Section 129.274 – Construction of Act.
129.274 Construction of act. Sec. 14. This act and all powers granted hereby shall be liberally construed to effectuate its intent and their purposes, without implied limitations on the powers of the authority, the state budget director, and the state treasurer. This act shall constitute full, complete, and additional authority for all things that are […]
Section 129.275 – Availability of Funds.
129.275 Availability of funds. Sec. 15. Subject to any agreements with bondholders, the authority has the power to use any funds available to purchase bonds of the authority at a price determined by the authority. History: 2005, Act 226, Imd. Eff. Nov. 21, 2005
Section 129.276 – Report.
129.276 Report. Sec. 16. The authority shall submit an annual report no later than March 1 relating to its activities for the preceding calendar year to the governor, the speaker and minority leader of the house of representatives, and the majority and minority leaders of the senate. History: 2005, Act 226, Imd. Eff. Nov. 21, […]
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 129.262 – 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
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