Section 141.1607 – Settlement Administration Fund; Creation; Deposit of Money or Other Assets; Investment; Interest and Earnings; Money Remaining at Close of Fiscal Year; Expenditure.
141.1607 Settlement administration fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining at close of fiscal year; expenditure. Sec. 7. (1) The settlement administration fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source for deposit into the fund. The […]
Section 141.1608 – Disbursement to Retirement Systems; Conditions; Return of Money to Countercyclical Budget and Economic Stabilization Fund; Dissolution of Authority.
141.1608 Disbursement to retirement systems; conditions; return of money to countercyclical budget and economic stabilization fund; dissolution of authority. Sec. 8. (1) The authority shall either disburse the money in the fund to the retirement systems or return the money to the countercyclical budget and economic stabilization fund as set forth in this section. (2) […]
Section 141.1609 – Public and Governmental Purpose.
141.1609 Public and governmental purpose. Sec. 9. It is determined that the creation of the authority, the appropriation made to the authority, and the carrying out of the authority’s authorized purposes are in all respects a public and governmental purpose for the benefit of the people of this state and for the improvement of their […]
Section 141.1610 – State Contribution; Obligation.
141.1610 State contribution; obligation. Sec. 10. The obligation to make this state’s contribution described in the contribution agreement is not a general obligation or indebtedness of this state or the authority and is subject to the fulfillment of the requirements of the contribution agreement, the plan for adjustment, and the order of a bankruptcy court. […]
Section 141.1611 – Liability.
141.1611 Liability. Sec. 11. This state, a state official or state-related entity, as defined in the plan for adjustment, the state treasurer, the authority, a board member, an agent of the authority, and any other legal, financial, or other expert providing advice to the authority does not have any liability for the representations, warranties, covenants, […]
Section 141.1631 – Short Title.
141.1631 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan financial review commission act”. History: 2014, Act 181, Imd. Eff. June 20, 2014
Section 141.1572 – Liability or Cause of Action.
141.1572 Liability or cause of action. Sec. 32. This act does not impose any liability or responsibility in law or equity upon this state, any department, agency, or other entity of this state, or any officer or employee of this state, or any member of a receivership transition advisory board, for any action taken by […]
Section 141.1632 – Legislative Findings and Declarations.
141.1632 Legislative findings and declarations. Sec. 2. The legislature finds and declares the following: (a) It is the public policy of this state to exercise its sovereign powers with regard to debt issuance and matters of statewide concern in a manner calculated to foster the fiscal integrity of all municipal governments and school districts to […]
Section 141.1573 – Severability.
141.1573 Severability. Sec. 33. 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 shall not affect the remaining portions or applications of this act which can be given effect without the invalid portion or application. The provisions […]
Section 141.1633 – Definitions.
141.1633 Definitions. Sec. 3. As used in this act: (a) “Applicable contract” means a contract for goods or services proposed or entered into by a qualified city or school district that either exceeds $750,000.00, or a higher amount as determined by the commission, or is for a term exceeding 2 years. Applicable contract also includes […]