Michigan Compiled Laws, Chapter 285. Agriculture § 285.271

(a) For the repayment of advances from the state in accordance with the provisions of repayment agreements between the authority and the director of the department of management and budget.

(b) To pay all costs, expenses, and charges of financing, including fees and expenses of trustees and paying agents.

(c) For transfers to the capital reserve fund.

(d) For the payment of the principal of and interest on bonds or notes issued by the authority when they shall become due whether at maturity or on call for redemption and for the payment of a redemption premium required to be paid if the bonds or notes are redeemed prior to their stated maturities, and to purchase bonds or notes.

(e) For other corporate purposes of the authority as the authority in its discretion shall determine and provide.