Section R. 259.805 - Legal opinion of sponsor's loan commitment authority required; loan amount, interest rate, and maturity; principal and interest paymentsRule 5.
(1) A public sponsor shall execute the required documents and shall provide the aeronautics commission with a legal opinion, rendered by an attorney representing the sponsor, on the legal authority of the sponsor to request and commit to a loan. The attorney's opinion shall be dated after the date shown on the loan application.(2) A loan shall be made in an amount, at an interest rate, and with a maturity, as provided for by the act.(3) Payments of principal and interest shall be paid promptly pursuant to covenants of the loan agreement at the Financial Services Division, Michigan Department of Transportation, 425 West Ottawa Street, P.O. Box 30050, Lansing, Michigan 48909.Mich. Admin. Code R. 259.805