R 125.172 Approval and implementation of proposals.

Rule 172. (1) The authority shall review a proposal and recommendation and, if it determines that the proposal meets the requirements of the act and these rules, by resolution, it may approve the proposal and authorize and direct the implementation of the proposal and the use of appropriate money of the authority in connection with the implementation. (2) The resolution may provide that any real property or interest therein to be acquired by the authority may be acquired in the authority's name or through and in the name of a duly authorized agent of the authority. If any such real property or interest therein is to be purchased on land contract, option, or other form of deferred payment agreement, or subject to mortgages or other encumbrances, the authority, by the resolution, shall reserve money in the land acquisition and development fund or authorization to issue notes and bonds, the aggregate amount of which equals the unpaid principal balance of the land contract, option, mortgage, or other encumbrance or deferred payment agreement plus any anticipated carrying charges, including without limitation, insurance premiums, interest, maintenance expenses, and property taxes. In the event that the acquisition is to be accomplished through a duly authorized agent of the authority, the authority shall require the agent to protect the authority's interest in the property and to convey the property interest to the authority upon the authority's request, and the records of the authority shall reflect the existence of, and the authority's rights in, the real property or interest therein.