Bill Text: MI SB0772 | 2011-2012 | 96th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: State financing and management; bonds; provision relating to purchase of qualified bonds of school district; modify. Amends sec. 7 of 1985 PA 227 (MCL 141.1057). TIE BAR WITH: SB 0770'11, SB 0771'11

Spectrum: Partisan Bill (Republican 9-0)

Status: (Passed) 2012-12-31 - Assigned Pa 0439'12 [SB0772 Detail]

Download: Michigan-2011-SB0772-Engrossed.html

SB-0772, As Passed House, December 13, 2012

 

 

 

 

 

 

 

 

 

 

 

HOUSE SUBSTITUTE FOR

 

SENATE BILL NO. 772

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 1985 PA 227, entitled

 

"Shared credit rating act,"

 

by amending section 7 (MCL 141.1057), as amended by 2012 PA 288.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 7. The board has all of the following powers:

 

     (a) To adopt bylaws for the regulation of its affairs.

 

     (b) To adopt an official seal.

 

     (c) To maintain a principal office at a place within this

 

state.

 

     (d) To sue and be sued in its own name and to plead and be

 

impleaded.

 

     (e) To loan money to a governmental unit, or to a nonprofit

 

corporation, trust, or similar entity for the benefit of a public

 

school academy, at a rate or rates as the authority determines and

 


to purchase and sell, and to commit to purchase and sell, municipal

 

obligations pursuant to this act.

 

     (f) To borrow money and issue negotiable revenue bonds and

 

notes pursuant to this act.

 

     (g) To make and enter into contracts and other instruments

 

necessary or incidental to the performance of its duties and the

 

exercise of its powers. By rotating the services of legal counsel,

 

the authority shall seek to increase the pool of nationally

 

recognized bond counsel.

 

     (h) To receive and accept from any source grants or

 

contributions of money, property, or other things of value,

 

excluding appropriations from the general fund of this state except

 

for appropriations to be used for the benefit of public schools,

 

except for appropriations to a reserve fund established under

 

section 16, except for appropriations to the state water pollution

 

control revolving fund established under section 16a and except for

 

appropriations to the state drinking water revolving fund

 

established under section 16b, and except for appropriations to the

 

school loan revolving fund established under section 16c, to be

 

used, held, and applied only for the purposes for which the grants

 

and contributions were made.

 

     (i) To do all acts necessary or convenient to carry out the

 

powers expressly granted.

 

     (j) To require that final actions of the board are entered in

 

the journal for the board and that all writings prepared, owned,

 

used, in the possession of, or retained by the board in the

 

performance of an official function be made available to the public

 


in compliance with the freedom of information act, 1976 PA 442, MCL

 

15.231 to 15.246.

 

     (k) To engage the services of private consultants on a

 

contract basis for rendering professional and technical assistance

 

and advice.

 

     (l) To investigate and assess the infrastructure needs of this

 

state, current methods of financing infrastructure rehabilitation

 

and improvements, and resources and financing options currently

 

available and potentially useful to improve this state's

 

infrastructure and lower the costs of those improvements.

 

     (m) To indemnify and procure insurance indemnifying members of

 

the board from personal loss or accountability from liability

 

asserted by a person on bonds or notes of the authority or from any

 

personal liability or accountability by reason of the issuance of

 

the bonds or notes, or by reason of any other action taken or the

 

failure to act by the authority.

 

     (n) To investigate and assess short-term and long-term

 

borrowing requirements for operating, capital improvements, and

 

delinquent taxes.

 

     (o) To provide assistance, as that term is defined in section

 

5301 of the natural resources and environmental protection act,

 

1994 PA 451, MCL 324.5301, to any municipality for a revolving fund

 

project and to perform all functions necessary or incident to

 

providing that assistance and to the operation of the state water

 

pollution control revolving fund established under section 16a.

 

     (p) To enter into agreements with the federal government to

 

implement the establishment and operation of the state water

 


pollution control revolving fund established under section 16a

 

pursuant to the provisions of the federal water pollution control

 

act and the rules and regulations promulgated under that act.

 

     (q) To provide assistance, as that term is defined in part 54

 

of the natural resources and environmental protection act, 1994 PA

 

451, MCL 324.5401 to 324.5418, to any governmental unit for a

 

revolving fund community water supply or noncommunity water supply

 

and to perform all functions necessary or incident to providing

 

that assistance and to the operation of the state drinking water

 

revolving fund established under section 16b, including, but not

 

limited to, using funding allocated in the federal safe drinking

 

water act for any of the purposes authorized in section 5417(c) of

 

the natural resources and environmental protection act, 1994 PA

 

451, MCL 324.5417.

 

     (r) To enter into agreements with the federal government to

 

establish and operate the state drinking water revolving fund under

 

section 16b pursuant to the provisions of the federal safe drinking

 

water act and the rules and regulations promulgated under that act.

 

     (s) To enter into agreements with the state treasurer to act

 

as this state's agent to implement the establishment and operation

 

of the school loan revolving fund established under section 16c,

 

including provisions relating to the return to this state of

 

contributions made by this state for deposit in the school loan

 

revolving fund that are no longer needed for school loan revolving

 

fund purposes and the assignment to this state of loans and loan

 

repayments made from or payable to the school loan revolving fund.

 

     (t) To enter into agreements with the state treasurer for the

 


purchase, assignment, or transfer of emergency loan board loans and

 

the repurchase, reassignment, or transfer of those loans.

 

     Enacting section 1. This amendatory act does not take effect

 

unless all of the following bills of the 96th Legislature are

 

enacted into law:

 

     (a) Senate Bill No. 770.

 

     (b) Senate Bill No. 771.

feedback