July 10, 2007, Introduced by Rep. Tobocman and referred to the Committee on Commerce.
A bill to amend 1986 PA 157, entitled
"Michigan export development act,"
by amending section 10 (MCL 447.160), as amended by 2002 PA 302.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 10. (1) Bonds issued under this act may be executed and
delivered at any time, may be issued as a single issue or from time
to time as several issues, may be in the form and denominations,
may be in coupon or registered form, may be payable in installments
and at such time or times not exceeding 30 years from their date,
may be subject to the terms of redemption, may be payable at such
place or places, may bear interest at the rate or rates as may be
set, reset, or calculated from time to time, or may bear no
interest and may contain provisions not inconsistent with this act,
all of which shall be provided in the resolution of the authority
authorizing the bonds.
(2) Bonds issued under the authority of this act may be sold
at public or private sale at the price and in the manner and from
time to time as may be determined by the authority to be most
advantageous. The authority may pay all expenses, premiums,
insurance premiums, and commissions that the authority considers
necessary or advantageous in connection with the authorization,
sale, and issuance of the bonds from proceeds of the bonds.
(3) Bonds or notes issued by the authority are subject to the
revised municipal finance act, 2001 PA 34, MCL 141.2101 to
141.2821. The bonds issued by the authority are not required to be
registered. A filing of a bond of the authority is not required
under the uniform securities act, 1964 PA 265, MCL 451.501 to
451.818, or the uniform securities act (2002), MCL 451.2101 to
451.2703.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5008(request no.
00420'07) of the 94th Legislature is enacted into law.