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 12.274 – 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 […]
Section 12.254 – Strategic Outreach and Attraction Reserve Fund.
12.254 Strategic outreach and attraction reserve fund. Sec. 4. (1) The strategic outreach and attraction reserve fund is created in the department of labor and economic opportunity. (2) The state treasurer shall deposit money and other assets received from state appropriations or from any other source in the strategic outreach and attraction reserve fund. The […]
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 12.255 – Michigan Medicaid Benefits Trust Fund.
12.255 Michigan medicaid benefits trust fund. Sec. 5. (1) The Michigan medicaid benefits trust fund is established in the department of treasury. The medicaid benefits trust fund shall consist only of the following: (a) Interest and earnings from medicaid benefits trust fund investments. (b) Donations of money made to the medicaid benefits trust fund from […]