Section 12.282 – Power to Issue, Sell, and Deliver Bonds; Delegation.
12.282 Power to issue, sell, and deliver bonds; delegation. Sec. 12. In the authority’s resolution authorizing bonds or in the provisions of a trust agreement or trust indenture that the authority authorizes, the authority may delegate for a time period at the authority’s discretion to an officer, employee, or designated agent of the authority the […]
Section 12.283 – Exercise of Duties.
12.283 Exercise of duties. Sec. 13. (1) The authority shall exercise its duties under this act independently of the state treasurer. However, the authority shall perform its staffing, budgeting, procurement, and related administrative functions under the direction and supervision of the state treasurer as provided in Executive Reorganization Order No. 2010-2, MCL 12.194. (2) The […]
Section 12.284 – Additional Powers.
12.284 Additional powers. Sec. 14. In addition to any other powers conferred upon the authority by law, when exercising its powers under this act the authority shall have all of the following powers: (a) To solicit and accept gifts, grants, and loans from any person. (b) To invest any money of the authority at the […]
Section 12.285 – Bond or Ancillary Facility; Indebtedness, Liability, or Obligation Not Created.
12.285 Bond or ancillary facility; indebtedness, liability, or obligation not created. Sec. 15. A bond or ancillary facility issued under this act is not a debt or liability of this state or any agency or instrumentality of this state, other than the authority as set forth in this act, either legal, moral, or otherwise. It […]
Section 12.286 – Tax Exemption.
12.286 Tax exemption. Sec. 16. (1) The property of the authority and its income and operations under this act are exempt from taxation by this state and any political subdivision of this state. (2) If the authority intends the interest on bonds it issues to be exempt from federal income tax, the authority shall prescribe […]
Section 12.287 – Prohibited Conduct; Pledge and Agreement.
12.287 Prohibited conduct; pledge and agreement. Sec. 17. (1) This state hereby pledges and agrees with the authority, and the owners of the bonds and parties to ancillary facilities, that until all bonds and ancillary facilities, together with the interest on the bonds and ancillary facilities and all costs and expenses in connection with any […]
Section 12.288 – Investment in Sinking Funds, Money, or Other Funds.
12.288 Investment in sinking funds, money, or other funds. Sec. 18. Notwithstanding any restriction contained in any other law, rule, regulation, or order to the contrary, this state and all political subdivisions of this state; their officers, boards, commissioners, departments or other agencies; governmental pension funds; all banks, trust companies, savings banks and institutions, building […]
Section 12.289 – Construction of Act.
12.289 Construction of act. Sec. 19. This act and all powers granted in it shall be liberally construed to effectuate its intent and purposes, without implied limitations on the powers of the authority or the state treasurer. This act is full, complete, and additional authority for all things that are contemplated in this act to […]
Section 12.290 – Use of Funds to Purchase Bonds; Price.
12.290 Use of funds to purchase bonds; price. Sec. 20. Subject to any agreements with bondholders, the authority may use any funds available to purchase bonds of the authority at a price determined by the authority. History: 2011, Act 267, Imd. Eff. Dec. 19, 2011 Compiler’s Notes: Enacting section 1 of Act 267 of 2011 […]
Section 12.291 – Appropriation.
12.291 Appropriation. Sec. 21. (1) Notwithstanding any existing provision of law and in addition to any other appropriations provided by law, $1,000,000.00 is appropriated from the general fund to the authority for the fiscal year ending September 30, 2012 for all of the following purposes: (a) Payment of operating expenses of the authority. (b) Funding […]