Examples of Michigan finance authority in a sentence
As used in this act:(a) "Authority" means the Michigan finance authority created by Executive Reorganization Order No. 2010-2, MCL 12.194.(b) "Board" means the board of directors of the authority.(c) "Bonds" means bonds of the authority issued under this act with a maturity greater than 3 years.
The signature of any designee shall have the same force and effect as the signature of the state treasurer for all purposes of all other provisions of this act.(7) As used in this act, "Michigan finance authority" means the Michigan finance authority created under MCL 12.194.History: 1961, Act 112, Eff.
The proceeds of sale of bonds, notes, or commercial paper issued under this act for the purpose of reimbursing this state or the Michigan finance authority shall beapplied as determined by the state administrative board.
Any money repaid by school districts on loans made from the school loan revolving fund established under section 16c of the shared credit rating act, 1985 PA 227, MCL 141.1066c, other than loans or repayments that have been assigned to this state by the Michigan finance authority, shall be deposited in the school loan revolving fund.
The greater of 3% or the average annual cost of funds used to make qualified loans plus 0.125%, but not less than the cost of funds on outstanding qualified notes and bonds issued by the Michigan finance authority to finance loans computed by the state treasurer not less often than annually.
A higher rate determined by the state treasurer to be necessary to prevent the impairment of any contract of this state or the Michigan finance authority in existence on the effective date of the amendatory act that added this subdivision.
By the unemployment trust fund to the obligation trust fund and used to pay obligations of the Michigan finance authority.
If financial recovery bonds are or have been issued by a city under this section, the city may provide additional security for the prior bonds pursuant to this subsection and may issue financial recovery bonds pursuant to this subsection to be sold to the Michigan finance authority for the purpose of refunding all or a portion of the prior bonds, or other obligations of the city, and for such other purposes as approved by the local emergency financial assistance loan board.
A repayment agreement shall not be executed without the prior approval of an authorized representative of the state board or, for notes sold to the Michigan finance authority only, without the approval of an authorized representative of the department of treasury.
May 12, 2002.Compiler's note: For transfer of powers and duties of Michigan public educational facilities authority, and of members of board of trustees of Michigan public educational facilities authority, to Michigan finance authority, see E.R.O. No. 2010-2, compiled at MCL 12.194.