Bill Text: MI HB4694 | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in natural resources and environmental protection act. Amends secs. 21528 & 50510 of 1994 PA 451 (MCL 324.21528 & 324.50510).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-05-05 - Referred To Committee On Banking And Financial Institutions [HB4694 Detail]
Download: Michigan-2009-HB4694-Engrossed.html
HB-4694, As Passed House, April 30, 2009
HOUSE BILL No. 4694
March 25, 2009, Introduced by Rep. Sheltrown and referred to the Committee on Commerce.
A bill to amend 1994 PA 451, entitled
"Natural resources and environmental protection act,"
by amending sections 21528 and 50510 (MCL 324.21528 and 324.50510),
section 21528 as amended by 1996 PA 181 and section 50510 as
amended by 2002 PA 387.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 21528. (1) The authority may issue from time to time
bonds or notes in principal amounts the authority considers
necessary to provide funds for any purpose, including, but not
limited to, all of the following:
(a) The purposes described in section 21506(4)(a) and (e).
(b) The payment, funding, or refunding of the principal of,
interest on, or redemption premiums on bonds or notes issued by the
authority whether the bonds or notes or interest to be funded or
refunded have or have not become due.
(c) The establishment or increase of reserves to secure or to
pay authority bonds or notes or interest on those bonds or notes.
(d) The payment of interest on the bonds or notes for a period
determined by the authority.
(e) The payment of all other costs or expenses of the
authority incident to and necessary or convenient to implement its
purposes and powers.
(2) The bonds or notes of the authority are not a general
obligation of the authority but are payable solely from the
revenues or funds, or both, pledged to the payment of the principal
of and interest on the bonds or notes as provided in the resolution
authorizing the bond or note.
(3) The bonds or notes of the authority:
(a) Shall be authorized by resolution of the authority.
(b) Shall bear the date or dates of issuance.
(c) May be issued as either tax-exempt bonds or notes or
taxable bonds or notes for federal income tax purposes.
(d) Shall be serial bonds, term bonds, or term and serial
bonds.
(e) Shall mature at such time or times not exceeding 20 years
from the date of issuance.
(f) May provide for sinking fund payments.
(g) May provide for redemption at the option of the authority
for any reason or reasons.
(h) May provide for redemption at the option of the bondholder
for any reason or reasons.
(i) Shall bear interest at a fixed or variable rate or rates
of interest per annum or at no interest.
(j) Shall be registered bonds, coupon bonds, or both.
(k) May contain a conversion feature.
(l) May be transferable.
(m) Shall be in the form, denomination or denominations, and
with such other provisions and terms as is determined necessary or
beneficial by the authority.
(4) If a member of the board of directors or any officer of
the authority whose signature or facsimile of his or her signature
appears on the note, bond, or coupon ceases to be a member or
officer before the delivery of that bond or note, the signature
continues to be valid and sufficient for all purposes, as if the
member or officer had remained in office until the delivery.
(5) Bonds or notes of the authority may be sold at a public or
private sale at the time or times, at the price or prices, and at a
discount as the authority determines. An authority bond or note is
not
subject to the municipal finance act, Act No. 202 of the Public
Acts
of 1943, being sections 131.1 to 139.3 of the Michigan
Compiled
Laws revised municipal
finance act, 2001 PA 34, MCL
141.2101
to 141.2821. The bond or note shall
not require the
approval
of the state treasurer under Act No. 202 of the Public
Acts
of 1943 and shall not be required to be registered. The bond
or
note of the authority shall not be is not required to be filed
under
the uniform securities act, Act No. 265 of the Public Acts of
1964,
being sections 451.501 to 451.818 of the Michigan Compiled
Laws
1964 PA 265, MCL 451.501 to
451.818, or the uniform securities
act (2002), 2008 PA 551, MCL 451.2101 to 451.2703.
Sec. 50510. (1) The authority may issue from time to time
bonds or notes in principal amounts the authority considers
necessary to provide funds for any purpose, including, but not
limited to, all of the following:
(a) The payment, funding, or refunding of the principal of,
interest on, or redemption premiums on bonds or notes issued by the
authority whether the bonds or notes or interest to be funded or
refunded have or have not become due.
(b) The establishment or increase of reserves to secure or to
pay authority bonds or notes or interest on those bonds or notes.
(c) The payment of interest on the bonds or notes for a period
as the authority determines.
(d) The payment of all other costs or expenses of the
authority incident to and necessary or convenient to carry out its
corporate purposes and powers.
(2) The bonds or notes of the authority shall not be a general
obligation of the authority but shall be payable solely from the
revenues or funds, or both, pledged to the payment of the principal
of and interest on the bonds or notes as provided in the resolution
authorizing the bond or note.
(3) The bonds or notes of the authority:
(a) Shall be authorized by resolution of the authority.
(b) Shall bear the date or dates of issuance.
(c) May be issued as either tax-exempt bonds or notes or
taxable bonds or notes for federal income tax purposes.
(d) Shall be serial bonds, term bonds, or term and serial
bonds.
(e) Shall mature at such time or times not exceeding 30 years
from the date of issuance.
(f) May provide for sinking fund payments.
(g) May provide for redemption at the option of the authority
for any reason or reasons.
(h) May provide for redemption at the option of the bondholder
for any reason or reasons.
(i) Shall bear interest at a fixed or variable rate or rates
of interest per annum or at no interest.
(j) Shall be registered bonds, coupon bonds, or both.
(k) May contain a conversion feature.
(l) May be transferable.
(m) Shall be in the form, denomination or denominations, and
with the other provisions and terms as is determined necessary or
beneficial by the authority.
(4) If a member of the board or any officer of the authority
whose signature or facsimile of his or her signature appears on the
note, bond, or coupon ceases to be a member or officer before the
delivery of that note or bond, the signature shall continue to be
valid and sufficient for all purposes, as if the member or officer
had remained in office until the delivery.
(5) Bonds or notes of the authority may be sold at a public or
private sale at the time or times, at the price or prices, and at a
discount as the authority determines. Bonds and notes of the
authority are not subject to the revised municipal finance act,
2001 PA 34, MCL 141.2101 to 141.2821. The bond or note of the
authority is not required to be filed 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.
(6) The issuance of bonds and notes under this section is
subject to the agency financing reporting act, 2002 PA 470, MCL
129.171 to 129.177.
(7) For the purpose of more effectively managing its debt
service, the authority may enter into an interest rate exchange or
swap, hedge, or similar agreement with respect to its bonds or
notes on the terms and payable from the sources and with the
security, if any, as determined by a resolution of the authority.
