Michigan Compiled Laws
Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279)
Section 129.275 - Availability of Funds.

Sec. 15.
Subject to any agreements with bondholders, the authority has the power to use any funds available to purchase bonds of the authority at a price determined by the authority.
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 129 - Public Funds

Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279)

Section 129.261 - Short Title.

Section 129.262 - Legislative Findings and Declaration.

Section 129.263 - Definitions.

Section 129.264 - Michigan Tobacco Settlement Finance Authority; Creation; Separate Legal Entity; Issuance of Bonds Generally.

Section 129.265 - Authority; Duties; Administrative Functions.

Section 129.266 - Board of Directors; Membership; Terms; Vacancy; Compensation; Reimbursement; Chairperson; Quorum; Vote; Agents and Employees; Discharge of Duties by Member, Officer, Employee, or Agent; Independent Public Financial Advisor.

Section 129.267 - Powers of Authority.

Section 129.268 - Sale of State's Tobacco Receipts; Terms; Agreement; Refunding, Refinancing, and Sale of Residual Interests; Purchase Price; Remedies; Approval by Resolution Adopted by State Administrative Board; Absolute Transfer; Limitation on Use...

Section 129.269 - Obligations.

Section 129.270 - Creation of Authority; Purpose as Public and Governmental; Property and Income Exempt From Tax; Interest.

Section 129.271 - Duties of State Before Payment or Discharge of Bonds and Ancillary Facilities.

Section 129.272 - Effect of Bonds Issued Under Act.

Section 129.273 - Dissolution of Authority.

Section 129.274 - Construction of Act.

Section 129.275 - Availability of Funds.

Section 129.276 - Report.

Section 129.277 - Appropriation.

Section 129.278 - Legal Jurisdiction.

Section 129.279 - Severability.