MCL - Act 49 of 2002


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

The People of the State of Michigan enact:
Document Type Description
Section 484.3201 Section Short title.
Section 484.3202 Section Legislative findings.
Section 484.3203 Section Definitions.
Section 484.3204 Section Michigan broadband development authority; creation; duties.
Section 484.3205 Section Administrative functions; performance under direction and supervision of state treasurer.
Section 484.3206 Section Board 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 484.3207 Section Powers of authority.
Section 484.3208 Section Reserve 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 484.3209 Section Capital reserve fund; amount; deficiency; restoration; liability of state for notes or bonds.
Section 484.3210 Section Notes and bonds; issuance, renewal, and refund by authority.
Section 484.3211 Section Notes and bonds; issuance by resolution; form and terms; sale; prices.
Section 484.3212 Section Notes or bonds; contents of resolutions.
Section 484.3213 Section Money or property pledged and received by authority.
Section 484.3214 Section Notes or bonds; personal liability.
Section 484.3215 Section Notes or bonds; power of authority to purchase.
Section 484.3216 Section Rights of authority to fulfill terms of agreement not limited, altered, or impaired.
Section 484.3217 Section Notes or bonds as limited obligations.
Section 484.3218 Section Default.
Section 484.3219 Section Disposition of money held by authority.
Section 484.3220 Section Notes and bonds as securities; investment.
Section 484.3221 Section Full faith and credit bonds; issuance; vote.
Section 484.3222 Section Notes and bonds; exemption from tax.
Section 484.3223 Section Property; exemption from tax.
Section 484.3224 Section Annual report.
Section 484.3225 Section New partnerships or joint ventures; limitation.