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 […]
Section 141.2407 – Anticipation of Revenue Sharing Payments; Issuance of Short-Term Municipal Securities; Payment of Operating Expenditures; Authorizing Resolution; Set Aside of Amounts for Payment of Principal and Interest.
141.2407 Anticipation of revenue sharing payments; issuance of short-term municipal securities; payment of operating expenditures; authorizing resolution; set aside of amounts for payment of principal and interest. Sec. 407. (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 revenue sharing […]
Section 141.2409 – Interest Rate; Limitation; Payment.
141.2409 Interest rate; limitation; payment. Sec. 409. A municipal security issued pursuant to this part shall bear no interest or interest at a rate not to exceed that provided in part III and shall be payable not later than the estimated time of collection of an amount sufficient for its payment out of the taxes […]
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 […]
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, […]