17.451 Borrowing money and issuing notes in anticipation of undedicated revenues; purpose. Sec. 1. The state administrative board is authorized to borrow money and refund that borrowing, in whole or in part, when necessary, from time to time, on the full faith and credit of the state and issue notes, including refunding notes and commercial […]
17.452 Aggregate principal amount of outstanding notes; limitation; repayment of indebtedness; pledge and deposit of undedicated revenues; validity of pledge; transactions to provide security; costs and fees; authorization of state treasurer to do certain acts; revenues, proceeds, and earnings from which principal and interest payable. Sec. 2. (1) The aggregate principal amount of outstanding notes […]
17.453 Payment of notes; interest; discount; execution and sale of notes and coupons; authentication; commercial paper dealer agreements; signature of former state treasurer. Sec. 3. Subject to the provisions of section 2, the notes shall become due at such time or times as determined by the state administrative board, and may be made payable prior […]
17.454 Use of proceeds of loan restricted; revised municipal finance act inapplicable; issuance of bonds and notes subject to agency financing reporting act. Sec. 4. (1) The proceeds of any loan under this act shall not be used to pay in advance appropriations to any municipality as defined in section 103 of the revised municipal […]
17.455 Notes and interest exempt from taxation. Sec. 5. Notes issued under this act before or after the effective date of this section and the interest on those notes shall be exempt from all taxation by the state or political subdivisions of the state. History: Add. 1982, Act 196, Imd. Eff. June 30, 1982
