Section 129.261 – Short Title.
129.261 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan tobacco settlement finance authority act”. History: 2005, Act 226, Imd. Eff. Nov. 21, 2005
Section 129.262 – Legislative Findings and Declaration.
129.262 Legislative findings and declaration. Sec. 2. The legislature finds and declares the following: (a) This state has entered into a master settlement agreement with major tobacco companies that should result in the state receiving substantial sums of money in perpetuity assuming no adverse changes in cigarette consumption, market share, financial condition of those tobacco […]
Section 129.263 – Definitions.
129.263 Definitions. Sec. 3. As used in this act: (a) “Ancillary facility” means any revolving credit agreement, agreement establishing a line of credit or letter of credit, reimbursement agreement, interest rate exchange or similar agreement, currency exchange agreement, interest rate floor or cap, options, puts or calls to hedge payment, currency, rate, spread or similar […]
Section 129.264 – Michigan Tobacco Settlement Finance Authority; Creation; Separate Legal Entity; Issuance of Bonds Generally.
129.264 Michigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally. Sec. 4. (1) The Michigan tobacco settlement finance authority is created as a public body corporate and politic within the department of treasury. The authority is a state institution within the meaning of section 9 of article II of the state […]
Section 129.265 – Authority; Duties; Administrative Functions.
129.265 Authority; duties; administrative functions. Sec. 5. The authority shall exercise its duties independently of the state treasurer. The staffing, budgeting, procurement, and related administrative functions of the authority shall be performed under the direction and supervision of the state treasurer. History: 2005, Act 226, Imd. Eff. Nov. 21, 2005
Section 129.266 – Board of Directors; Membership; Terms; Vacancy; Compensation; Reimbursement; Chairperson; Quorum; Vote; Agents and Employees; Discharge of Duties by Member, Officer, Employee, or Agent; Independent Public Financial Advisor.
129.266 Board of directors; membership; terms; vacancy; compensation; reimbursement; chairperson; quorum; vote; agents and employees; discharge of duties by member, officer, employee, or agent; independent public financial advisor. Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall be made up of 7 members as follows: (a) […]
Section 129.267 – Powers of Authority.
129.267 Powers of authority. Sec. 7. The authority shall have all of the following powers: (a) To solicit and accept gifts, grants, and loans from any person. (b) To invest any money of the authority at the authority’s discretion, in any obligations determined proper by the authority, and name and use depositories for its money. […]
Section 129.268 – Sale of State’s Tobacco Receipts; Terms; Agreement; Refunding, Refinancing, and Sale of Residual Interests; Purchase Price; Remedies; Approval by Resolution Adopted by State Administrative Board; Absolute Transfer; Limitation on Use of Net Proceeds and Earnings.
129.268 Sale of state’s tobacco receipts; terms; agreement; refunding, refinancing, and sale of residual interests; purchase price; remedies; approval by resolution adopted by state administrative board; absolute transfer; limitation on use of net proceeds and earnings. Sec. 8. (1) The state budget director with the approval of the state administrative board may sell to the […]
Section 129.269 – Obligations.
129.269 Obligations. Sec. 9. The issuance of bonds and the execution of any ancillary facility under the provisions of this act shall not directly, or indirectly, or contingently obligate the state or any political subdivision of this state to pay any amounts to the authority or owner of bonds or benefited parties or levy or […]
Section 129.270 – Creation of Authority; Purpose as Public and Governmental; Property and Income Exempt From Tax; Interest.
129.270 Creation of authority; purpose as public and governmental; property and income exempt from tax; interest. Sec. 10. (1) It is determined that the creation of the authority and the carrying out of its authorized purposes is in all respects a public and governmental purpose for the benefit of the people of this state and […]
Section 129.271 – Duties of State Before Payment or Discharge of Bonds and Ancillary Facilities.
129.271 Duties of state before payment or discharge of bonds and ancillary facilities. Sec. 11. (1) This state hereby pledges and agrees with the authority, and the owners of the bonds and benefited parties, that until all bonds and ancillary facilities, together with the interest on the bonds and ancillary facilities and all costs and […]
Section 129.272 – Effect of Bonds Issued Under Act.
129.272 Effect of bonds issued under act. Sec. 12. Notwithstanding any restriction contained in any other law, rule, regulation, or order to the contrary, this state and all political subdivisions of this state, their officers, boards, commissioners, departments or other agencies, governmental pension funds, all banks, trust companies, savings banks and institutions, building and loan […]
Section 129.273 – Dissolution of Authority.
129.273 Dissolution of authority. Sec. 13. The authority may be dissolved by act of the legislature on condition that the authority has no debts or obligations outstanding or that provision has been made for the payment or retirement of all debts or obligations. Upon any such dissolution of the authority, all property, funds, and assets […]
Section 129.274 – Construction of Act.
129.274 Construction of act. Sec. 14. This act and all powers granted hereby shall be liberally construed to effectuate its intent and their purposes, without implied limitations on the powers of the authority, the state budget director, and the state treasurer. This act shall constitute full, complete, and additional authority for all things that are […]
Section 129.275 – Availability of Funds.
129.275 Availability of funds. Sec. 15. Subject to any agreements with bondholders, the authority has the power to use any funds available to purchase bonds of the authority at a price determined by the authority. History: 2005, Act 226, Imd. Eff. Nov. 21, 2005
Section 129.276 – Report.
129.276 Report. Sec. 16. The authority shall submit an annual report no later than March 1 relating to its activities for the preceding calendar year to the governor, the speaker and minority leader of the house of representatives, and the majority and minority leaders of the senate. History: 2005, Act 226, Imd. Eff. Nov. 21, […]
Section 129.277 – Appropriation.
129.277 Appropriation. Sec. 17. (1) One million dollars is appropriated from the general fund to the authority for the fiscal year ending September 30, 2006 for all of the following purposes: (a) Payment of operating expenses of the authority. (b) Funding any reserve requirements. (2) Money appropriated under this section that is not expended before […]
Section 129.278 – Legal Jurisdiction.
129.278 Legal jurisdiction. Sec. 18. Except as otherwise provided in this section, any legal action against the authority shall be brought in the Michigan court of appeals, which shall have exclusive jurisdiction. However, any legal actions against the authority seeking money damages shall be brought in the Michigan court of claims, which shall have exclusive […]
Section 129.279 – Severability.
129.279 Severability. Sec. 19. This act is declared to be severable. If any portion of this act or the application of this act to any person or circumstances is found to be invalid by a court, the invalidity of that portion or application shall not affect the remaining portions or applications that can be given […]