MI SB0483

Authorizes the Michigan Finance Authority to issue bonds, notes, and other financial instruments to address unemployment trust fund deficiencies and pay unemployment benefits through December 31, 2013.

Bonds issued are special revenue obligations secured by revenues under the Michigan Employment Security Act and are not a debt or liability of the state itself.

Authorizes the authority to enter into ancillary facilities such as interest rate swaps, letters of credit, and other financial arrangements to manage bond obligations and interest rates.

Appropriates $1,000,000 from the general fund to the authority for fiscal year 2012 to pay operating expenses and fund reserve requirements.

Takes effect only if Senate Bills 484 and 806 from the 96th Legislature are also enacted into law; effective date December 19, 2011.