Section 141.1601 – Short Title.

141.1601 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan settlement administration authority act”. History: 2014, Act 187, Imd. Eff. June 20, 2014

Section 141.1602 – Legislative Findings and Declarations.

141.1602 Legislative findings and declarations. Sec. 2. The legislature finds and declares the following: (a) If certain requirements are fulfilled, this state shall make a contribution to reduce deficiencies in pension benefits of members of retirement systems, in order to avoid additional ongoing and future litigation and to partially settle the city of Detroit’s bankruptcy […]

Section 141.1603 – Definitions.

141.1603 Definitions. Sec. 3. As used in this act: (a) “Authority” means the Michigan settlement administration authority created under section 4. (b) “Board” means the board of directors of the authority. (c) “Contribution agreement” means the contribution agreement in substantially the form included with the city of Detroit’s plan for adjustment. (d) “Countercyclical budget and […]

Section 141.1604 – Michigan Settlement Administration Authority; Creation; Authority as State Institution; Appropriation.

141.1604 Michigan settlement administration authority; creation; authority as state institution; appropriation. Sec. 4. (1) The Michigan settlement administration 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 constitution of 1963 and […]

Section 141.1605 – Authority; Exercise of Duties; Performance of Administrative Functions.

141.1605 Authority; exercise of duties; performance of administrative functions. Sec. 5. The authority shall exercise its duties independently of the state treasurer. Any administrative functions of the authority shall be performed under the direction and supervision of the state treasurer. History: 2014, Act 187, Imd. Eff. June 20, 2014

Section 141.1606 – Board of Directors; Membership; Compensation; Travel and Expenses; Quorum; Vote; Members Subject to MCL 15.321 to 15.330 and MCL 15.301 to 15.310; Discharge of Duties.

141.1606 Board of directors; membership; compensation; travel and expenses; quorum; vote; members subject to MCL 15.321 to 15.330 and MCL 15.301 to 15.310; discharge of duties. Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall consist of 3 members as follows: (a) The state treasurer. (b) […]

Section 141.1607 – Settlement Administration Fund; Creation; Deposit of Money or Other Assets; Investment; Interest and Earnings; Money Remaining at Close of Fiscal Year; Expenditure.

141.1607 Settlement administration fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining at close of fiscal year; expenditure. Sec. 7. (1) The settlement administration fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source for deposit into the fund. The […]

Section 141.1608 – Disbursement to Retirement Systems; Conditions; Return of Money to Countercyclical Budget and Economic Stabilization Fund; Dissolution of Authority.

141.1608 Disbursement to retirement systems; conditions; return of money to countercyclical budget and economic stabilization fund; dissolution of authority. Sec. 8. (1) The authority shall either disburse the money in the fund to the retirement systems or return the money to the countercyclical budget and economic stabilization fund as set forth in this section. (2) […]

Section 141.1609 – Public and Governmental Purpose.

141.1609 Public and governmental purpose. Sec. 9. It is determined that the creation of the authority, the appropriation made to the authority, and the carrying out of the authority’s authorized purposes are in all respects a public and governmental purpose for the benefit of the people of this state and for the improvement of their […]

Section 141.1610 – State Contribution; Obligation.

141.1610 State contribution; obligation. Sec. 10. The obligation to make this state’s contribution described in the contribution agreement is not a general obligation or indebtedness of this state or the authority and is subject to the fulfillment of the requirements of the contribution agreement, the plan for adjustment, and the order of a bankruptcy court. […]

Section 141.1611 – Liability.

141.1611 Liability. Sec. 11. This state, a state official or state-related entity, as defined in the plan for adjustment, the state treasurer, the authority, a board member, an agent of the authority, and any other legal, financial, or other expert providing advice to the authority does not have any liability for the representations, warranties, covenants, […]