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Section 141.2501 – Maturity Time Periods.

141.2501 Maturity time periods. Sec. 501. (1) Except as otherwise provided for by law, or as otherwise provided in part VI, a municipal security issued by a municipality under this act shall not mature later than the estimated period of usefulness of the property or improvement for which the municipal security is issued. (2) In […]

Section 141.2503 – Municipal Securities of a Single Issue; Maturity or Redemption Date; Purchase at Open Market; Redemption Requirements; Municipal Securities of School District; Municipal Security Issued by County, City, Village, or Township Pursuant to MCL 141.2518.

141.2503 Municipal securities of a single issue; maturity or redemption date; purchase at open market; redemption requirements; municipal securities of school district; municipal security issued by county, city, village, or township pursuant to MCL 141.2518. Sec. 503. (1) Municipal securities of a single issue may mature serially or be subject to mandatory redemptions, or both, […]

Section 141.2505 – Municipal Securities Secured by Special Assessments.

141.2505 Municipal securities secured by special assessments. Sec. 505. The total amount of municipal securities secured by special assessments and pledging the limited tax full faith and credit of the municipality shall at no time by reason of future issues, other than issues of refunding securities, exceed 12% of the assessed value of the taxable […]

Section 141.2507 – Interest Rate Charge on Special Assessments.

141.2507 Interest rate charge on special assessments. Sec. 507. A municipality issuing a municipal security in anticipation of special assessments may, notwithstanding any charter or ordinance provisions to the contrary, charge a rate of interest on the unpaid balance of the special assessments in excess of the charter or ordinance limit on the municipal security, […]

Section 141.2509 – Reserve Fund; Establishment.

141.2509 Reserve fund; establishment. Sec. 509. A municipality may pay interest that accrues on a municipal security during the first 3 years after the date of issuance of the municipal security from the proceeds of the sale of the municipal security. In addition, a municipality may establish a reserve fund, in an amount not exceeding […]

Section 141.2515 – Water Supply or Sewage Disposal, Public Building, or Other Public Improvement; Delivery of Municipal Security to Defray Cost.

141.2515 Water supply or sewage disposal, public building, or other public improvement; delivery of municipal security to defray cost. Sec. 515. (1) A municipality may deliver a municipal security to this state or the federal government for the purpose of defraying the whole or part of the cost of purchasing, acquiring, constructing, improving, enlarging, extending, […]

Section 141.2517 – Capital Improvement Items; Issuance of Municipal Security to Pay Cost; Notice of Intent; Petition; Referendum; Special Election; Limitation on Amount.

141.2517 Capital improvement items; issuance of municipal security to pay cost; notice of intent; petition; referendum; special election; limitation on amount. Sec. 517. (1) A county, city, village, or township may by resolution of its governing body, and without a vote of its electors, issue a municipal security under this section to pay the cost […]

Section 141.2518 – Payment of Unfunded Pension Liability or Unfunded Accrued Health Care Liability; Issuance of Municipal Security; Comprehensive Financial Plan; Requirements.

141.2518 Payment of unfunded pension liability or unfunded accrued health care liability; issuance of municipal security; comprehensive financial plan; requirements. Sec. 518. (1) Through December 31, 2023, in connection with the partial or complete cessation of accruals to a defined benefit plan or the closure of the defined benefit plan to new or existing employees, […]