Section 447.162 – Bonds; Refunding.
447.162 Bonds; refunding. Sec. 12. (1) Bonds issued under this act and at any time outstanding, at any time and from time to time, may be refunded by the authority by the issuance of its refunding bonds in an amount as the authority considers necessary, but not exceeding an amount sufficient to refund the principal […]
Section 447.163 – Proceeds From Sale of Bonds; Application; Export Development Bond Fund as Separate Fund; Investments and Earnings.
447.163 Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings. Sec. 13. (1) The proceeds from the sale of any bonds issued under this act shall be applied only for the purpose for which the bonds were issued. However, any premium or secured interest received in a sale […]
Section 447.164 – Tax Exemptions Generally.
447.164 Tax exemptions generally. Sec. 14. The bonds, interest on the bonds, and the transfer of the bonds authorized under this act shall be exempt from all taxation by this state or any of its political subdivisions, except for inheritance, estate, or gift taxes. History: 1986, Act 157, Imd. Eff. July 7, 1986 ;– Am. […]
Section 447.165 – Additional Tax Exemptions.
447.165 Additional tax exemptions. Sec. 15. The property of the authority and its income and operation are exempt from all taxation by this state or its political subdivisions. This section shall not be construed to provide an exemption from any taxes for a person receiving assistance from the authority under this act. History: 1986, Act […]
Section 447.166 – Insurance Fund; Insurance Pledged as Security.
447.166 Insurance fund; insurance pledged as security. Sec. 16. (1) The authority may create an insurance fund consisting solely of funds from the export development bond fund. The insurance fund shall be held in the custody of 1 or more financial institutions having a principal place of business in this state. The insurance fund shall […]
Section 447.167 – Bonds, Debentures, Notes, or Other Evidence of Indebtedness as Securities; Investment; Deposit.
447.167 Bonds, debentures, notes, or other evidence of indebtedness as securities; investment; deposit. Sec. 17. (1) The bonds, debentures, notes, or other evidence of indebtedness of the authority are made securities in which all public officers and bodies of this state and all municipal subdivisions of this state; all insurance companies and associations and other […]
Section 447.168 – Annual Report; Contents; Examination; Audit.
447.168 Annual report; contents; examination; audit. Sec. 18. (1) On January 1 of each year the authority shall report on its operations for the preceding fiscal year to the governor and the legislature. The report shall include a summary of the activities of the authority and a complete operating and financial statement. The report shall […]
Section 447.158 – Guarantee or Export Insurance for Eligible Export Transaction; Requirements; Fees; Determinations; Condition to Provision of Guarantee or Export Insurance.
447.158 Guarantee or export insurance for eligible export transaction; requirements; fees; determinations; condition to provision of guarantee or export insurance. Sec. 8. (1) The authority may provide a guarantee or export insurance for an eligible export transaction. Any guarantee or export insurance entered into by the authority under this act shall not constitute a general […]
Section 447.158a – Grant to Non-Profit Organization; Purposes.
447.158a Grant to non-profit organization; purposes. Sec. 8a. The authority may provide a grant to a non-profit organization for 1 or more of the following purposes: (a) To encourage establishment or expansion of business operations related to exports which will create or maintain employment in this state. (b) To research industrial and commercial innovations which […]
Section 447.159 – Bonds Generally.
447.159 Bonds generally. Sec. 9. The authority may issue, sell, and provide for the retirement of bonds in the amount of $50,000,000.00 to provide funds for the creation and operation of the authority. These bonds shall be limited obligations of the authority, the principal of and interest on which shall be payable solely out of […]