Michigan Laws 460.10z – Provisions of act as severable
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 460.10z
- Assignee: means an individual, corporation, or other legally recognized entity to which an interest in securitization property is transferred. See Michigan Laws 460.10h
- Electric utility: means that term as defined in section 2 of the electric transmission line certification act, 1995 PA 30, MCL 460. See Michigan Laws 460.10h
- Financing party: means a holder of securitization bonds, including trustees, collateral agents, and other persons acting for the benefit of the holder. See Michigan Laws 460.10h
- Securitization bonds: means bonds, debentures, notes, certificates of participation, certificates of a beneficial interest, certificates of ownership, or other evidences of indebtedness that are issued by an electric utility, its successors, or an assignee under a financing order, that have a term of not more than 15 years, and that are secured by or payable from securitization property. See Michigan Laws 460.10h
Effective on the date the first securitization bonds are issued under this act, if any provision of this act or portion of this act is held to be invalid or is invalidated, superseded, replaced, repealed, or expires for any reason, that occurrence does not affect the validity or continuation of the amendatory act that added this section, or any part of those provisions, or any other provision of this act that is relevant to the issuance, administration, payment, retirement, or refunding of securitization bonds or to any actions of the electric utility, its successors, an assignee, a collection agent, or a financing party, which shall remain in full force and effect.