Michigan Compiled Laws 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.
This act shall be known and may be cited as the "Michigan tobacco settlement finance authority act". History: 2005, Act 226, Imd. Eff. Nov....
Section 129.262 Legislative Findings And Declaration.
The legislature finds and declares the following: (a) This state has entered into a master settlement agreement with major tobacco companies that should result...
Section 129.263 Definitions.
As used in this act: (a) "Ancillary facility" means any revolving credit agreement, agreement establishing a line of credit or letter of credit, reimbursement...
Section 129.264 Michigan Tobacco Settlement Finance Authority; Creation; Separate Legal Entity; Issuance Of Bonds Generally.
(1) The Michigan tobacco settlement finance authority is created as a public body corporate and politic within the department of treasury. The authority is...
Section 129.265 Authority; Duties; Administrative Functions.
The authority shall exercise its duties independently of the state treasurer. The staffing, budgeting, procurement, and related administrative functions of the authority shall be...
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.
(1) The authority shall exercise its duties through its board of directors. (2) The board shall be made up of 7 members as follows:...
Section 129.267 Powers Of Authority.
The authority shall have all of the following powers: (a) To solicit and accept gifts, grants, and loans from any person. (b) To invest...
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.
(1) The state budget director with the approval of the state administrative board may sell to the authority, and the authority may purchase, for...
Section 129.269 Obligations.
The issuance of bonds and the execution of any ancillary facility under the provisions of this act shall not directly, or indirectly, or contingently...
Section 129.270 Creation Of Authority; Purpose As Public And Governmental; Property And Income Exempt From Tax; Interest.
(1) It is determined that the creation of the authority and the carrying out of its authorized purposes is in all respects a public...
Section 129.271 Duties Of State Before Payment Or Discharge Of Bonds And Ancillary Facilities.
(1) This state hereby pledges and agrees with the authority, and the owners of the bonds and benefited parties, that until all bonds and...
Section 129.272 Effect Of Bonds Issued Under Act.
Notwithstanding any restriction contained in any other law, rule, regulation, or order to the contrary, this state and all political subdivisions of this state,...
Section 129.273 Dissolution Of Authority.
The authority may be dissolved by act of the legislature on condition that the authority has no debts or obligations outstanding or that provision...
Section 129.274 Construction Of Act.
This act and all powers granted hereby shall be liberally construed to effectuate its intent and their purposes, without implied limitations on the powers...
Section 129.275 Availability Of Funds.
Subject to any agreements with bondholders, the authority has the power to use any funds available to purchase bonds of the authority at a...
Section 129.276 Report.
The authority shall submit an annual report no later than March 1 relating to its activities for the preceding calendar year to the governor,...
Section 129.277 Appropriation.
(1) One million dollars is appropriated from the general fund to the authority for the fiscal year ending September 30, 2006 for all of...
Section 129.278 Legal Jurisdiction.
Except as otherwise provided in this section, any legal action against the authority shall be brought in the Michigan court of appeals, which shall...
Section 129.279 Severability.
This act is declared to be severable. If any portion of this act or the application of this act to any person or circumstances...

Last modified: October 10, 2016