Section 141.2301 – Issuance of Municipal Security.
141.2301 Issuance of municipal security. Sec. 301. A municipality shall not issue a municipal security except in accordance with this act. History: 2001, Act 34, Eff. Mar. 1, 2002
Section 141.2303 – Annual Audit Report and Qualifying Statement; Filing by Municipality; Compliance Requirements; Determination; Correction of Noncompliant Requirements; Reconsideration; Order Granting Exception From Prior Approval.
141.2303 Annual audit report and qualifying statement; filing by municipality; compliance requirements; determination; correction of noncompliant requirements; reconsideration; order granting exception from prior approval. Sec. 303. (1) Each municipality shall file an audit report annually with the department within 6 months from the end of its fiscal year or as otherwise provided in the uniform […]
Section 141.2304 – Issuance of Municipal Security; Provisions Applicable to Contracting Municipalities.
141.2304 Issuance of municipal security; provisions applicable to contracting municipalities. Sec. 304. If a municipality issues a municipal security subject to this act and the principal and interest for that municipal security will be paid by 1 or more municipalities not issuing the municipal security under a contract, then 1 of the following applies: (a) […]
Section 141.2305 – Issuance of Municipal Security; Interest Rate; Sale at Discount; Rating; Maturity; Principal as Interest.
141.2305 Issuance of municipal security; interest rate; sale at discount; rating; maturity; principal as interest. Sec. 305. (1) A municipal security authorized by law to be issued by a municipality may, notwithstanding the provisions of a charter, bear no interest as provided in this section or a rate of interest not to exceed a maximum […]
Section 141.2307 – Proposed Bulletin; Public Comment Period.
141.2307 Proposed bulletin; public comment period. Sec. 307. Before any bulletin issued by the department can take effect that addresses the filings, approvals, or determinations under section 303, or any modification of an existing bulletin that addresses the filings, approvals, or determinations under section 303, the department shall issue the bulletin or modification as a […]
Section 141.2308 – Limited Tax Full Faith and Credit Pledge; Notice.
141.2308 Limited tax full faith and credit pledge; notice. Sec. 308. If a municipality issues a municipal security that contains the limited tax full faith and credit pledge of the municipality after October 1, 2002, a notice of at least 1 meeting at which a decision will be made or discussed with respect to the […]
Section 141.2309 – Sale of Municipal Security at Competitive or Negotiated Sale; Requirements.
141.2309 Sale of municipal security at competitive or negotiated sale; requirements. Sec. 309. (1) A municipality may sell an authorized municipal security at a competitive sale or a negotiated sale as determined in the authorizing resolution. If a municipality determines to sell a municipal security at a negotiated sale, the governing body shall expressly state […]
Section 141.2311 – Municipal Security; Registration; Facsimile Signatures; Transfer of Ownership; Delivery; Validity of Signature of Former Officer.
141.2311 Municipal security; registration; facsimile signatures; transfer of ownership; delivery; validity of signature of former officer. Sec. 311. (1) A municipal security may be registrable as to principal alone or as to both principal and interest under terms and conditions determined by the governing body of the issuing municipality. (2) A municipality may authorize a […]
Section 141.2313 – Mutilated Security; Substitution.
141.2313 Mutilated security; substitution. Sec. 313. If a municipal security has become mutilated, then the governing body of the municipality may by resolution provide for the issuance of a new municipal security with like terms, in exchange for and substitution of the mutilated municipal security. In all such cases the holder shall pay the reasonable […]
Section 141.2315 – Issuance of Municipal Security; Determination; Payment on Demand; Contrary Ordinance or Charter Provision.
141.2315 Issuance of municipal security; determination; payment on demand; contrary ordinance or charter provision. Sec. 315. (1) In determining to issue a municipal security, a municipality may do 1 or more of the following: (a) Authorize and enter into insurance contracts, agreements for lines of credit, letters of credit, commitments to purchase municipal securities, remarketing […]
Section 141.2317 – Interest Rate Exchange or Swap, Hedge, or Similar Agreement; Definitions.
141.2317 Interest rate exchange or swap, hedge, or similar agreement; definitions. Sec. 317. (1) For the purpose of more effectively managing its debt service, a municipality may enter into an interest rate exchange or swap, hedge, or similar agreement or agreements in connection with the issuance or proposed issuance of debt or in connection with […]
Section 141.2319 – Document to Be Filed by Municipality; Failure to Comply With Subsection (1) or (2).
141.2319 Document to be filed by municipality; failure to comply with subsection (1) or (2). Sec. 319. (1) Within 15 business days of completing the issuance of any municipal security qualified under section 303(3), the municipality shall file a copy of all of the following with the department in a form and manner prescribed by […]
Section 141.2321 – Filing in Electronic Format.
141.2321 Filing in electronic format. Sec. 321. The department may require that the filings to the department required by this act be filed in an electronic format prescribed by the department. History: 2001, Act 34, Eff. Mar. 1, 2002
Section 141.2323 – Municipal Security Issued Without Department Approval; Rating.
141.2323 Municipal security issued without department approval; rating. Sec. 323. The department may require a rating for a municipal security issued without approval of the department as provided in section 303(3) if the principal amount of the municipal security exceeds $5,000,000.00. History: 2001, Act 34, Eff. Mar. 1, 2002