Section 12.261 – Flint Settlement Trust Fund.
12.261 Flint settlement trust fund. Sec. 11. (1) The Flint settlement trust fund is created within the state treasury. The Flint settlement trust fund is established to address the consolidated cases known as In re Flint Water Cases, No. 5:16-cv-10444-JEL-MKM (ED Mich), in connection with the preliminary approval orders, any amendments to those orders, or […]
Section 12.262 – Community District Education Trust Fund; Creation; Deposit of Money or Other Assets; Investment; Money Remaining at Close of Fiscal Year; Expenditures; “Community District” Defined; Deposit of Tobacco Settlement Revenue; Limitation; Reimbursement From General Fund.
12.262 Community district education trust fund; creation; deposit of money or other assets; investment; money remaining at close of fiscal year; expenditures; “community district” defined; deposit of tobacco settlement revenue; limitation; reimbursement from general fund. Sec. 12. (1) The community district education trust fund is created within the state treasury. (2) The state treasurer may […]
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 […]
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 […]