MCL - 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
| Document | Type | Description |
|---|---|---|
| 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. |