141.1066d Grant agreements entered under MCL 324.5204a. Sec. 16d. (1) In addition to any other authority granted under law, each governmental unit may enter into grant agreements under section 5204a of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5204a, and may pledge its limited taxing power as security for any repayment […]
141.1067 Default or noncompliance by authority. Sec. 17. (1) If the authority defaults in the payment of principal of or interest on an issue of bonds or notes issued under this act after the bonds or notes become due, whether at maturity or upon call for redemption, or in the event that the authority fails […]
141.1068 Liability on bonds or notes. Sec. 18. Neither the members of the authority nor any person executing bonds or notes issued under this act shall be liable personally on the bonds or notes by reason of their issuance. History: 1985, Act 227, Eff. Mar. 31, 1986
141.1069 Purchasing, holding, canceling, or reselling bonds or notes of authority. Sec. 19. The authority may purchase bonds or notes of the authority out of funds or money of the authority available for that purpose. The authority may hold, cancel, or resell authority bonds or notes subject to or in accordance with an agreement with […]
141.1070 State pledge to and agreement with holders of bonds or notes. Sec. 20. This state pledges to and agrees with the holders of bonds or notes issued under this act that this state shall not limit or restrict the rights vested in the authority by this act to do any 1 or more of […]
141.1071 Investment of sinking fund, money, or other fund by banking business, insurance business, or fiduciary in bonds or notes; bonds or notes as security for public deposits. Sec. 21. Notwithstanding any restriction contained in any other law, the state and a public officer, governmental unit, or agencies of the state or governmental unit; a […]
141.1072 Property and income of authority; public property; public purpose; exemptions from taxes and special assessments. Sec. 22. Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to be for a public purpose. The property of the authority and its income […]
141.1073 Municipal obligations generally. Sec. 23. (1) A governmental unit may borrow money and issue municipal obligations in accordance with the laws of this state. The security for municipal obligations shall be that provided by the laws authorizing their issuance. In addition, a governmental unit may pledge for the payment of a municipal obligation purchased […]
141.1074 Agreement by governmental unit upon sale or issuance of municipal obligations; additional powers of authority. Sec. 24. (1) Upon the sale and issuance of municipal obligations to the authority by a governmental unit, that governmental unit shall be held and considered to have agreed to all of the following if the governmental unit fails […]
141.1075 Construction of act. Sec. 25. (1) This act shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authority for the performance of each and every act and thing authorized by this act and all powers granted shall be broadly interpreted to effectuate the intent and purposes and […]
141.1076 Severability. Sec. 26. If a section, subsection, subdivision, clause, or provision of this act is adjudged unconstitutional or is ineffective, the remainder of this act shall be valid and effective. Any other section, subsection, subdivision, clause, or provision of this act shall not on account of that judgment be considered invalid or ineffective and […]
141.1077 Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001. Compiler’s Notes: The repealed section pertained to the issuance of new bonds or notes after December 31, 2000.
141.1078 Repealed. 1996, Act 241, Imd. Eff. June 10, 1996. Compiler’s Notes: The repealed section pertained to contracts to invest governmental unit’s money.
