection, a conveyance shall be…
The building authority may lease existing facilities or facilities defined by this act for the purposes specified in this act, to the state, or any of its agencies acting on its behalf. A lease authorized by this act shall be for a period not exceeding 40 years from the date of execution of the lease, and shall contain…
(1) The state may lease facilities from the building authority for public purposes within the concepts provided in this act, upon terms and conditions agreed upon and subject to the limitations and provisions provided in section 6. Before execution, a lease shall be approved by the state administrative board and, excep…
(1) By 1 or more resolutions of its board, the building authority may provide for the issuance of revenue obligations, including revenue bonds, revenue notes, or other evidences of revenue indebtedness, and refunding revenue bonds or notes, or other refunding evidences of indebtedness. (2) The obligations issued under…
The building authority may create and establish a special fund or funds to secure any issue of obligations, referred to as a reserve fund, and shall pay into the reserve fund any proceeds of sale of any issue of obligations to the extent provided in the resolution of the building authority authorizing the issuance ther…
A board resolution authorizing the issuance of an obligation, or an agreement relating to the security of the obligation or agreement to manage payment, revenue, or interest rate exposure with respect to the obligation, may assign, pledge, and create a statutory first lien, and 1 or more subordinate liens, on the true…
The building authority may contract with the holders of its bonds as to the custody, collection, securing, investment, and payment of any moneys of the building authority. Moneys of the building authority and deposits of such moneys may be secured in the manner determined by the building authority. Banks and trust comp…
This act shall not be construed or interpreted as to authorize or permit the incurring of indebtedness of the state contrary to the provisions of the state constitution.
Property owned and acquired by the building authority in accordance with this act shall be exempt from taxes levied by the state or its political subdivisions and taxing districts. The building authority shall not be required to pay taxes or assessments upon its activities or upon its income or revenues.
The members of the authority and persons executing notes or bonds shall not be liable personally on the notes or bonds, or be subject to personal liability or accountability by reason of the issuance thereof.
Bonds issued by the building authority under this act are securities in which banks, bankers, savings banks, trust companies, savings and loan associations, investment companies, and other persons carrying on a banking business, insurance companies, insurance associations, and other persons carrying on an insurance bus…
It is hereby found, determined, and declared that the creation of the building authority and the carrying out of its corporate purposes are in all respects for the benefit of the people of the state and constitute a public purpose and that the facilities to be acquired are necessary for the public welfare of the people…
This act shall be deemed to provide an additional or alternative method for accomplishing the purposes authorized hereby. This act shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as in derogation of any powers presently existing.
Pursuant to section 8 of article 3 of the state constitution of 1963, it is the intent of the legislature to request by concurrent resolution the opinion of the supreme court as to the constitutionality of this 1976 amendatory act as amended. Notwithstanding section 5 of chapter 1 of the Revised Statutes of 1846, being…