There is a newer version of the Michigan Compiled Laws
2016 Michigan Compiled Laws
Chapter 129 - Public Funds
Act 226 of 2005 MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY ACT (129.261 - 129.279)
AN ACT to create the Michigan tobacco settlement finance authority; to create funds and accounts; to provide for the sale by this state and the purchase by the authority of all or a portion of tobacco settlement assets; to authorize the issuing of bonds and notes; to prescribe the powers and duties of the authority, the state administrative board, the state treasurer, and certain other state officials and state employees; and to make appropriations and prescribe certain conditions for the appropriations.
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005
- Section 129.261 Short title.
- Section 129.262 Legislative findings and declaration.
- Section 129.263 Definitions.
- Section 129.264 Michigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally.
- Section 129.265 Authority; duties; administrative functions.
- 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.
- Section 129.267 Powers of authority.
- 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.
- Section 129.269 Obligations.
- Section 129.270 Creation of authority; purpose as public and governmental; property and income exempt from tax; interest.
- Section 129.271 Duties of state before payment or discharge of bonds and ancillary facilities.
- Section 129.272 Effect of bonds issued under act.
- Section 129.273 Dissolution of authority.
- Section 129.274 Construction of act.
- Section 129.275 Availability of funds.
- Section 129.276 Report.
- Section 129.277 Appropriation.
- Section 129.278 Legal jurisdiction.
- Section 129.279 Severability.
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