Section 141.1074 – Agreement by Governmental Unit Upon Sale or Issuance of Municipal Obligations; Additional Powers of Authority.
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 […]
Section 141.1064 – Powers Constituting Covenants by Authority and Contracts With Holders of Bond or Note.
141.1064 Powers constituting covenants by authority and contracts with holders of bond or note. Sec. 14. If provided in a resolution of the authority authorizing or relating to the issuance of bonds or notes, and in order to secure the payment of the bonds or notes and in addition to its other powers, the authority […]
Section 141.1065 – Pledge of Revenues or Other Money; Lien of Pledge; Payment Assigned or Pledged to Authority to Be Held in Trust for Payment of Principal and Interest; Payment Subject to Lien; Nature of Lien; Filing or Recordation Not Required.
141.1065 Pledge of revenues or other money; lien of pledge; payment assigned or pledged to authority to be held in trust for payment of principal and interest; payment subject to lien; nature of lien; filing or recordation not required. Sec. 15. (1) A pledge of revenues or other money made by the authority is valid […]
Section 141.1065a – Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
141.1065a Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990. Compiler’s Notes: The repealed section provided a limitation on outstanding bonds.
Section 141.1066 – Reserve Funds.
141.1066 Reserve funds. Sec. 16. (1) The authority may create and establish 1 or more special funds as reserve funds. The authority shall pay into each reserve fund money appropriated and made available by this state for the purpose of that reserve fund, proceeds of the sale of bonds or notes to the extent provided […]
Section 141.1066a – State Water Pollution Control Revolving Fund; Establishment; Compliance; Funding; Assistance to Governmental Unit; Loan Agreement; Determination of Eligible Projects; Maximum Amount of Municipal Obligation; Maximum Interest Rate.
141.1066a State water pollution control revolving fund; establishment; compliance; funding; assistance to governmental unit; loan agreement; determination of eligible projects; maximum amount of municipal obligation; maximum interest rate. Sec. 16a. The authority shall establish a state water pollution control revolving fund that complies with the requirements and objectives of the federal water pollution control act. […]
Section 141.1053 – Definitions.
141.1053 Definitions. Sec. 3. As used in this act: (a) “Authority” means the Michigan finance authority created by Executive Reorganization Order No. 2010-2, MCL 12.194. (b) “Board” means the board of directors of the authority. (c) “Bonds” means bonds of the authority issued under this act with a maturity greater than 3 years. (d) “Capitalization […]
Section 141.1066b – State Drinking Water Revolving Fund.
141.1066b State drinking water revolving fund. Sec. 16b. The authority shall establish a state drinking water revolving fund that complies with the requirements and objectives of the federal safe drinking water act. The authority shall establish accounts and subaccounts within the state drinking water revolving fund as it determines is necessary or appropriate to operate […]
Section 141.1054 – Michigan Municipal Bond Authority; Created; Powers; Funds.
141.1054 Michigan municipal bond authority; created; powers; funds. Sec. 4. The Michigan municipal bond authority is created as a body corporate, separate and distinct from the state. The authority may sue and be sued, plead and be impleaded, contract and be contracted with, have a corporate seal, and enjoy and carry out all powers granted […]
Section 141.1066c – School Loan Revolving Fund.
141.1066c School loan revolving fund. Sec. 16c. The authority shall establish a school loan revolving fund and shall establish accounts and subaccounts with the school loan revolving fund as it determines is necessary or appropriate to operate the school loan revolving fund. The authority may fund the school loan revolving fund with proceeds of bonds […]