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2022 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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