Michigan Compiled Laws Act 49 Of 2002 Michigan Broadband Development Authority Act (484.3201 - 484.3225)

AN ACT to create the Michigan broadband development authority; to create funds and accounts; to authorize the issuing of bonds and notes; to prescribe the powers and duties of the authority; and to provide incentives for the development of broadband services.

History: 2002, Act 49, Imd. Eff. Mar. 14, 2002

Section 484.3201 Short Title.
This act shall be known and may be cited as the “Michigan broadband development authority act”. History: 2002, Act 49, Imd. Eff. Mar. 14,...
Section 484.3202 Legislative Findings.
The legislature finds that certain areas of this state are not being adequately served with broadband services and that, for the benefit of the...
Section 484.3203 Definitions.
As used in this act: (a) “Authority” means the Michigan broadband development authority created under section 4. (b) “Board” means the board of directors...
Section 484.3204 Michigan Broadband Development Authority; Creation; Duties.
(1) The Michigan broadband development authority is created as a public body corporate and politic within the department of treasury. (2) The authority may...
Section 484.3205 Administrative Functions; Performance Under Direction And Supervision Of State Treasurer.
The authority shall exercise its duties independently of the state treasurer. The budgeting, procurement, and related administrative functions of the authority shall be performed...
Section 484.3206 Board Of Directors; Membership; Service Of Representative In Member's Absence; Compensation; Chairperson; Officers; Quorum; Voting; Open Meetings Act; Confidentiality; “trade Secrets, Commercial, Financial, Or Proprietary Information” Defined; Employees; Discharge Of Duties.
(1) The authority shall exercise its duties through its board of directors. (2) The board shall be made up of the following members: (a)...
Section 484.3207 Powers Of Authority.
(1) The powers of the authority shall include all those necessary to carry out and effectuate the purposes of this act, including, but not...
Section 484.3208 Reserve Capital Account; Creation; Administration; Credit Of Proceeds From Sale Of Notes Or Bonds; Capital Reserve Fund; Creation; Use; Security Arrangements; Transfer Of Income Or Interest Earned.
(1) A reserve capital account is created under the jurisdiction and control of the authority and shall be administered by the authority to secure...
Section 484.3209 Capital Reserve Fund; Amount; Deficiency; Restoration; Liability Of State For Notes Or Bonds.
(1) The authority shall accumulate in a capital reserve fund an amount equal to the capital reserve fund requirement for that fund. If at...
Section 484.3210 Notes And Bonds; Issuance, Renewal, And Refund By Authority.
(1) The authority may issue notes and bonds as provided under this act to do all of the following: (a) Pay the development costs...
Section 484.3211 Notes And Bonds; Issuance By Resolution; Form And Terms; Sale; Prices.
(1) The notes and bonds shall be authorized by resolution of the authority and mature at the time provided in the resolution. The notes...
Section 484.3212 Notes Or Bonds; Contents Of Resolutions.
A resolution relating to authorizing notes or bonds may contain any of the following provisions, which shall be a part of the contract with...
Section 484.3213 Money Or Property Pledged And Received By Authority.
(1) Any pledge made by the authority is valid and binding from the date that the pledge is made. (2) The money or property...
Section 484.3214 Notes Or Bonds; Personal Liability.
The members of the board or any person executing the notes or bonds under this act are not liable personally on the notes or...
Section 484.3215 Notes Or Bonds; Power Of Authority To Purchase.
Subject to any agreements with noteholders or bondholders, the authority has the power to use any funds available to purchase notes or bonds of...
Section 484.3216 Rights Of Authority To Fulfill Terms Of Agreement Not Limited, Altered, Or Impaired.
This state pledges and agrees with the holders of any notes or bonds issued under this act, that this state will not limit or...
Section 484.3217 Notes Or Bonds As Limited Obligations.
(1) The authority may issue notes or bonds that are expressly stated not to be general obligations of the authority but that constitute limited...
Section 484.3218 Default.
(1) If the authority defaults in the payment of principal or interest of any notes or bonds when due, whether at maturity or upon...
Section 484.3219 Disposition Of Money Held By Authority.
(1) Money of the authority shall be held by the authority and deposited in a financial institution approved by the state treasurer, which financial...
Section 484.3220 Notes And Bonds As Securities; Investment.
The notes and bonds of the authority are securities in which public officers and bodies of this state and municipalities and municipal subdivisions, insurance...
Section 484.3221 Full Faith And Credit Bonds; Issuance; Vote.
The authority, at its discretion, may recommend an issuance of full faith and credit bonds to the legislature for a vote of the people....
Section 484.3222 Notes And Bonds; Exemption From Tax.
This state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the...
Section 484.3223 Property; Exemption From Tax.
The property of the authority and its income and operation are exempt from all taxation by this state or any of its political subdivisions....
Section 484.3224 Annual Report.
The authority shall submit an annual report no later than March 1 of each year relating to its activities for the preceding calendar year...
Section 484.3225 New Partnerships Or Joint Ventures; Limitation.
Except to the extent necessary to maintain, improve, complete, or expand within the defined service area, an element of the broadband infrastructure already acquired...

Last modified: October 10, 2016