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Michigan Legislature
Michigan Compiled Laws Complete Through PA 48 of 2019
House: Adjourned until Tuesday, October 22, 2019 1:30:00 PM
Senate: Adjourned until Tuesday, October 22, 2019 10:00:00 AM

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Act 49 of 2002
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Act 49 of 2002

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

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 484.3201SectionShort title.
Section 484.3202SectionLegislative findings.
Section 484.3203SectionDefinitions.
Section 484.3204SectionMichigan broadband development authority; creation; duties.
Section 484.3205SectionAdministrative functions; performance under direction and supervision of state treasurer.
Section 484.3206SectionBoard 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.
Section 484.3207SectionPowers of authority.
Section 484.3208SectionReserve 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.
Section 484.3209SectionCapital reserve fund; amount; deficiency; restoration; liability of state for notes or bonds.
Section 484.3210SectionNotes and bonds; issuance, renewal, and refund by authority.
Section 484.3211SectionNotes and bonds; issuance by resolution; form and terms; sale; prices.
Section 484.3212SectionNotes or bonds; contents of resolutions.
Section 484.3213SectionMoney or property pledged and received by authority.
Section 484.3214SectionNotes or bonds; personal liability.
Section 484.3215SectionNotes or bonds; power of authority to purchase.
Section 484.3216SectionRights of authority to fulfill terms of agreement not limited, altered, or impaired.
Section 484.3217SectionNotes or bonds as limited obligations.
Section 484.3218SectionDefault.
Section 484.3219SectionDisposition of money held by authority.
Section 484.3220SectionNotes and bonds as securities; investment.
Section 484.3221SectionFull faith and credit bonds; issuance; vote.
Section 484.3222SectionNotes and bonds; exemption from tax.
Section 484.3223SectionProperty; exemption from tax.
Section 484.3224SectionAnnual report.
Section 484.3225SectionNew partnerships or joint ventures; limitation.
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