Section 141.2611 – Refund of Outstanding Securities by Issuance of Refunding Security; Prohibition; Exception; Procedures; Reasonable Basis.
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 […]
Section 141.2613 – Refunding Securities; Effect of 141.2503.
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
Section 141.2701 – Annual Tax Levy; Determination; Limitation Not Applicable; Adjustment in Event of Surplus Funds; Use of Money Remaining in Debt Retirement Fund; Priority; Set Aside of Tax Collections Allocable to Principal and Interest Payment; Failure of Officer to Perform Duties; “Tax Levy” Defined.
141.2701 Annual tax levy; determination; limitation not applicable; adjustment in event of surplus funds; use of money remaining in debt retirement fund; priority; set aside of tax collections allocable to principal and interest payment; failure of officer to perform duties; “tax levy” defined. Sec. 701. (1) Subject to subsection (3), if a municipality has municipal […]
Section 141.2705 – Debt Retirement Funds; Accounting; Use; Pooled or Combined for Deposit or Investment; Certification of Debt Retirement.
141.2705 Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement. Sec. 705. (1) Debt retirement funds, except in the case of a common debt retirement fund maintained by a school district pursuant to section 1223 of the revised school code, 1976 PA 451, MCL 380.1223, shall be accounted […]
Section 141.2707 – Sinking Fund; Use; Deposit; Accounting.
141.2707 Sinking fund; use; deposit; accounting. Sec. 707. Any municipality issuing a mandatory redemption refunding security under the provisions of part VI shall provide a sinking fund or funds for the retirement of the refunding security, and there shall be deposited in each sinking fund annually an amount sufficient to pay the principal of that […]
Section 141.2801 – Effective Date.
141.2801 Effective date. Sec. 801. This act takes effect March 1, 2002. History: 2001, Act 34, Eff. Mar. 1, 2002
Section 141.2802 – Outstanding Municipal Security; Default; Powers of Department; Plan; Implementation.
141.2802 Outstanding municipal security; default; powers of department; plan; implementation. Sec. 802. (1) If a municipality fails to pay any installment of principal or interest on an outstanding municipal security on or before its due date, the state treasurer, for a municipality other than a school district, or the superintendent of public instruction, for a […]
Section 141.2513 – Debt Incurred; Issuance of Municipal Securities Secured by Limited Tax Full Faith and Credit Pledge.
141.2513 Debt incurred; issuance of municipal securities secured by limited tax full faith and credit pledge. Sec. 513. (1) A municipality by resolution of its governing body or by entry into an intergovernmental contract pursuant to section 5 of 1951 PA 35, MCL 124.5, or pursuant to an amendment to a contract adopted and made […]
Section 141.2803 – Repeal of MCL 131.1 to 132.4, 133.1 to 133.9, 133.12 to 133.15, and 134.1 to 139.3; Effective Date of Repeal of MCL 133.10 to 133.11.
141.2803 Repeal of MCL 131.1 to 132.4, 133.1 to 133.9, 133.12 to 133.15, and 134.1 to 139.3; effective date of repeal of MCL 133.10 to 133.11. Sec. 803. (1) The following are repealed effective March 1, 2002: (a) Chapters I, II, IV, V, VI, VII, VIII, and IX of the municipal finance act, 1943 PA […]
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, […]