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MI HB4684
Bill
Status
9/2/2009
Primary Sponsor
David Nathan
Click for details
AI Summary
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Bonds issued by the Michigan Export Development Authority may be executed and delivered at any time with terms up to 30 years, in various forms and denominations, with interest rates set by board resolution.
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The authority may sell bonds at public or private sale at prices and times determined to be most advantageous, and may pay all related expenses, premiums, insurance, and commissions from bond proceeds.
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Bonds and notes issued by the authority are subject to the Revised Municipal Finance Act (2001 PA 34) but are not required to be registered.
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Bonds issued by the authority are exempt from filing requirements under both the 1964 Uniform Securities Act and the 2002 Uniform Securities Act.
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The act took effect immediately upon the Governor's approval on August 31, 2009.
Legislative Description
Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in Michigan export development act. Amends sec. 10 of 1986 PA 157 (MCL 447.160).
Trade, securities
Last Action
Assigned Pa 81'09 With Immediate Effect
9/2/2009