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 447.155 – Effect of Vacancy in Membership of Board; Authorization and Effective Date of Action by Board; Delegation of Powers and Duties; Liability or Accountability on Contract, Commitment, or Agreement; Liability for Damage or Injury; Indemnification of Board Members and Staff Officers; Appointment of Employees to Unclassified Positions; Terms.
447.155 Effect of vacancy in membership of board; authorization and effective date of action by board; delegation of powers and duties; liability or accountability on contract, commitment, or agreement; liability for damage or injury; indemnification of board members and staff officers; appointment of employees to unclassified positions; terms. Sec. 5. (1) A vacancy in the […]
Section 447.156 – Conducting Business at Public Meeting; Notice; Availability of Writings to Public; Confidentiality.
447.156 Conducting business at public meeting; notice; availability of writings to public; confidentiality. Sec. 6. (1) The business which the authority may perform shall be conducted at a public meeting of the authority held in compliance with the open meetings act, Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 […]
Section 447.157 – Powers of Authority Generally.
447.157 Powers of authority generally. Sec. 7. The authority shall possess all the powers of a body politic and corporate necessary and convenient to accomplish the purposes of this act including, but not limited to, all of the following powers: (a) To borrow money and otherwise incur indebtedness for any of its purposes including the […]