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MI HB4694
Bill
Status
3/25/2009
Primary Sponsor
Joel Sheltrown
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AI Summary
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Amends sections 21528 and 50510 of the Natural Resources and Environmental Protection Act to update references from the 1964 Uniform Securities Act to the 2002 Uniform Securities Act (2008 PA 551, MCL 451.2101 to 451.2703).
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Bonds and notes issued by authorities under these sections are exempted from filing requirements under both the 1964 Uniform Securities Act (MCL 451.501 to 451.818) and the 2002 Uniform Securities Act (MCL 451.2101 to 451.2703).
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Extends maximum bond maturity period from 20 years to 30 years for securities issued under section 50510.
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Bonds and notes remain exempt from the Revised Municipal Finance Act (2001 PA 34, MCL 141.2101 to 141.2821) and do not require state treasurer approval.
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Authorizes authorities to enter into interest rate swap, hedge, or similar agreements for debt management purposes, with terms and security determined by authority resolution.
Legislative Description
Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in natural resources and environmental protection act. Amends secs. 21528 & 50510 of 1994 PA 451 (MCL 324.21528 & 324.50510).
Natural resources, other
Last Action
Referred To Committee On Banking And Financial Institutions
5/5/2009