447.151 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan export development act”. History: 1986, Act 157, Imd. Eff. July 7, 1986 Compiler’s Notes: For transfer of the Michigan Export Development Authority from the Department of Agriculture to the Department of Commerce with rulemaking, licensing, and registration functions […]
447.152 Definitions. Sec. 2. As used in this act: (a) “Authority” means the Michigan export development authority created by section 3. (b) “Board” means the board of directors of the authority established by section 4. (c) “Eligible export loan” means a loan by a participating financial institution located within this state the proceeds of which […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
447.160 Bonds and notes generally. Sec. 10. (1) Bonds issued under this act may be executed and delivered at any time, may be issued as a single issue or from time to time as several issues, may be in the form and denominations, may be in coupon or registered form, may be payable in installments […]
447.161 Bonds or security agreement; resolution; trustee or depository. Sec. 11. (1) The resolution under which the bonds are authorized to be issued or any security agreement, including an indenture or trust indenture to be entered into in connection with the bonds, may contain any agreements and provisions customarily contained in instruments securing bonds including, […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
