Section 125.697 – Promissory Notes; Issuance; Authorization; Principal and Interest as Indebtedness.
125.697 Promissory notes; issuance; authorization; principal and interest as indebtedness. Sec. 47. (1) For the purpose of providing funds for expenses and costs involved in the development of a housing project or combined projects prior to the issuance of bonds for the project or projects, or in funding the annual operations of a commission, a […]
Section 125.677 – Rent Schedule; Policy of State; Basis; Limitation.
125.677 Rent schedule; policy of state; basis; limitation. Sec. 27. (1) It is hereby declared to be the policy of this state that each commission shall manage and operate, or cause to be managed and operated, its housing projects in an efficient manner so as to enable it to fix the rentals for dwelling accommodations […]
Section 125.698 – Bonds; Powers of Borrower.
125.698 Bonds; powers of borrower. Sec. 48. In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of such bonds or obligations, a borrower, in addition to its other powers, shall have power: (a) To pledge all or any part of the gross or […]
Section 125.681 – Income From Sources Other Than Operation; Use.
125.681 Income from sources other than operation; use. Sec. 31. Nothing in this act shall be construed to prohibit the borrower from appropriating and using any part of its available income or revenue derived from any source other than from the operation of such project or combined projects in paying any immediate expenses of operation […]
Section 125.683 – Operating Year.
125.683 Operating year. Sec. 33. The ordinance authorizing the issuance of such bonds shall definitely determine whether such project or combined projects shall be operated upon a calendar, operating or fiscal year basis, and the dates of the beginning and ending of the same. History: 1933, Ex. Sess., Act 18, Imd. Eff. Jan. 9, 1934 […]
Section 125.684 – Rents; Supervision; State Department of Health.
125.684 Rents; supervision; state department of health. Sec. 34. Rents charged for the services furnished by any project or combined projects purchased, acquired, constructed, improved, enlarged, extended, operated or repaired, under the provisions of this act, shall not be subject to supervision or regulation by any state bureau, board, commission or other like instrumentality or […]
Section 125.685 – Housing Commission; Books of Record and Account; Balance Sheets and Income and Surplus Accounts.
125.685 Housing commission; books of record and account; balance sheets and income and surplus accounts. Sec. 35. (1) The commission of a borrower issuing revenue bonds under this act shall install, maintain, and keep proper books of record and account, separate from other records and accounts of the borrower, in which full and accurate entries […]
Section 125.687 – Construction of Act.
125.687 Construction of act. Sec. 37. This act shall be construed as authorizing the creation of the commission and the issuance of such bonds provided for herein without submitting the proposition for the approval of same to the voters of the borrower. Where bonds have been authorized under this act it shall not be necessary […]
Section 125.689 – Authority Conferred.
125.689 Authority conferred. Sec. 39. This act shall, without reference to any other statute or to any charter, be deemed full authority for the purposes herein provided for and for the issuance and sale of the bonds by this act authorized, and shall be construed as an additional and alternative method therefor and for the […]
Section 125.690 – Declaration of Necessity; Liberal Construction.
125.690 Declaration of necessity; liberal construction. Sec. 40. This act, being necessary for and to secure the public peace, health, safety, convenience and welfare of the cities and incorporated villages and the people of the state of Michigan, shall be liberally construed to effect the purposes thereof. History: 1933, Ex. Sess., Act 18, Imd. Eff. […]