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Act 226 of 2005
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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:

DocumentTypeDescription
Section 129.261SectionShort title.
Section 129.262SectionLegislative findings and declaration.
Section 129.263SectionDefinitions.
Section 129.264SectionMichigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally.
Section 129.265SectionAuthority; duties; administrative functions.
Section 129.266SectionBoard 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 129.267SectionPowers of authority.
Section 129.268SectionSale 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 129.269SectionObligations.
Section 129.270SectionCreation of authority; purpose as public and governmental; property and income exempt from tax; interest.
Section 129.271SectionDuties of state before payment or discharge of bonds and ancillary facilities.
Section 129.272SectionEffect of bonds issued under act.
Section 129.273SectionDissolution of authority.
Section 129.274SectionConstruction of act.
Section 129.275SectionAvailability of funds.
Section 129.276SectionReport.
Section 129.277SectionAppropriation.
Section 129.278SectionLegal jurisdiction.
Section 129.279SectionSeverability.