141.2601 Issuance of refunding securities. Sec. 601. (1) Subject to this act, a municipality may, by resolution or ordinance adopted by its governing body and without a vote of its electors, refund all or any part of its outstanding securities by issuing refunding securities as described in this part. (2) A municipality may issue a […]
141.2603 Assumption of outstanding security by another municipality; refunding. Sec. 603. (1) Any outstanding security of a municipality that has been assumed in part by another municipality may be refunded by the municipalities as to their respective liabilities. (2) This act shall not be construed to prohibit a municipality from refunding any of its outstanding […]
141.2605 Debt as additional to statutory or charter limitation of tax rate or outstanding debt limit. Sec. 605. The debt evidenced by a refunding security and the tax levies used to repay the refunding security shall not be deemed to be within any statutory or charter limitation of tax rate or of outstanding debt limit, […]
141.2607 Application of refunding security proceeds and available money. Sec. 607. (1) Money on hand applicable to the retirement of outstanding securities to be refunded, or from proceeds of revenues pledged for these purposes, or both, shall be applied as provided in the authorizing resolution. (2) The proceeds of a refunding security and other available […]
141.2609 Conditions for securing certain outstanding municipal securities. Sec. 609. A refunding security issued to refund municipal securities issued under the terms of the drain code of 1956, 1956 PA 40, MCL 280.1 to 280.630, shall be of the same character as the refunded outstanding municipal security and shall be construed to be a continuation […]
141.2611 Refund of outstanding securities by issuance of refunding security; prohibition; exception; procedures; reasonable basis. Sec. 611. (1) Except as provided in section 515 or subsection (2), a municipality shall not refund all or any part of its outstanding securities by issuing a refunding security unless the net present value of the principal and interest […]
141.2613 Refunding securities; effect of 141.2503. Sec. 613. Refunding securities are not subject to section 503(1), (2), and (3). History: 2001, Act 34, Eff. Mar. 1, 2002
