Terms Used In Michigan Laws 129.267

  • Ancillary facility: means any revolving credit agreement, agreement establishing a line of credit or letter of credit, reimbursement agreement, interest rate exchange or similar agreement, currency exchange agreement, interest rate floor or cap, options, puts or calls to hedge payment, currency, rate, spread or similar exposure, or similar agreements, investment agreements, float agreements, forward agreements or other investment arrangements, insurance contract, surety bond, commitment to purchase or sell securities, purchase or sale agreements or commitments or other contracts or agreements and other security agreements approved by the authority, including without limitation any arrangements referred to in this act. See Michigan Laws 129.263
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means the Michigan tobacco settlement finance authority created under section 4. See Michigan Laws 129.263
  • Bond: means a bond, note, or other obligation issued by the authority under this act. See Michigan Laws 129.263
  • Contract: A legal written agreement that becomes binding when signed.
  • Financing costs: means all capitalized interest, operating and debt service reserves, costs of issuance, fees for credit and liquidity enhancements, any item of expense directly or indirectly payable or reimbursable by the authority and related to the authorization, sale, or issuance of bonds, including without limitation underwriting fees, counsel fees, fees of the attorney general and fees and expenses of consultants and fiduciaries, and other costs as the authority determines to be desirable in issuing, securing, and marketing the bonds. See Michigan Laws 129.263
  • Operating expenses: means the reasonable operating expenses of the authority, including without limitation the cost of preparation of accounting and other reports, costs of maintenance of the ratings on the bonds, insurance premiums, and costs of authority meetings or other required activities of the authority, counsel fees, including the fees of the attorney general, and fees and expenses incurred for consultants and fiduciaries and any other costs described in section 4(12). See Michigan Laws 129.263
  • Person: means an individual, corporation, limited or general partnership, association, joint venture, limited liability company, or a governmental entity, including this state. See Michigan Laws 129.263
  • seal: shall be construed to include any of the following:
  (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
  • TSRs: means the portion, which may include any or all, of this state's tobacco receipts sold to the authority under this act and any sale agreement. See Michigan Laws 129.263
    •   The authority shall have all of the following powers:
      (a) To solicit and accept gifts, grants, and loans from any person.
      (b) To invest any money of the authority at the authority’s discretion, in any obligations determined proper by the authority, and name and use depositories for its money.
      (c) To procure insurance against any loss in connection with the property, assets, or activities of the authority.
      (d) To sue and be sued, to have a seal, and to make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise of the authority’s powers.
      (e) To make and amend bylaws.
      (f) To employ and contract with individuals necessary for the operation of the authority.
      (g) To make and execute contracts including without limitation sale agreements, trust agreements, trust indentures, bond purchase agreements, tax regulatory agreements, continuing disclosure agreements, ancillary facilities, and all other instruments necessary or convenient for the exercise of its powers and functions, and commence any action to protect or enforce any right conferred upon it by any law, contract or other agreement.
      (h) To engage the services of financial advisors and experts, legal counsel, placement agents, underwriters, appraisers and other advisors, consultants and fiduciaries as may be necessary to effectuate the purposes of this act.
      (i) To pay its operating expenses and financing costs.
      (j) To pledge the TSRs or other assets as security for the payment of the principal of and interest on any bonds and for its obligations under any ancillary facility.
      (k) To procure insurance, letters of credit, or other credit enhancement with respect to any bonds for the payment of tenders of bonds, or for the payment upon maturity of short-term bonds.
      (l) To enter into any ancillary facility with any person under the terms and conditions as the authority may determine and to provide insurance, letters of credit, or other credit enhancement with respect to any ancillary facility.
      (m) To modify, amend, or replace any existing, or enter into a new, ancillary facility.
      (n) To do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this act.

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