HB-5753, As Passed House, November 30, 2004

HOUSE BILL No. 5753

April 1, 2004, Introduced by Rep. Koetje and referred to the Committee on Commerce.

                                                                             A bill to amend 1986 PA 157, entitled                                             

"Michigan export development act,"                                          

by amending section 10 (MCL 447.160), as amended by 2002 PA 302.            

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1       Sec. 10.  (1) Bonds issued under this act may be executed                   

2   and delivered at any time, may be issued as a single issue or               

3   from time to time as several issues, may be in the form and                 

4   denominations, may be in coupon or registered form, may be                  

5   payable in installments and at such time or times not exceeding             

6   30 years from their date, may be subject to the terms of                    

7   redemption, may be payable at such place or places, may bear                

8   interest at the rate or rates as may be set, reset, or calculated           

9   from time to time, or may bear no interest and may contain                  

10  provisions not inconsistent with this act, all of which shall be            

11  provided in the resolution of the authority authorizing the                 

1   bonds.                                                                      

2       (2) Bonds issued under the authority of this act may be sold                

3   at public or private sale at the price and in the manner and from           

4   time to time as may be determined by the authority to be most               

5   advantageous.  The authority may pay all expenses, premiums,                

6   insurance premiums, and commissions that the authority considers            

7   necessary or advantageous in connection with the authorization,             

8   sale, and issuance of the bonds from proceeds of the bonds.                 

9       (3) Bonds or notes issued by the authority are subject to the               

10  revised municipal finance act, 2001 PA 34, MCL 141.2101 to                  

11  141.2821.  The bonds issued by the authority are not required to            

12  be registered.  A filing of a bond of the authority is not                  

13  required under the uniform securities act, 1964 PA 265,                     

14  MCL 451.501 to 451.818, or the uniform securities act (2002), MCL           

15  451.2101 to 451.2703.                                                       

16      Enacting section 1.  This amendatory act does not take                      

17  effect unless Senate Bill No. ____ or House Bill No. 5746                   

18  (request no. 06004'03) of the 92nd Legislature is enacted into              

19  law.