Michigan Compiled Laws Act 266 Of 1967 State Indebtedness (17.451 - 17.455)

AN ACT to authorize and provide for the issuance of notes of the state, including refunding notes and commercial paper; to provide funds to meet obligations incurred pursuant to appropriations for fiscal years; to provide for the payment of such notes from revenues received during the same fiscal years; and to exempt certain notes and interest on those notes from taxation.

History: 1967, Act 266, Imd. Eff. July 19, 1967 ;-- Am. 1982, Act 196, Imd. Eff. June 30, 1982

Section 17.451 Borrowing Money And Issuing Notes In Anticipation Of Undedicated Revenues; Purpose.
The state administrative board is authorized to borrow money and refund that borrowing, in whole or in part, when necessary, from time to time,...
Section 17.452 Aggregate Principal Amount Of Outstanding Notes; Limitation; Repayment Of Indebtedness; Pledge And Deposit Of Undedicated Revenues; Validity Of Pledge; Transactions To Provide Security; Costs And Fees; Authorization Of State Treasurer To Do Certain Acts; Revenues, Proceeds, And Earnings From Which Principal And Interest Payable.
(1) The aggregate principal amount of outstanding notes shall not exceed 15% of undedicated revenues received by the state during the preceding fiscal year....
Section 17.453 Payment Of Notes; Interest; Discount; Execution And Sale Of Notes And Coupons; Authentication; Commercial Paper Dealer Agreements; Signature Of Former State Treasurer.
Subject to the provisions of section 2, the notes shall become due at such time or times as determined by the state administrative board,...
Section 17.454 Use Of Proceeds Of Loan Restricted; Revised Municipal Finance Act Inapplicable; Issuance Of Bonds And Notes Subject To Agency Financing Reporting Act.
(1) The proceeds of any loan under this act shall not be used to pay in advance appropriations to any municipality as defined in...
Section 17.455 Notes And Interest Exempt From Taxation.
Notes issued under this act before or after the effective date of this section and the interest on those notes shall be exempt from...

Last modified: October 10, 2016