2010 Michigan Compiled Laws
Chapter 17 - STATE ADMINISTRATIVE BOARD
Act 266 of 1967 - STATE INDEBTEDNESS (17.451 - 17.455)

STATE INDEBTEDNESS
Act 266 of 1967
AN ACT to authorize and provide for the issuance of notes of the state, including refunding notes and commercial paper; to provide funds to meet obligations incurred pursuant to appropriations for fiscal years; to provide for the payment of such notes from revenues received during the same fiscal years; and to exempt certain notes and interest on those notes from taxation.

History: 1967, Act 266, Imd. Eff. July 19, 1967 ;-- Am. 1982, Act 196, Imd. Eff. June 30, 1982

• Section 17.451 - Borrowing money and issuing notes in anticipation of undedicated revenues; purpose.
• Section 17.452 - Aggregate principal amount of outstanding notes; limitation; repayment of indebtedness; pledge and deposit of undedicated revenues; validity of pledge; transactions to provide security; costs and fees; authorization of state treasurer to do certain acts; revenues, proceeds, and earnings from which principal and interest payable.
• Section 17.453 - Payment of notes; interest; discount; execution and sale of notes and coupons; authentication; commercial paper dealer agreements; signature of former state treasurer.
• Section 17.454 - Use of proceeds of loan restricted; revised municipal finance act inapplicable; issuance of bonds and notes subject to agency financing reporting act.
• Section 17.455 - Notes and interest exempt from taxation.