Sec. 17.
(1) The bonds, debentures, notes, or other evidence of indebtedness of the authority are made securities in which all public officers and bodies of this state and all municipal subdivisions of this state; all insurance companies and associations and other persons carrying on an insurance business; all banks, bankers, trust companies, savings banks, savings associations, including savings and loan associations and building and loan associations, investment companies and other persons carrying on a banking business; all administrators, guardians, executors, trustees, and other fiduciaries; and all other persons whatsoever who are now or who later may be authorized to invest in bonds or other obligations of this state may ly and legally invest funds, including capital, in their control or belonging to them.
(2) The bonds, debentures, notes, or other evidence of indebtedness of the authority also are made securities which may be deposited with and may be received by all public officers and bodies of this state and all municipal subdivisions of this state for any purpose for which the deposit of bonds or other obligations of this state are now or later may be authorized.
History: 1986, Act 157, Imd. Eff. July 7, 1986
Structure Michigan Compiled Laws
Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168)
Section 447.151 - Short Title.
Section 447.152 - Definitions.
Section 447.157 - Powers of Authority Generally.
Section 447.158a - Grant to Non-Profit Organization; Purposes.
Section 447.159 - Bonds Generally.
Section 447.160 - Bonds and Notes Generally.
Section 447.161 - Bonds or Security Agreement; Resolution; Trustee or Depository.
Section 447.162 - Bonds; Refunding.
Section 447.164 - Tax Exemptions Generally.
Section 447.165 - Additional Tax Exemptions.
Section 447.166 - Insurance Fund; Insurance Pledged as Security.
Section 447.168 - Annual Report; Contents; Examination; Audit.