Section 129.277 – Appropriation.
129.277 Appropriation. Sec. 17. (1) One million dollars is appropriated from the general fund to the authority for the fiscal year ending September 30, 2006 for all of the following purposes: (a) Payment of operating expenses of the authority. (b) Funding any reserve requirements. (2) Money appropriated under this section that is not expended before […]
Section 129.278 – Legal Jurisdiction.
129.278 Legal jurisdiction. Sec. 18. Except as otherwise provided in this section, any legal action against the authority shall be brought in the Michigan court of appeals, which shall have exclusive jurisdiction. However, any legal actions against the authority seeking money damages shall be brought in the Michigan court of claims, which shall have exclusive […]
Section 129.279 – Severability.
129.279 Severability. Sec. 19. This act is declared to be severable. If any portion of this act or the application of this act to any person or circumstances is found to be invalid by a court, the invalidity of that portion or application shall not affect the remaining portions or applications that can be given […]
Section 129.266 – Board of Directors; Membership; Terms; Vacancy; Compensation; Reimbursement; Chairperson; Quorum; Vote; Agents and Employees; Discharge of Duties by Member, Officer, Employee, or Agent; Independent Public Financial Advisor.
129.266 Board of directors; membership; terms; vacancy; compensation; reimbursement; chairperson; quorum; vote; agents and employees; discharge of duties by member, officer, employee, or agent; independent public financial advisor. Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall be made up of 7 members as follows: (a) […]
Section 129.261 – Short Title.
129.261 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan tobacco settlement finance authority act”. History: 2005, Act 226, Imd. Eff. Nov. 21, 2005
Section 129.262 – Legislative Findings and Declaration.
129.262 Legislative findings and declaration. Sec. 2. The legislature finds and declares the following: (a) This state has entered into a master settlement agreement with major tobacco companies that should result in the state receiving substantial sums of money in perpetuity assuming no adverse changes in cigarette consumption, market share, financial condition of those tobacco […]
Section 129.263 – Definitions.
129.263 Definitions. Sec. 3. 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, interest rate floor or cap, options, puts or calls to hedge payment, currency, rate, spread or similar […]
Section 129.264 – Michigan Tobacco Settlement Finance Authority; Creation; Separate Legal Entity; Issuance of Bonds Generally.
129.264 Michigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally. Sec. 4. (1) The Michigan tobacco settlement finance authority is created as a public body corporate and politic within the department of treasury. The authority is a state institution within the meaning of section 9 of article II of the state […]
Section 129.265 – Authority; Duties; Administrative Functions.
129.265 Authority; duties; administrative functions. Sec. 5. The authority shall exercise its duties independently of the state treasurer. The staffing, budgeting, procurement, and related administrative functions of the authority shall be performed under the direction and supervision of the state treasurer. History: 2005, Act 226, Imd. Eff. Nov. 21, 2005