PocketLaw | Michigan Compiled Laws | 226 of 2005 - Michigan Tobacco

226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279)

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Section
129.261

Short Title.

Section
129.262

Legislative Findings and Declaration.

Section
129.263

Definitions.

Section
129.264

Michigan Tobacco Settlement Finance Authority; Creation; Separate Legal Entity; Issuance of Bonds Generally.

Section
129.265

Authority; Duties; Administrative Functions.

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.

Section
129.267

Powers of Authority.

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.

Section
129.269

Obligations.

Section
129.270

Creation of Authority; Purpose as Public and Governmental; Property and Income Exempt From Tax; Interest.

Section
129.271

Duties of State Before Payment or Discharge of Bonds and Ancillary Facilities.

Section
129.272

Effect of Bonds Issued Under Act.

Section
129.273

Dissolution of Authority.

Section
129.274

Construction of Act.

Section
129.275

Availability of Funds.

Section
129.276

Report.

Section
129.277

Appropriation.

Section
129.278

Legal Jurisdiction.

Section
129.279

Severability.