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Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 21, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 21, 2020 10:00:00 AM

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Act 267 of 2011
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Act 267 of 2011

AN ACT to authorize the issuance of bonds, notes, or other financial instruments; to create funds and accounts; to prescribe the powers and duties of the authority, the state treasurer, and certain other state officials and state employees; and to make appropriations and prescribe certain conditions for the appropriations.

History: 2011, Act 267, Imd. Eff. Dec. 19, 2011
Compiler's Notes: Enacting section 1 of Act 267 of 2011 provides:"Enacting section 1. The legislature finds and declares all of the following: (a) It is an essential governmental function to maintain funds in an amount sufficient to pay unemployment benefits when due. (b) At the time of the enactment of this act, unemployment benefits payments are made from Michigan's account in the unemployment trust fund of the United States treasury and are funded by employer contributions. (c) At the time of the enactment of this act, borrowing from the federal government through loans from the federal unemployment trust fund is the only option available to obtain sufficient funds to pay benefits when the balance in Michigan's account in the unemployment trust fund of the United States treasury is insufficient to make necessary payments. (d) Alternative methods of replenishing this state's account in the unemployment trust fund of the United States treasury may reduce the costs of providing unemployment benefits and employers' cost of doing business in the state. (e) It is in this state's best interests to authorize the issuance of bonds when appropriate for the purpose of continuing the unemployment insurance program at the lowest possible cost to this state and employers in this state and to avoid reductions in the employer unemployment tax credit. (f) Execution by the authority of its powers granted under this act fulfill in all respects an essential governmental function and public purpose for the benefit of and in furtherance of the public health and welfare of the people of this state."Enacting section 2 of Act 267 of 2011 provides:"Enacting section 2. The legislature determines that the creation of the authority by Executive Reorganization Order No. 2010-2, MCL 12.194, and the carrying out of its authorized purposes under this act are in all respects public and governmental purposes for the benefit of the people of this state and for the improvement of their health, safety, welfare, comfort, and security, and that these purposes are public purposes and that the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this act."

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 12.271SectionShort title.
Section 12.272SectionDefinitions.
Section 12.273SectionPowers; issuance of bonds.
Section 12.274SectionResolution; bond issue; payment; terms and conditions.
Section 12.275SectionBond issue; determination.
Section 12.276SectionSale of bonds; manner; proceeds.
Section 12.277SectionTrust agreement or trust indenture.
Section 12.278SectionAncillary facility; enter into, amend, or terminate; purposes.
Section 12.279SectionBond or ancillary facility issued pursuant to act; evidence of validity.
Section 12.280SectionPersonal liability of board member or officer, appointee, or employee of authority; indemnification; conflict of interest.
Section 12.281SectionBonds subject to other acts.
Section 12.282SectionPower to issue, sell, and deliver bonds; delegation.
Section 12.283SectionExercise of duties.
Section 12.284SectionAdditional powers.
Section 12.285SectionBond or ancillary facility; indebtedness, liability, or obligation not created.
Section 12.286SectionTax exemption.
Section 12.287SectionProhibited conduct; pledge and agreement.
Section 12.288SectionInvestment in sinking funds, money, or other funds.
Section 12.289SectionConstruction of act.
Section 12.290SectionUse of funds to purchase bonds; price.
Section 12.291SectionAppropriation.
Section 12.292SectionLegal claims; jurisdiction.
Section 12.293SectionCreation, perfection, priority, and enforcement of pledge of revenue or other security; negotiability of bonds.
Section 12.294SectionBonds; limitation.
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