Bill Text: MI HB5030 | 2023-2024 | 102nd Legislature | Enrolled

Michigan House Bill 5030 (Prior Session Legislation)

Bill Title: Housing: housing development authority; note and bond purchase for cancellation; modify. Amends sec. 30 of 1966 PA 346 (MCL 125.1430).

Spectrum: Moderate Partisan Bill (Democrat 16-3)

Status: (Enrolled - Dead) 2024-12-31 - Presented To The Governor 01/08/2025 01:06 Pm [HB5030 Detail]

Download: Michigan-2023-HB5030-Enrolled.html

state of michigan

102nd Legislature

Regular session of 2024

Introduced by Reps. Coffia, Brabec, Rheingans, Morgan, Wilson, Bruck, Scott, Liberati, Brixie, O?Neal, Skaggs, Edwards, Young, Hope, Martus, Hill, Roth, Schmaltz and Aiyash

ENROLLED HOUSE BILL No. 5030

AN ACT to amend 1966 PA 346, entitled ?An act to create a state housing development authority; to define the powers and duties of the authority; to establish a housing development revolving fund; to establish a land acquisition and development fund; to establish a rehabilitation fund; to establish a conversion condominium fund; to create certain other funds and provide for the expenditure of certain funds; to authorize the making and purchase of loans, deferred payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders, and municipalities; to establish and provide acceleration and foreclosure procedures; to provide tax exemption; to authorize payments instead of taxes by nonprofit housing corporations, consumer housing cooperatives, limited dividend housing corporations, mobile home park corporations, and mobile home park associations; and to prescribe criminal penalties for violations of this act,? by amending section 30 (MCL 125.1430), as amended by 1982 PA 506.

The People of the State of Michigan enact:

Sec. 30. (1) Except as provided in subsection (2), and subject to an agreement with a noteholder or bondholder as may then exist, the authority shall have power out of any funds available to purchase notes or bonds of the authority. The notes or bonds purchased by the authority pursuant to this section may be canceled, at a price not exceeding any of the following:

(a) If the notes or bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment date.

(b) If the notes or bonds are not then redeemable, the redemption price applicable on the first date after the purchase upon which the notes or bonds become subject to redemption plus accrued interest to that date.

(2) If the authority determines that the payment of a higher price than that determined under subsection (1) is in the best interests of the authority, it may by resolution authorize the purchase at a higher price.

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