Michigan Compiled Laws Act 157 Of 1986 Michigan Export Development Act (447.151 - 447.168)

AN ACT to help stimulate the expansion of international export markets of state products and services; to provide for the creation of the Michigan export development authority and to establish its board of directors; to prescribe the powers and duties of the authority and of the board; to provide for the issuance of, and certain terms and conditions of, bonds; to exempt bonds from certain taxes; to prescribe the powers and duties of certain state officers; and to provide for the creation of certain funds and for the funding of the creation and operation of the authority.

History: 1986, Act 157, Imd. Eff. July 7, 1986

Compiler's Notes: For transfer of the Michigan Export Development Authority from the Department of Agriculture to the Department of Commerce with rulemaking, licensing, and registration functions to be exercised by the Authority independent of the Director of the Department of Commerce, see E.R.O. No. 1991-11, compiled at MCL 447.211 of the Michigan Compiled Laws.

Section 447.151 Short Title.
This act shall be known and may be cited as the “Michigan export development act”. History: 1986, Act 157, Imd. Eff. July 7, 1986...
Section 447.152 Definitions.
As used in this act: (a) “Authority” means the Michigan export development authority created by section 3. (b) “Board” means the board of directors...
Section 447.153 Michigan Export Development Authority; Creation; Budgeting, Procurement, And Related Functions; Purpose Of Authority.
(1) The Michigan export development authority is created as a body politic and corporate within, but not as a part of, the department of...
Section 447.154 Board Of Directors; Appointment, Qualifications, And Terms Of Members; Vacancy; Oath Or Affirmation; Reimbursement For Expenses; Election Of Chairperson, Vice-chairperson, Secretary, And Other Officers; Quorum; Majority Vote Sufficient For Action; Vote Necessary For Bonds.
(1) The governing and administrative powers of the authority are vested in a board of directors consisting of 12 members. Three members shall be...
Section 447.155 Effect Of Vacancy In Membership Of Board; Authorization And Effective Date Of Action By Board; Delegation Of Powers And Duties; Liability Or Accountability On Contract, Commitment, Or Agreement; Liability For Damage Or Injury; Indemnification Of Board Members And Staff Officers; Appointment Of Employees To Unclassified Positions; Terms.
(1) A vacancy in the membership of the board shall not impair the right of a quorum to exercise all rights and perform all...
Section 447.156 Conducting Business At Public Meeting; Notice; Availability Of Writings To Public; Confidentiality.
(1) The business which the authority may perform shall be conducted at a public meeting of the authority held in compliance with the open...
Section 447.157 Powers Of Authority Generally.
The authority shall possess all the powers of a body politic and corporate necessary and convenient to accomplish the purposes of this act including,...
Section 447.158 Guarantee Or Export Insurance For Eligible Export Transaction; Requirements; Fees; Determinations; Condition To Provision Of Guarantee Or Export Insurance.
(1) The authority may provide a guarantee or export insurance for an eligible export transaction. Any guarantee or export insurance entered into by the...
Section 447.158a Grant To Non-profit Organization; Purposes.
The authority may provide a grant to a non-profit organization for 1 or more of the following purposes: (a) To encourage establishment or expansion...
Section 447.159 Bonds Generally.
The authority may issue, sell, and provide for the retirement of bonds in the amount of $50,000,000.00 to provide funds for the creation and...
Section 447.160 Bonds And Notes Generally.
(1) Bonds issued under this act may be executed and delivered at any time, may be issued as a single issue or from time...
Section 447.161 Bonds Or Security Agreement; Resolution; Trustee Or Depository.
(1) The resolution under which the bonds are authorized to be issued or any security agreement, including an indenture or trust indenture to be...
Section 447.162 Bonds; Refunding.
(1) Bonds issued under this act and at any time outstanding, at any time and from time to time, may be refunded by the...
Section 447.163 Proceeds From Sale Of Bonds; Application; Export Development Bond Fund As Separate Fund; Investments And Earnings.
(1) The proceeds from the sale of any bonds issued under this act shall be applied only for the purpose for which the bonds...
Section 447.164 Tax Exemptions Generally.
The bonds, interest on the bonds, and the transfer of the bonds authorized under this act shall be exempt from all taxation by this...
Section 447.165 Additional Tax Exemptions.
The property of the authority and its income and operation are exempt from all taxation by this state or its political subdivisions. This section...
Section 447.166 Insurance Fund; Insurance Pledged As Security.
(1) The authority may create an insurance fund consisting solely of funds from the export development bond fund. The insurance fund shall be held...
Section 447.167 Bonds, Debentures, Notes, Or Other Evidence Of Indebtedness As Securities; Investment; Deposit.
(1) The bonds, debentures, notes, or other evidence of indebtedness of the authority are made securities in which all public officers and bodies of...
Section 447.168 Annual Report; Contents; Examination; Audit.
(1) On January 1 of each year the authority shall report on its operations for the preceding fiscal year to the governor and the...

Last modified: October 10, 2016