Section 12.111 – Short Title.

12.111 Short title. Sec. 1. This act shall be known and may be cited as the “unified volume limitation allocation act”. History: 1988, Act 496, Eff. Mar. 30, 1989

Section 12.112 – Definitions.

12.112 Definitions. Sec. 2. As used in this act: (a) “Bonds” means private activity bonds subject to the unified volume limitation and any other bonds, notes, and evidences of indebtedness, including certain lease and installment purchase obligations, that would be treated by the internal revenue service as private activity bonds unless issued with an allocation […]

Section 12.113 – Unified Volume Limitation and Allotment Thereof; Determination; Publication.

12.113 Unified volume limitation and allotment thereof; determination; publication. Sec. 3. Each year, the treasurer shall determine the unified volume limitation and the allotment of the unified volume limitation for the following calendar year and shall publish that determination in 3 newspapers of general circulation in different parts of the state, 1 of which is […]

Section 12.114 – Allotments to State and Municipal Issuers for Allocation; Reallotment; Division of Allotment Into Installments; Increase in Monthly Installments; Reserving Portion of Monthly Allotment; Pro Rata Reductions in Monthly Installments.

12.114 Allotments to state and municipal issuers for allocation; reallotment; division of allotment into installments; increase in monthly installments; reserving portion of monthly allotment; pro rata reductions in monthly installments. Sec. 4. (1) The treasurer shall allot 40% of the unified volume limitation to the state issuers and 60% of the unified volume limitation to […]

Section 12.115 – Request for Allocation; Attachment; Notice of Sale; Certification of Preliminary Proceedings.

12.115 Request for allocation; attachment; notice of sale; certification of preliminary proceedings. Sec. 5. (1) A state or municipal issuer seeking to issue bonds shall file with the treasurer a request for allocation containing all of the following information and supporting documentation unless the treasurer determines the information required would be unnecessary to the type […]

Section 12.116 – Requests for Allocations; Order of Consideration; Approval or Denial; Reason for Denial; Steps to Maintain Orderly Application and Allocation Process; Instances in Which Request May Be Denied; When Request Considered Filed or Received; Issuer Seeking Allocation Not in Excess of Unallocated Unified Volume Limitation.

12.116 Requests for allocations; order of consideration; approval or denial; reason for denial; steps to maintain orderly application and allocation process; instances in which request may be denied; when request considered filed or received; issuer seeking allocation not in excess of unallocated unified volume limitation. Sec. 6. (1) Except as provided by subsection (3), the […]

Section 12.117 – Allocation Order; Requirements; Reversion; Allocation Not Transferable Between Issuers; Use of Allocation; Validity of Order; Request for Extension.

12.117 Allocation order; requirements; reversion; allocation not transferable between issuers; use of allocation; validity of order; request for extension. Sec. 7. (1) An allocation order shall allocate the principal amount of bonds requested or, for an issue of refunding bonds, the principal amount of the proposed issue expected to exceed the amount of the obligation […]

Section 12.118 – Invalidation of Request or Allocation; Notice of Changed Information; New Request for Allocation; Issuance of Bonds Before Receiving Allocation or Approval for Amendment to Allocation; Cancellation of Prior Allocation by Approval of New Request.

12.118 Invalidation of request or allocation; notice of changed information; new request for allocation; issuance of bonds before receiving allocation or approval for amendment to allocation; cancellation of prior allocation by approval of new request. Sec. 8. (1) A change in the facility to be financed, the issuer, the year for which the allocation is […]

Section 12.119 – Notice of Delivery of Issue of Bonds; Filing; Contents; Failure to File; Revocation and Invalidation of Allocation; Waiver of Revocation.

12.119 Notice of delivery of issue of bonds; filing; contents; failure to file; revocation and invalidation of allocation; waiver of revocation. Sec. 9. (1) Within 10 calendar days after the expiration date of an allocation approval order, including any extension, but not later than December 26 for allocations that expire before December 22, the issuer […]

Section 12.120 – Order for Carryforward Allocation; Request for Carryforward Allocation; Form; Amount; Priorities; Election.

12.120 Order for carryforward allocation; request for carryforward allocation; form; amount; priorities; election. Sec. 10. (1) In addition to an allocation under section 6, during the months of October, November, and December of each year, an issuer may request, or the treasurer may order without request, an order providing for a carryforward allocation for a […]

Section 12.121 – Records.

12.121 Records. Sec. 11. (1) The treasurer shall maintain records of the volume of bonds for which the unified volume limitation has been allocated, the amount of the unified volume limitation allocated to state issuers, and the amount allocated to municipal issuers during each calendar year. These records shall be made available to the public […]

Section 12.122 – State or Municipal Issuer Not Authorized to Issue Bonds.

12.122 State or municipal issuer not authorized to issue bonds. Sec. 12. This act does not authorize a state issuer or a municipal issuer to issue bonds. History: 1988, Act 496, Eff. Mar. 30, 1989

Section 12.123 – Allocations to Which Act Applicable; Ratification of Allocation; Revocation of Allocation; Formula for Allocating State Ceiling.

12.123 Allocations to which act applicable; ratification of allocation; revocation of allocation; formula for allocating state ceiling. Sec. 13. (1) This act applies to allocations made against the unified volume limitation for calendar year 1989 and each year after 1989 and to bonds issued after December 31, 1988 that have allocations ratified by subsection (2). […]

Section 12.124 – Repeal of MCL 125.1432c.

12.124 Repeal of MCL 125.1432c. Sec. 14. Section 32c of Act No. 346 of the Public Acts of 1966, being section 125.1432c of the Michigan Compiled Laws, is repealed. History: 1988, Act 496, Eff. Mar. 30, 1989