484.3201 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan broadband development authority act”. History: 2002, Act 49, Imd. Eff. Mar. 14, 2002 Compiler’s Notes: For transfer of powers and duties of Michigan broadband development authority from department of treasury to department of labor and economic growth by […]
484.3202 Legislative findings. Sec. 2. The legislature finds that certain areas of this state are not being adequately served with broadband services and that, for the benefit of the people of this state and the improvement of their health, welfare, and living conditions, the improvement of the economic and educational welfare of this state, and […]
484.3203 Definitions. Sec. 3. As used in this act: (a) “Authority” means the Michigan broadband development authority created under section 4. (b) “Board” means the board of directors of the authority. (c) “Capital reserve fund requirement” means the fund amount requirement that may be established in the resolution authorizing notes or bonds for which a […]
484.3204 Michigan broadband development authority; creation; duties. Sec. 4. (1) The Michigan broadband development authority is created as a public body corporate and politic within the department of treasury. (2) The authority may do all of the following: (a) Assist through financing and refinancing the expansion of broadband infrastructure services to residential, commercial, public, and […]
484.3205 Administrative functions; performance under direction and supervision of state treasurer. Sec. 5. The authority shall exercise its duties independently of the state treasurer. The budgeting, procurement, and related administrative functions of the authority shall be performed under the direction and supervision of the state treasurer. History: 2002, Act 49, Imd. Eff. Mar. 14, 2002 […]
484.3206 Board of directors; membership; service of representative in member’s absence; compensation; chairperson; officers; quorum; voting; open meetings act; confidentiality; “trade secrets, commercial, financial, or proprietary information” defined; employees; discharge of duties. Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall be made up of the […]
484.3207 Powers of authority. Sec. 7. (1) The powers of the authority shall include all those necessary to carry out and effectuate the purposes of this act, including, but not limited to, all of the following: (a) To borrow money and issue bonds and notes to fund operations of the authority, to finance or refinance […]
484.3208 Reserve capital account; creation; administration; credit of proceeds from sale of notes or bonds; capital reserve fund; creation; use; security arrangements; transfer of income or interest earned. Sec. 8. (1) A reserve capital account is created under the jurisdiction and control of the authority and shall be administered by the authority to secure notes […]
484.3209 Capital reserve fund; amount; deficiency; restoration; liability of state for notes or bonds. Sec. 9. (1) The authority shall accumulate in a capital reserve fund an amount equal to the capital reserve fund requirement for that fund. If at any time the amount of a capital reserve fund falls below the capital reserve fund […]
484.3210 Notes and bonds; issuance, renewal, and refund by authority. Sec. 10. (1) The authority may issue notes and bonds as provided under this act to do all of the following: (a) Pay the development costs associated with acquiring, leasing, constructing, maintaining, and operating the broadband infrastructure. (b) Make loans to persons for development costs. […]
484.3211 Notes and bonds; issuance by resolution; form and terms; sale; prices. Sec. 11. (1) The notes and bonds shall be authorized by resolution of the authority and mature at the time provided in the resolution. The notes and bonds shall be in a form, bear interest at a rate or rates, be in the […]
484.3212 Notes or bonds; contents of resolutions. Sec. 12. A resolution relating to authorizing notes or bonds may contain any of the following provisions, which shall be a part of the contract with the holders of the notes or bonds: (a) Pledging all or any part of the revenues of the authority, and all or […]
484.3213 Money or property pledged and received by authority. Sec. 13. (1) Any pledge made by the authority is valid and binding from the date that the pledge is made. (2) The money or property pledged and received by the authority shall immediately be subject to the lien of the pledge without any physical delivery […]
484.3214 Notes or bonds; personal liability. Sec. 14. The members of the board or any person executing the notes or bonds under this act are not liable personally on the notes or bonds or subject to any personal liability or accountability by reason of the issuance of the notes or bonds. History: 2002, Act 49, […]
484.3215 Notes or bonds; power of authority to purchase. Sec. 15. Subject to any agreements with noteholders or bondholders, the authority has the power to use any funds available to purchase notes or bonds of the authority at a price determined by the authority. History: 2002, Act 49, Imd. Eff. Mar. 14, 2002 Compiler’s Notes: […]
484.3216 Rights of authority to fulfill terms of agreement not limited, altered, or impaired. Sec. 16. This state pledges and agrees with the holders of any notes or bonds issued under this act, that this state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made […]
484.3217 Notes or bonds as limited obligations. Sec. 17. (1) The authority may issue notes or bonds that are expressly stated not to be general obligations of the authority but that constitute limited obligations of the authority payable solely from and secured solely by the revenues, money, and property as the authority may specify. (2) […]
484.3218 Default. Sec. 18. (1) If the authority defaults in the payment of principal or interest of any notes or bonds when due, whether at maturity or upon call for redemption, and the default continues for a period of 30 days, or if the authority fails or refuses to comply with this act, or defaults […]
484.3219 Disposition of money held by authority. Sec. 19. (1) Money of the authority shall be held by the authority and deposited in a financial institution approved by the state treasurer, which financial institution may give security for the deposits. (2) The authority may, subject to the approval of the state treasurer, contract with the […]
484.3220 Notes and bonds as securities; investment. Sec. 20. The notes and bonds of the authority are securities in which public officers and bodies of this state and municipalities and municipal subdivisions, insurance companies and associations and other persons carrying on an insurance business, banks, trust companies, savings banks and savings associations, savings and loan […]
