MCL - Act 157 of 1986


Act 157 of 1986

AN ACT to help stimulate the expansion of international export markets of state products and services; to provide for the creation of the Michigan export development authority and to establish its board of directors; to prescribe the powers and duties of the authority and of the board; to provide for the issuance of, and certain terms and conditions of, bonds; to exempt bonds from certain taxes; to prescribe the powers and duties of certain state officers; and to provide for the creation of certain funds and for the funding of the creation and operation of the authority.

History: 1986, Act 157, Imd. Eff. July 7, 1986
Compiler's Notes: For transfer of the Michigan Export Development Authority from the Department of Agriculture to the Department of Commerce with rulemaking, licensing, and registration functions to be exercised by the Authority independent of the Director of the Department of Commerce, see E.R.O. No. 1991-11, compiled at MCL 447.211 of the Michigan Compiled Laws.

The People of the State of Michigan enact:
Document Type Description
Section 447.151 Section Short title.
Section 447.152 Section Definitions.
Section 447.153 Section Michigan export development authority; creation; budgeting, procurement, and related functions; purpose of authority.
Section 447.154 Section Board of directors; appointment, qualifications, and terms of members; vacancy; oath or affirmation; reimbursement for expenses; election of chairperson, vice-chairperson, secretary, and other officers; quorum; majority vote sufficient for action; vote necessary for bonds.
Section 447.155 Section Effect of vacancy in membership of board; authorization and effective date of action by board; delegation of powers and duties; liability or accountability on contract, commitment, or agreement; liability for damage or injury; indemnification of board members and staff officers; appointment of employees to unclassified positions; terms.
Section 447.156 Section Conducting business at public meeting; notice; availability of writings to public; confidentiality.
Section 447.157 Section Powers of authority generally.
Section 447.158 Section Guarantee or export insurance for eligible export transaction; requirements; fees; determinations; condition to provision of guarantee or export insurance.
Section 447.158a Section Grant to non-profit organization; purposes.
Section 447.159 Section Bonds generally.
Section 447.160 Section Bonds and notes generally.
Section 447.161 Section Bonds or security agreement; resolution; trustee or depository.
Section 447.162 Section Bonds; refunding.
Section 447.163 Section Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings.
Section 447.164 Section Tax exemptions generally.
Section 447.165 Section Additional tax exemptions.
Section 447.166 Section Insurance fund; insurance pledged as security.
Section 447.167 Section Bonds, debentures, notes, or other evidence of indebtedness as securities; investment; deposit.
Section 447.168 Section Annual report; contents; examination; audit.