Section 141.1602 – Legislative Findings and Declarations.
141.1602 Legislative findings and declarations. Sec. 2. The legislature finds and declares the following: (a) If certain requirements are fulfilled, this state shall make a contribution to reduce deficiencies in pension benefits of members of retirement systems, in order to avoid additional ongoing and future litigation and to partially settle the city of Detroit’s bankruptcy […]
Section 141.1603 – Definitions.
141.1603 Definitions. Sec. 3. As used in this act: (a) “Authority” means the Michigan settlement administration authority created under section 4. (b) “Board” means the board of directors of the authority. (c) “Contribution agreement” means the contribution agreement in substantially the form included with the city of Detroit’s plan for adjustment. (d) “Countercyclical budget and […]
Section 141.1604 – Michigan Settlement Administration Authority; Creation; Authority as State Institution; Appropriation.
141.1604 Michigan settlement administration authority; creation; authority as state institution; appropriation. Sec. 4. (1) The Michigan settlement administration 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 constitution of 1963 and […]
Section 141.1605 – Authority; Exercise of Duties; Performance of Administrative Functions.
141.1605 Authority; exercise of duties; performance of administrative functions. Sec. 5. The authority shall exercise its duties independently of the state treasurer. Any administrative functions of the authority shall be performed under the direction and supervision of the state treasurer. History: 2014, Act 187, Imd. Eff. June 20, 2014
Section 141.1606 – Board of Directors; Membership; Compensation; Travel and Expenses; Quorum; Vote; Members Subject to MCL 15.321 to 15.330 and MCL 15.301 to 15.310; Discharge of Duties.
141.1606 Board of directors; membership; compensation; travel and expenses; quorum; vote; members subject to MCL 15.321 to 15.330 and MCL 15.301 to 15.310; discharge of duties. Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall consist of 3 members as follows: (a) The state treasurer. (b) […]
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 141.1567 – Duty of Local Officials and Employees to Provide Assistance and Information; Failure to Abide by Act.
141.1567 Duty of local officials and employees to provide assistance and information; failure to abide by act. Sec. 27. (1) The local elected and appointed officials and employees, agents, and contractors of a local government shall promptly and fully provide the assistance and information necessary and properly requested by the state financial authority, a review […]
Section 141.1552 – Additional Actions by Emergency Manager; Suspension of Power of Administrative Officer and Governing Body; Contracts Subject to Competitive Bidding; Sale or Transfer of Public Utility; Limitation.
141.1552 Additional actions by emergency manager; suspension of power of administrative officer and governing body; contracts subject to competitive bidding; sale or transfer of public utility; limitation. Sec. 12. (1) An emergency manager may take 1 or more of the following additional actions with respect to a local government that is in receivership, notwithstanding any […]
Section 141.1568 – Imposition of Taxes; Prohibition.
141.1568 Imposition of taxes; prohibition. Sec. 28. This act does not give the emergency manager or the state financial authority the power to impose taxes, over and above those already authorized by law, without the approval at an election of a majority of the qualified electors voting on the question. History: 2012, Act 436, Eff. […]
Section 141.1553 – Pendency of Receivership; Compensation of Chief Administrative Officer and Members of Local Governing Body.
141.1553 Pendency of receivership; compensation of chief administrative officer and members of local governing body. Sec. 13. Upon appointment of an emergency manager and during the pendency of the receivership, the salary, wages, or other compensation, including the accrual of postemployment benefits, and other benefits of the chief administrative officer and members of the governing […]