Section 447.202 – Definitions.
447.202 Definitions. Sec. 2. As used in this act: (a) “Department” means the department of agriculture. (b) “Director” means the director of the department of agriculture. (c) “Person” means an individual, corporation, association, partnership, governmental agency, or any other legal entity. (d) “Qualifying financial institution” means a state or national chartered bank, a state or […]
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 447.153 – Michigan Export Development Authority; Creation; Budgeting, Procurement, and Related Functions; Purpose of Authority.
447.153 Michigan export development authority; creation; budgeting, procurement, and related functions; purpose of authority. Sec. 3. (1) The Michigan export development authority is created as a body politic and corporate within, but not as a part of, the department of agriculture. The authority shall exercise the authority’s prescribed statutory powers, duties, and functions independently of […]
Section 447.154 – Board of Directors; Appointment, Qualifications, and Terms of Members; Vacancy; Oath or Affirmation; Reimbursement for Expenses; Election of Chairperson, Vice-Chairperson, Secretary, and Other Officers; Quorum; Majority Vote Sufficient for Action; Vote Necessary for Bonds.
447.154 Board of directors; appointment, qualifications, and terms of members; vacancy; oath or affirmation; reimbursement for expenses; election of chairperson, vice-chairperson, secretary, and other officers; quorum; majority vote sufficient for action; vote necessary for bonds. Sec. 4. (1) The governing and administrative powers of the authority are vested in a board of directors consisting of […]
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 […]