2006 Michigan Compiled Laws - Act 157 of 1986


Act 157 of 1986

AN ACT to help stimulate the expansion of international export markets of state products and services; to provide for the creation of the Michigan export development authority and to establish its board of directors; to prescribe the powers and duties of the authority and of the board; to provide for the issuance of, and certain terms and conditions of, bonds; to exempt bonds from certain taxes; to prescribe the powers and duties of certain state officers; and to provide for the creation of certain funds and for the funding of the creation and operation of the authority.

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 to be exercised by the Authority independent of the Director of the Department of Commerce, see E.R.O. No. 1991-11, compiled at § 447.211 of the Michigan Compiled Laws.

The People of the State of Michigan enact:

Section 447.151Short title.
Section 447.152Definitions.
Section 447.153Michigan export development authority; creation; budgeting, procurement, and related functions; purpose of authority.
Section 447.154Board 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.
Section 447.155Effect 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.
Section 447.156Conducting business at public meeting; notice; availability of writings to public; confidentiality.
Section 447.157Powers of authority generally.
Section 447.158Guarantee or export insurance for eligible export transaction; requirements; fees; determinations; condition to provision of guarantee or export insurance.
Section 447.158aGrant to non-profit organization; purposes.
Section 447.159Bonds generally.
Section 447.160Bonds and notes generally.
Section 447.161Bonds or security agreement; resolution; trustee or depository.
Section 447.162Bonds; refunding.
Section 447.163Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings.
Section 447.164Tax exemptions generally.
Section 447.165Additional tax exemptions.
Section 447.166Insurance fund; insurance pledged as security.
Section 447.167Bonds, debentures, notes, or other evidence of indebtedness as securities; investment; deposit.
Section 447.168Annual report; contents; examination; audit.

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