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2006 Michigan Compiled Laws - Act 226 of 2005


MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY ACT

Act 226 of 2005

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




The People of the State of Michigan enact:

DocumentDescription
Section 129.261Short title.
Section 129.262Legislative findings and declaration.
Section 129.263Definitions.
Section 129.264Michigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally.
Section 129.265Authority; duties; administrative functions.
Section 129.266Board 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 129.267Powers of authority.
Section 129.268Sale of state's tobacco receipts; terms; agreement; purchase price; remedies; approval by resolution adopted by state administrative board; absolute transfer; limitation on use of net proceeds and earnings.
Section 129.269Obligations.
Section 129.270Creation of authority; purpose as public and governmental; property and income exempt from tax; interest.
Section 129.271Duties of state before payment or discharge of bonds and ancillary facilities.
Section 129.272Effect of bonds issued under act.
Section 129.273Dissolution of authority.
Section 129.274Construction of act.
Section 129.275Availability of funds.
Section 129.276Report.
Section 129.277Appropriation.
Section 129.278Legal jurisdiction.
Section 129.279Severability.

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