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 12.277 – Trust Agreement or Trust Indenture.
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 […]
Section 12.278 – Ancillary Facility; Enter Into, Amend, or Terminate; Purposes.
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 […]
Section 12.279 – Bond or Ancillary Facility Issued Pursuant to Act; Evidence of Validity.
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 […]
Section 12.280 – Personal Liability of Board Member or Officer, Appointee, or Employee of Authority; Indemnification; Conflict of Interest.
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 […]
Section 12.281 – Bonds Subject to Other Acts.
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, […]
Section 12.271 – Short Title.
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 […]
Section 12.272 – Definitions.
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, […]