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 (1) The following are repealed effective March 1, 2002: (a) Chapters I, II, IV, V, VI, VII, VIII, and IX of the municipal finance act, 1943 PA […]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 141.2323 – 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
Section 141.2401 – Short-Term Municipal Securities; Issuance; Conditions; Public Airport Authority.
141.2401 Short-term municipal securities; issuance; conditions; public airport authority. Sec. 401. (1) A municipality may, by resolution of its governing body, and without a vote of the electors, issue short-term municipal securities in anticipation of and payable from taxes to be collected by the municipality for its then next succeeding fiscal year or the taxes […]
Section 141.2403 – Resolution Authorizing Municipal Security; Tax Levy Provision; Operating Expenditures; Limitation; Set Aside of Taxes Collected; Tax Installments; Capital Improvements; Debt Service Charges.
141.2403 Resolution authorizing municipal security; tax levy provision; operating expenditures; limitation; set aside of taxes collected; tax installments; capital improvements; debt service charges. Sec. 403. (1) If a municipality issues a municipal security in anticipation of the collection of the taxes for the next succeeding fiscal year, the resolution authorizing a municipal security shall contain […]
Section 141.2405 – Issuance of Short-Term Municipal Securities; Payments Allowed; Operating Expenditures or Debt Service Charges; Limitation; Authorizing Resolution; Set Aside of Taxes Collected; Capital Improvements; Deduction of Outstanding Principal Amount.
141.2405 Issuance of short-term municipal securities; payments allowed; operating expenditures or debt service charges; limitation; authorizing resolution; set aside of taxes collected; capital improvements; deduction of outstanding principal amount. Sec. 405. (1) A municipality may issue short-term municipal securities in anticipation of the collection of the taxes for a current fiscal year for the payment […]