Section 141.2807 – Exceptions From Prior Approval of Debts or Securities; Effect of Orders; Applicability of Terms.
141.2807 Exceptions from prior approval of debts or securities; effect of orders; applicability of terms. Sec. 807. All orders granting exceptions from prior approval of debts or securities issued by the department shall continue in force and effect until the expiration date expressly contained in the order. The terms of the municipal finance act, 1943 […]
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, […]
Section 141.2809 – Effect of Orders Approving Issuance of Securities.
141.2809 Effect of orders approving issuance of securities. Sec. 809. All orders approving the issuance of securities issued by the department shall continue in force and effect until October 31, 2002. The terms of former 1943 PA 202 and the administrative rules of the municipal finance division shall apply with respect to any security issued […]
Section 141.2601 – Issuance of Refunding Securities.
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 […]
Section 141.2603 – Assumption of Outstanding Security by Another Municipality; Refunding.
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 […]
Section 141.2605 – Debt as Additional to Statutory or Charter Limitation of Tax Rate or Outstanding Debt Limit.
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, […]
Section 141.2411 – Money Deposited in Special Fund; Use.
141.2411 Money deposited in special fund; use. Sec. 411. The money in each special fund required by this part shall be deposited in a bank account separate from any other money of the municipality and shall be used for no purpose other than to retire the municipal security for which the special fund was established. […]
Section 141.2413 – Anticipation of Long-Term Municipal Security Proceeds; Issuance of Short-Term Municipal Security; Authorization of Principal, Interest, and Redemption Premiums; Limitation on Principal Amount; Use of Proceeds.
141.2413 Anticipation of long-term municipal security proceeds; issuance of short-term municipal security; authorization of principal, interest, and redemption premiums; limitation on principal amount; use of proceeds. Sec. 413. (1) A municipality may by resolution of its governing body, and without a vote of its electors, issue a short-term municipal security in anticipation of the proceeds […]
Section 141.2415 – Anticipation of State or Federal Grants; Issuance of Short-Term Municipal Security; Pledge of Grant Proceeds as Payment of Principal, Interest, and Redemption Premiums; Limitation on Principal Amount; Use of Municipal Security Proceeds.
141.2415 Anticipation of state or federal grants; issuance of short-term municipal security; pledge of grant proceeds as payment of principal, interest, and redemption premiums; limitation on principal amount; use of municipal security proceeds. Sec. 415. (1) A municipality may by resolution of its governing body, and without a vote of its electors, issue a short-term […]
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 […]