Section 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 thereof and the use of appropriate monies 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 by 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 monies 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 such 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 such acquisition is to be accomplished through a  duly  authorized agent of the authority, the authority shall require such agent to protect the authority's interest in the property and to convey the  property interest therein 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.

History: 1979 AC.