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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 © 2009 Legislative Council, State of Michigan The People of the State of Michigan enact:
Section 129.261 Section Short title.
Section 129.262 Section Legislative findings and declaration.
Section 129.263 Section Definitions.
Section 129.264 Section Michigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally.
Section 129.265 Section Authority; duties; administrative functions.
Section 129.266 Section 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 Section Powers of authority.
Section 129.268 Section 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 Section Obligations.
Section 129.270 Section Creation of authority; purpose as public and governmental; property and income exempt from tax; interest.
Section 129.271 Section Duties of state before payment or discharge of bonds and ancillary facilities.
Section 129.272 Section Effect of bonds issued under act.
Section 129.273 Section Dissolution of authority.
Section 129.274 Section Construction of act.
Section 129.275 Section Availability of funds.
Section 129.276 Section Report.
Section 129.277 Section Appropriation.
Section 129.278 Section Legal jurisdiction.
Section 129.279 Section Severability.