Section 35.1037 – Bonds; Negotiable; Tax Exempt.
35.1037 Bonds; negotiable; tax exempt. Sec. 17. Bonds issued under this act shall be fully negotiable under the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102, and the bonds and the interest thereon are exempt from all taxation by this state or any of its political subdivisions. History: 1974, Act 370, Imd. Eff. […]
Section 35.1038 – Bonds as Investment Securities.
35.1038 Bonds as investment securities. Sec. 18. Bonds issued under the provisions of this act are hereby made securities in which all banks, bankers, savings banks, trust companies, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business […]
Section 35.1033 – Federal Financial Aid or Other Assistance.
35.1033 Federal financial aid or other assistance. Sec. 13. If the Congress of the United States adopts measures providing for financial aid or other assistance available to the state in the payment of the bonus under the provisions of this act, the state administrative board is authorized on behalf of the state to accept that […]
Section 35.1034 – Bonds; Issuance; Purpose; Procedure; Source of Payments to Qualified Veterans or Beneficiaries.
35.1034 Bonds; issuance; purpose; procedure; source of payments to qualified veterans or beneficiaries. Sec. 14. (1) The state shall borrow the sum of $205,000,000.00 and issue the general obligation bonds of the state therefor pledging the faith and credit of the state for the payment of the principal and interest thereon for the purpose of […]
Section 35.1035 – Bonds; Series; Maturities; Interest; Prior Redemption; Registration; Form; Execution; Investment and Reinvestment of Proceeds; Sale; Notice; Bonds and Notes Not Subject to Revised Municipal Finance Act; Issuance Subject to Agency Financing Reporting Act.
35.1035 Bonds; series; maturities; interest; prior redemption; registration; form; execution; investment and reinvestment of proceeds; sale; notice; bonds and notes not subject to revised municipal finance act; issuance subject to agency financing reporting act. Sec. 15. (1) The bonds shall be issued in 1 or more series, each series to be in the principal amount, […]
Section 35.1036 – Bonds; Disposition and Disbursement of Proceeds; Deposit of Premium and Accrued Interest.
35.1036 Bonds; disposition and disbursement of proceeds; deposit of premium and accrued interest. Sec. 16. The proceeds of sale of the bonds or any series thereof shall be deposited in the state treasury in a separate account and shall be disbursed therefrom only for the purposes for which the bonds have been authorized and the […]
Section 35.1022 – Definitions.
35.1022 Definitions. Sec. 2. As used in this act: (a) “Period of service” means that period of time between 12:01 a.m., January 1, 1961, and 12:01 a.m., September 1, 1973. (b) “Veteran” means an individual who meets both of the following: (i) Is a veteran as defined in section 1 of 1965 PA 190, MCL […]
Section 35.1023 – Service Bonus for Combat Veterans and Veterans; Amount.
35.1023 Service bonus for combat veterans and veterans; amount. Sec. 3. (1) A combat veteran shall be paid a service bonus in the amount of $600.00. (2) A veteran shall be paid a service bonus of $15.00 per month for each month or major portion thereof served, but not to exceed a maximum of $450.00. […]
Section 35.1024 – Bonus as Both Veteran and Combat Veteran Prohibited.
35.1024 Bonus as both veteran and combat veteran prohibited. Sec. 4. A person shall not be entitled to a bonus as both a veteran and a combat veteran. History: 1974, Act 370, Imd. Eff. Dec. 23, 1974
Section 35.1025 – Veteran or Combat Veteran Deceased or Listed Missing in Action, or Veteran Deceased From Service-Connected Causes After Payment of Bonus; Rights of Beneficiary.
35.1025 Veteran or combat veteran deceased or listed missing in action, or veteran deceased from service-connected causes after payment of bonus; rights of beneficiary. Sec. 5. (1) If the veteran or combat veteran is deceased, or is listed as missing in action, the beneficiary shall be entitled to receive a bonus and may make application […]