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

Sec. 19.
This act is declared to be severable. If any portion of this act or the application of this act to any person or circumstances is found to be invalid by a court, the invalidity of that portion or application shall not affect the remaining portions or applications that can be given effect without the invalid portion or application, provided the remaining portions are not determined by the court to be inoperable.
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005

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.