Bill Text: MI HB4684 | 2009-2010 | 95th Legislature | Chaptered
Bill Title: Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in Michigan export development act. Amends sec. 10 of 1986 PA 157 (MCL 447.160).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2009-09-02 - Assigned Pa 81'09 With Immediate Effect [HB4684 Detail]
Download: Michigan-2009-HB4684-Chaptered.html
Act No. 81
Public Acts of 2009
Approved by the Governor
August 31, 2009
Filed with the Secretary of State
August 31, 2009
EFFECTIVE DATE: August 31, 2009
STATE OF MICHIGAN
95TH LEGISLATURE
REGULAR SESSION OF 2009
Introduced by Rep. Nathan
ENROLLED HOUSE BILL No. 4684
AN ACT to amend 1986 PA 157, entitled “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,” by amending section 10 (MCL 447.160), as amended by 2002 PA 302.
The People of the State of Michigan enact:
Sec. 10. (1) Bonds issued under this act may be executed and delivered at any time, may be issued as a single issue or from time to time as several issues, may be in the form and denominations, may be in coupon or registered form, may be payable in installments and at such time or times not exceeding 30 years from their date, may be subject to the terms of redemption, may be payable at such place or places, may bear interest at the rate or rates as may be set, reset, or calculated from time to time, or may bear no interest and may contain provisions not inconsistent with this act, all of which shall be provided in the resolution of the authority authorizing the bonds.
(2) Bonds issued under the authority of this act may be sold at public or private sale at the price and in the manner and from time to time as may be determined by the authority to be most advantageous. The authority may pay all expenses, premiums, insurance premiums, and commissions that the authority considers necessary or advantageous in connection with the authorization, sale, and issuance of the bonds from proceeds of the bonds.
(3) Bonds or notes issued by the authority are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. The bonds issued by the authority are not required to be registered. A filing of a bond of the authority is not required under the uniform securities act, 1964 PA 265, MCL 451.501 to 451.818, or the uniform securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703.
This act is ordered to take immediate effect.
Clerk of the House of Representatives
Secretary of the Senate
Approved
Governor
