Michigan Compiled Laws 451-1994-ii-6-197 Part 197 Great Lakes Water Quality Bond Implementation (324.19701...324.19708)

• Section 324.19701 Definitions.
  As used in this part: (a) “Bonds” means the bonds authorized under the Great Lakes water quality bond authorization act. (b) “Department” means the...
• Section 324.19702 Legislative Findings.
  The legislature finds and declares that the environmental, natural resources, and water quality protection programs implemented under this part are a public purpose and...
• Section 324.19703 Bonds Generally.
  (1) Subject to subsection (2), the bonds shall be issued in 1 or more series, each series to be in a principal amount, to...
• Section 324.19703a Issuance Of Bonds; Conditions; Report; "Fundable Range" Defined.
  (1) Bonds issued under this part are subject to the following: (a) For the state fiscal year ending on September 30, 2011, bonds shall...
• Section 324.19704 Bonds As Negotiable.
  The bonds shall be fully negotiable under the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102. The bonds and the interest on...
• Section 324.19705 Bonds As Securities.
  The bonds are securities in which banks, savings and loan associations, state authorities, investment companies, credit unions, and other persons carrying on a banking...
• Section 324.19706 Great Lakes Water Quality Bond Fund; Creation; Subaccounts.
  (1) The Great Lakes water quality bond fund is created in the state treasury. (2) The fund shall consist of all of the following:...
• Section 324.19707 Bond Proceeds; Disposition; Investment; Expenditure; Tax Exempt Status; Funds Remaining At Close Of Fiscal Year; Annual Accounting.
  (1) The total proceeds of all bonds sold at public or private sale shall be deposited into the fund. (2) The state treasurer shall...
• Section 324.19708 Funds; Transfer; Use; Deposit Of Certain Bonds In Determination Of Allocation And Transfer; Audit.
  (1) Subject to subsections (2), (3), and (4), the state treasurer shall transfer money in the fund as follows: (a) In aggregate, not more...

Last modified: October 10, 2016