Title 447, FOREIGN TRADE

Sec. 1. There is created a foreign trade branch of the marketing section in the department of agriculture.

Sec. 2. The foreign trade branch within available appropriations shall perform the duties of the branch prescribed by section 3.

Sec. 3. The foreign trade branch shall: (a) Conduct research on foreign laws and regulations affecting sales of agricultural products of this state abroad. (b) Identify foreign markets for agricultural commodities. (c) Identify products of this state for promotion abroad. (d) Des…

Sec. 1. There is created in the department of commerce a division of international commerce. The head of the division of international commerce shall be the director who shall be directly responsible to the director of the department of commerce.

Sec. 2. The division of international commerce within available appropriations shall accomplish the duties of the division prescribed by section 3.

Sec. 3. The division of international commerce shall serve as the focal point of the state for international activity and shall: (a) Conduct its own research and contract for outside research, when necessary, on such subjects as United States and foreign tariffs, United States an…

Sec. 1. As used in this act: (a) “Act of congress” means the act of congress approved June 18, 1934, entitled “An act to provide for the establishment, operation and maintenance of foreign trade zones in ports of entry of the United States, to expedite and encourage foreign comme…

Sec. 2. Any public or private corporation may make application for the privilege of establishing, operating and maintaining a foreign trade zone in accordance with the act of congress.

Sec. 3. Any public or private corporation, whose application is granted pursuant to the act of congress, may establish, operate and maintain a foreign trade zone subject to the conditions and restrictions of the act of congress and any amendments thereto, and under such rules and…

Sec. 1. This act shall be known and may be cited as the “Michigan export development act”.

Sec. 2. As used in this act: (a) “Authority” means the Michigan export development authority created by section 3. (b) “Board” means the board of directors of the authority established by section 4. (c) “Eligible export loan” means a loan by a participating financial institution …

Sec. 3. (1) The Michigan export development authority is created as a body politic and corporate within, but not as a part of, the department of agriculture. The authority shall exercise the authority's prescribed statutory powers, duties, and functions independently of the direc…

Sec. 4. (1) The governing and administrative powers of the authority are vested in a board of directors consisting of 12 members. Three members shall be the director of the department of commerce, the director of the department of agriculture, and the state treasurer. The directo…

Sec. 5. (1) A vacancy in the membership of the board shall not impair the right of a quorum to exercise all rights and perform all the duties of the board. An action taken by the board may be authorized by resolution at a regular or special meeting and shall take effect upon the …

Sec. 6. (1) The business which the authority may perform shall be conducted at a public meeting of the authority held in compliance with the open meetings act, Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of …

Sec. 7. The authority shall possess all the powers of a body politic and corporate necessary and convenient to accomplish the purposes of this act including, but not limited to, all of the following powers: (a) To borrow money and otherwise incur indebtedness for any of its purpo…

Sec. 8. (1) The authority may provide a guarantee or export insurance for an eligible export transaction. Any guarantee or export insurance entered into by the authority under this act shall not constitute a general obligation of this state. Guarantees or export insurance provide…

Sec. 8a. The authority may provide a grant to a non-profit organization for 1 or more of the following purposes: (a) To encourage establishment or expansion of business operations related to exports which will create or maintain employment in this state. (b) To research industria…

Sec. 9. The authority may issue, sell, and provide for the retirement of bonds in the amount of $50,000,000.00 to provide funds for the creation and operation of the authority. These bonds shall be limited obligations of the authority, the principal of and interest on which shall…

Sec. 10. (1) Bonds issued under this act may be executed and delivered at any time, may be issued as a single issue or from time to time as several issues, may be in the form and denominations, may be in coupon or registered form, may be payable in installments and at such time o…

Sec. 11. (1) The resolution under which the bonds are authorized to be issued or any security agreement, including an indenture or trust indenture to be entered into in connection with the bonds, may contain any agreements and provisions customarily contained in instruments secur…

Sec. 12. (1) Bonds issued under this act and at any time outstanding, at any time and from time to time, may be refunded by the authority by the issuance of its refunding bonds in an amount as the authority considers necessary, but not exceeding an amount sufficient to refund the…

Sec. 13. (1) The proceeds from the sale of any bonds issued under this act shall be applied only for the purpose for which the bonds were issued. However, any premium or secured interest received in a sale shall be applied to the payment of the principal of or the interest on the…

Sec. 14. The bonds, interest on the bonds, and the transfer of the bonds authorized under this act shall be exempt from all taxation by this state or any of its political subdivisions, except for inheritance, estate, or gift taxes.

Sec. 15. The property of the authority and its income and operation are exempt from all taxation by this state or its political subdivisions. This section shall not be construed to provide an exemption from any taxes for a person receiving assistance from the authority under this…

Sec. 16. (1) The authority may create an insurance fund consisting solely of funds from the export development bond fund. The insurance fund shall be held in the custody of 1 or more financial institutions having a principal place of business in this state. The insurance fund sha…

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 carryin…

Sec. 18. (1) On January 1 of each year the authority shall report on its operations for the preceding fiscal year to the governor and the legislature. The report shall include a summary of the activities of the authority and a complete operating and financial statement. The repor…

Sec. 1. This act shall be known and may be cited as the “Michigan farm export act”.

Sec. 2. As used in this act: (a) “Department” means the department of agriculture. (b) “Director” means the director of the department of agriculture. (c) “Person” means an individual, corporation, association, partnership, governmental agency, or any other legal entity. (d) “Qua…

Sec. 3. The Michigan farm export loan program is created and shall be administered by the department for the purpose of enhancing and promoting the export sale of agricultural commodities and products of the state by making it possible for buyers to purchase on credit terms.

Sec. 4. (1) The director shall promote, identify, and facilitate, either directly or through any of the persons listed in section 6, export sale opportunities of agricultural commodities and products of the state. (2) If the director finds that a proposed export sale meets the re…

Sec. 5. A loan which the director may recommend to the state treasurer to invest shall meet the following requirements: (a) The agricultural commodities or other products purchased through the loan were produced or processed, in whole or in part, within the state. (b) The terms o…

Sec. 6. An export sale under this act may be identified, proposed, developed, originated, or administered by or through an exporter, importer, agricultural trade association, the United States department of agriculture, a world trade center, the department, a qualifying financial…

Sec. 7. This act shall not take effect unless Senate Bill No. 926 of the 85th Legislature is enacted into law.