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2006 Michigan Compiled Laws - Act 49 of 2002


MICHIGAN BROADBAND DEVELOPMENT AUTHORITY ACT

Act 49 of 2002

AN ACT to create the Michigan broadband development authority; to create funds and accounts; to authorize the issuing of bonds and notes; to prescribe the powers and duties of the authority; and to provide incentives for the development of broadband services.


History: 2002, Act 49, Imd. Eff. Mar. 14, 2002




The People of the State of Michigan enact:

DocumentDescription
Section 484.3201Short title.
Section 484.3202Legislative findings.
Section 484.3203Definitions.
Section 484.3204Michigan broadband development authority; creation; duties.
Section 484.3205Administrative functions; performance under direction and supervision of state treasurer.
Section 484.3206Board 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.
Section 484.3207Powers of authority.
Section 484.3208Reserve 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.
Section 484.3209Capital reserve fund; amount; deficiency; restoration; liability of state for notes or bonds.
Section 484.3210Notes and bonds; issuance, renewal, and refund by authority.
Section 484.3211Notes and bonds; issuance by resolution; form and terms; sale; prices.
Section 484.3212Notes or bonds; contents of resolutions.
Section 484.3213Money or property pledged and received by authority.
Section 484.3214Notes or bonds; personal liability.
Section 484.3215Notes or bonds; power of authority to purchase.
Section 484.3216Rights of authority to fulfill terms of agreement not limited, altered, or impaired.
Section 484.3217Notes or bonds as limited obligations.
Section 484.3218Default.
Section 484.3219Disposition of money held by authority.
Section 484.3220Notes and bonds as securities; investment.
Section 484.3221Full faith and credit bonds; issuance; vote.
Section 484.3222Notes and bonds; exemption from tax.
Section 484.3223Property; exemption from tax.
Section 484.3224Annual report.
Section 484.3225New partnerships or joint ventures; limitation.

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