Section 285.331 – Conduct as Misdemeanor; Penalties; Enforcement Action; Costs and Expenses.
285.331 Conduct as misdemeanor; penalties; enforcement action; costs and expenses. Sec. 21. (1) In addition to any other penalty or remedy provided by law, a person that knowingly or intentionally commits any of the following is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 for each offense: (a) Refusing or […]
Section 285.341 – Definitions.
285.341 Definitions. Sec. 1. As used in this act: (a) “Alternative fuel” means a fuel composed of biomass or another fuel that does not have petroleum as a base or a blend of a nonpetroleum-based fuel and a petroleum-based fuel. Alternative fuel may include, but is not limited to, biodiesel and ethanol. (b) “Biodiesel” means […]
Section 285.271 – General Reserve Fund.
285.271 General reserve fund. Sec. 21. The authority shall create and establish a special fund, referred to as a general reserve fund, and, subject to agreements with bondholders and noteholders, shall pay into the fund all fees and charges collected by the authority on loans made from and mortgages acquired with the proceeds of the […]
Section 285.303 – “Department” and “Fund” Defined; Michigan Clean Air Fund; Creation; Administration; Grants and Loans; Rules.
285.303 “Department” and “fund” defined; Michigan clean air fund; creation; administration; grants and loans; rules. Sec. 3. (1) As used in this section: (a) “Department” means the department of environmental quality. (b) “Fund” means the Michigan clean air fund created in this section. (2) The Michigan clean air fund is created within the department of […]
Section 285.272 – Pledge and Agreement of State With Holders of Notes or Bonds.
285.272 Pledge and agreement of state with holders of notes or bonds. Sec. 22. The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or alter the rights vested in the authority to fulfill the terms of an agreement made with the […]
Section 285.273 – Default by Authority; Appointment and Powers of Trustee; Notice by Trustee.
285.273 Default by authority; appointment and powers of trustee; notice by trustee. Sec. 23. (1) If the authority defaults in the payment of principal of or interest on an issue of notes or bonds after the notes or bonds become due, whether at maturity or upon call for redemption, and that default continues for a […]
Section 285.274 – Depositing Money of Authority in Bank or Savings and Loan Association; Security; Contracting With Holders of Notes or Bonds for Certain Purposes; System of Accounts; Operating Expenditures; Audit.
285.274 Depositing money of authority in bank or savings and loan association; security; contracting with holders of notes or bonds for certain purposes; system of accounts; operating expenditures; audit. Sec. 24. (1) All money of the authority shall be held by the authority and deposited in a state bank, national bank, or a state or […]
Section 285.275 – Notes and Bonds of Authority as Securities; Investment.
285.275 Notes and bonds of authority as securities; investment. Sec. 25. The notes and bonds of the authority are securities in which all public officers and bodies of the state and all local units of government, all insurance companies and associations, and other persons carrying on an insurance business, all banks, trust companies, savings banks […]
Section 285.276 – Recommending Issuance of Faith and Credit Bonds to Legislature.
285.276 Recommending issuance of faith and credit bonds to legislature. Sec. 26. The authority from time to time at its discretion may recommend an issuance of faith and credit bonds to the legislature for a vote of the people. History: 1982, Act 220, Imd. Eff. July 10, 1982
Section 285.277 – Tax Exemptions.
285.277 Tax exemptions. Sec. 27. The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political subdivisions and all bonds and notes of the authority shall be exempt from all taxation by the state or any of its political subdivisions. History: 1982, […]