Sec. 8.
(1) The authority shall either disburse the money in the fund to the retirement systems or return the money to the countercyclical budget and economic stabilization fund as set forth in this section.
(2) The authority shall cause $194,800,000.00 to be paid to the retirement systems if and only if the authority determines in writing that both of the following conditions have been satisfied:
(a) The bankruptcy court has entered an order approving the plan for adjustment.
(b) The terms and conditions of the contribution agreement have been satisfied.
(3) If the authority determines in writing that at least 1 of the conditions in subsection (2) has not been satisfied, then the money in the fund shall be returned to the countercyclical budget and economic stabilization fund.
(4) If the authority has failed to make a finding in writing under subsection (2) or (3) by May 1, 2015, then the money in the fund shall be returned to the countercyclical budget and economic stabilization fund.
(5) The authority is dissolved on May 2, 2015.
History: 2014, Act 187, Imd. Eff. June 20, 2014
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 187 of 2014 - Michigan Settlement Administration Authority Act (141.1601 - 141.1611)
Section 141.1601 - Short Title.
Section 141.1602 - Legislative Findings and Declarations.
Section 141.1603 - Definitions.
Section 141.1605 - Authority; Exercise of Duties; Performance of Administrative Functions.
Section 141.1609 - Public and Governmental Purpose.