(1) Within 15 business days of completing the issuance of any security, an agency shall file all of the following with the department in a form and manner prescribed by the department:
  (a) A copy of the security.

Terms Used In Michigan Laws 129.177

  • Agency: means this state, a state authority, agency, fund, commission, board, or department of this state. See Michigan Laws 129.173
  • Department: means the department of treasury. See Michigan Laws 129.173
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Security: means an evidence of debt such as a bond, note, contract, obligation, refunding obligation, certificate of indebtedness, or other similar instrument issued by an agency, which pledges payment of the debt by the agency from an identified source of revenue. See Michigan Laws 129.173
  (b) A proof of publication of the notice of sale, if applicable.
  (c) A copy of the award resolution including a detail of the annual interest rate and call features on the security, if any.
  (d) A copy of the legal opinion regarding the legality and tax status of the security.
  (e) A copy of the notice of rating of the security received from a recognized rating agency, if any.
  (f) A copy of the resolution or ordinance authorizing the issuance of the security.
  (g) A copy of the official statement, if any.
  (2) The failure to comply with subsection (1) does not invalidate any of the securities reported under this act.
  (3) The department may require that the filings to the department required by this act be filed in an electronic format prescribed by the department.
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