R 125.109 Acceptance of aid and guarantees.

Rule 109. (1) Pursuant to sections 22(c) and 22(k) of the act, MCL 125.1422, the authority, by resolution, may accept gifts, grants, loans or other aid, including guarantees, from the federal government or any public or private source, agree and comply with any condition attached thereto, and authorize and direct the execution on behalf of the authority or any agreement that it considers necessary or appropriate to implement any such gifts, grants, loans, guarantees, or other aid. (2) Without limitation on the provisions of subrule (1) of this rule, the authority by resolution may accept any guarantee or commitment to guarantee its bonds or notes issued for the purpose of financing real property acquisition and land development pursuant to community development programs, accept any grant with respect to bonds or notes guaranteed and accept any public service grants for providing essential public services, including educational, health and safety services, and authorize and direct the execution on behalf of the authority of any agreement that it considers necessary or appropriate with respect thereto.