Substitute For


A bill to amend 1966 PA 346, entitled

"State housing development authority act of 1966,"

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 such agreements with noteholders or bondholders an agreement with a noteholder or bondholder as may then exist, the authority shall have power out of any funds available therefor to purchase notes or bonds of the authority. , which shall thereupon 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. thereon.

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