Michigan Laws 141.1608 – Disbursement to retirement systems; conditions; return of money to countercyclical budget and economic stabilization fund; dissolution of authority
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Terms Used In Michigan Laws 141.1608
- Authority: means the Michigan settlement administration authority created under section 4. See Michigan Laws 141.1603
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contribution agreement: means the contribution agreement in substantially the form included with the city of Detroit's plan for adjustment. See Michigan Laws 141.1603
- Countercyclical budget and economic stabilization fund: means the countercyclical budget and economic stabilization fund created in section 351 of the management and budget act, 1984 PA 431, MCL 18. See Michigan Laws 141.1603
- fund: means the settlement administration fund created in section 7. See Michigan Laws 141.1603
- in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
- Plan for adjustment: means the plan for the adjustment of debts of the city of Detroit approved and entered by the United States bankruptcy court for the eastern district of Michigan, southern division, In Re City of Detroit, Michigan, case no. See Michigan Laws 141.1603
- Retirement systems: means the police and fire retirement system of the city of Detroit and the general retirement system of the city of Detroit. See Michigan Laws 141.1603
(1) The authority shall either disburse the money in the fund to the retirement systems or return the money to the countercyclical budget and economic stabilization fund as set forth in this section.
(2) The authority shall cause $194,800,000.00 to be paid to the retirement systems if and only if the authority determines in writing that both of the following conditions have been satisfied:
(a) The bankruptcy court has entered an order approving the plan for adjustment.
(b) The terms and conditions of the contribution agreement have been satisfied.
(3) If the authority determines in writing that at least 1 of the conditions in subsection (2) has not been satisfied, then the money in the fund shall be returned to the countercyclical budget and economic stabilization fund.
(4) If the authority has failed to make a finding in writing under subsection (2) or (3) by May 1, 2015, then the money in the fund shall be returned to the countercyclical budget and economic stabilization fund.
(5) The authority is dissolved on May 2, 2015.