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 12.271 – 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, […]
Section 12.273 – Powers; Issuance of Bonds.
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 […]
Section 12.274 – Resolution; Bond Issue; Payment; Terms and Conditions.
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 […]
Section 12.275 – Bond Issue; Determination.
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) […]
Section 12.276 – Sale of Bonds; Manner; Proceeds.
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 […]
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 […]