Mich. Admin. Code R. 259.806 – Airport maintenance required; adherence to amortization schedule required; loan default. | Midpage
Rule 259.806
Mich. Admin. Code R. 259.806
Airport maintenance required; adherence to amortization schedule required; loan default.
(By authority conferred on the aeronautics commission by section 3 of Act No. 107 of the Public Acts of 1969, as amended, and Executive Reorganization Order No. 1973-1, as amended, being SS259.253 and 247.821 of the Michigan Compiled Laws)Aeronautics Commission
(1) The airport sponsor shall adhere to the maintenance requirements specified in the loan agreement. These covenants shall be enforced by the aeronautics commission staff.
(2) The airport sponsor shall adhere strictly to the amortization schedule.
(3) A sponsor shall be held in default and shall be required to immediately repay the outstanding loan balance if loan payments are not made on a timely basis or if the airport is not maintained in accordance with loan agreement specifications.