12.271 Short title. Sec. 1. This act shall be known and may be cited as the “employment security financing act”. History: 2011, Act 267, Imd. Eff. Dec. 19, 2011 Compiler’s Notes: Enacting section 1 of Act 267 of 2011 provides:”Enacting section 1. The legislature finds and declares all of the following: (a) It is an […]
12.272 Definitions. Sec. 2. As used in this act: (a) “Ancillary facility” means any revolving credit agreement, agreement establishing a line of credit, or letter of credit; reimbursement agreement; interest rate exchange or similar agreement; currency exchange agreement; commodity exchange agreement; interest rate floor or cap; option, put, call, or similar agreement to hedge payment, […]
12.273 Powers; issuance of bonds. Sec. 3. (1) The authority’s exercise of the powers under this act is in addition to any other powers conferred on the authority by law, including, but not limited to, Executive Reorganization Order No. 2010-2, MCL 12.194, and the statutory authority referred to in that reorganization order. The authority’s exercise […]
12.274 Resolution; bond issue; payment; terms and conditions. Sec. 4. (1) The board of the authority shall authorize a bond issue by resolution. The authority may issue bonds, including refunding bonds, without obtaining the consent of any department, division, commission, board, bureau, or agency of this state and without any proceedings or conditions other than […]
12.275 Bond issue; determination. Sec. 5. For each bond issue, the authority shall determine or prescribe the method of determining all of the following: (a) The date of issue. (b) Whether the bonds shall bear no interest, appreciate as to principal amount, bear interest at fixed or variable rates, or any combination of these. (c) […]
12.276 Sale of bonds; manner; proceeds. Sec. 6. The authority may sell the bonds in the manner determined by the authority board at public or private sale and on either a competitive or negotiated basis. Proceeds of the bonds shall be applied as determined by, or pursuant to, a resolution of the authority and permitted […]
12.277 Trust agreement or trust indenture. Sec. 7. In the discretion of the authority, any bond and any ancillary facility may be secured by a trust agreement or trust indenture by and between the authority and a trustee, which may be any trust company or bank having the powers of a trust company, whether located […]
12.278 Ancillary facility; enter into, amend, or terminate; purposes. Sec. 8. (1) The authority may enter into, amend, or terminate, as it determines necessary or appropriate, any ancillary facility for any of the following purposes: (a) To facilitate the issue, sale, resale, purchase, repurchase, or payment of bonds, or the making or performance of swap […]
12.279 Bond or ancillary facility issued pursuant to act; evidence of validity. Sec. 9. A recital in a bond or ancillary facility stating that it is issued pursuant to this act is conclusive evidence of the validity of the bond or ancillary facility and the regularity of the proceedings relating to the bond or ancillary […]
12.280 Personal liability of board member or officer, appointee, or employee of authority; indemnification; conflict of interest. Sec. 10. (1) A member of the board or an officer, appointee, or employee of the authority is not subject to personal liability when acting in good faith within the scope of his or her authority under this […]
12.281 Bonds subject to other acts. Sec. 11. (1) A bond issued under this act is not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. (2) A bond issued under this act is subject to the agency financing reporting act, 2002 PA 470, MCL 129.171 to 129.177. History: 2011, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
