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 […]
Section 12.292 – Legal Claims; Jurisdiction.
12.292 Legal claims; jurisdiction. Sec. 22. Except as otherwise provided in this section, any legal action against the authority shall be brought in the Michigan court of appeals, which has exclusive jurisdiction. However, any legal actions against the authority seeking money damages shall be brought in the court of claims for this state, which has […]
Section 12.293 – Creation, Perfection, Priority, and Enforcement of Pledge of Revenue or Other Security; Negotiability of Bonds.
12.293 Creation, perfection, priority, and enforcement of pledge of revenue or other security; negotiability of bonds. Sec. 23. (1) This act governs the creation, perfection, priority, and enforcement of any pledge of revenues or other security made by the authority under this act. Each pledge of the authority is valid and binding as of the […]
Section 12.294 – Bonds; Limitation.
12.294 Bonds; limitation. Sec. 24. Bonds issued under this act are limited to the principal amount necessary to satisfy this state’s obligations to the federal government for advances or loans from the federal account of the unemployment trust fund, to pay unemployment benefits before January 1, 2014, and to pay financing costs, reserves, coverage required […]
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 […]