Michigan § 447.163 - Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings.
Full text of Michigan Michigan Compiled Laws § 447.163 — Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings., with citation guidance and answers to common questions.
§ 447.163. Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings.
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 bonds sold. If for any reason a portion of the proceeds shall not be needed for the purpose for which the bonds were issued, the unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds.
The proceeds of bonds issued under this act shall be kept in a separate fund to be known as the export development bond fund, which separate fund is created in the state treasury. All other money received by the authority also shall be deposited in this fund. With the approval of the board, the state treasurer may invest and reinvest all money in the fund from time to time in such obligations of the United States or of such other governmental or corporate issuers as the state treasurer, with the approval of the board, considers appropriate. All earnings upon the investments shall be added to the fund.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 447.163
What does Michigan Compiled Laws § 447.163 cover?
Section 447.163 ("Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 447.163?
A common citation format is "Michigan Compiled Laws § 447.163" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 447.163 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.