141.101 Short title; revenue bond act of 1933. Sec. 1. This act shall be known and may be cited as “the revenue bond act of 1933.” History: 1933, Act 94, Imd. Eff. May 26, 1933 ;– Am. 1935, Act 66, Imd. Eff. May 17, 1935 ;– Am. 1939, Act 2, Imd. Eff. Feb. 15, 1939 […]
141.102 Construction of act. Sec. 2. This act shall be construed as cumulative authority for the exercise of the powers herein granted and shall not be construed to repeal any existing laws with respect thereto, it being the purpose and intention of this act to create full and complete additional and alternate methods for the […]
141.103 Definitions. Sec. 3. As used in this act: (a) “Public corporation” means a county, city, village, township, school district, port district, or metropolitan district of the state or a combination of these if authorized by law to act jointly; an authority created by or under an act of the legislature; or a municipal health […]
141.104 Municipal public improvements; limitations; bonds; acquiring utility for supplying light, heat or power; referendum; powers exercised. Sec. 4. Any public corporation is authorized to purchase, acquire, construct, improve, enlarge, extend or repair 1 or more public improvements and to own, operate and maintain the same, within or without its corporate limits, and to furnish […]
141.105 Estimate of cost and period of usefulness. Sec. 5. Whenever the governing body of any public corporation shall determine to purchase, acquire, construct, improve, enlarge, extend and/or repair any public improvement and to issue bonds under this act, it shall first cause an estimate to be made of the cost and the period of […]
141.106 Ordinances; adoption; purpose; approval or disapproval; veto; effective date; referendum; record; authentication; publication. Sec. 6. The governing body of a public corporation by the affirmative vote of a majority of its elected members, at the meeting at which it is introduced or any subsequent meeting, may adopt an ordinance relating to the exercise of […]
141.107 Bonds; issuance; form; term; interest; exclusion from net bonded indebtedness; registration; pledge of funds; statutory first lien. Sec. 7. (1) For the purpose of defraying the whole or a part of project costs, a public corporation may borrow money and issue its negotiable bonds. The bonds shall not be issued unless and until authorized […]
141.107a Powers of public corporation in determining to issue bonds; terms of payment; interest; sale or remarketing; tender of bonds by holders; determining aggregate authorized amount of bonds outstanding; remarketing or resale of tendered bonds or incurrence of obligation of public corporation; provisions of section construed. Sec. 7a. (1) A public corporation in determining to […]
141.107b Delinquent tax revolving fund; continuation under MCL 211.87b; borrowing money and issuing revenue notes; order; delinquent tax revenue as security; segregated fund or account; requirements applicable to notes; limited tax full-faith and credit obligations of county; insufficient tax proceeds; pledge of county’s general fund as security; conditions; other provisions; exemption from tax; payment; registration; […]
141.108 Lien on revenue in favor of bondholders. Sec. 8. There shall be created in the authorizing ordinance a lien, by this act made a statutory lien, upon the net revenues pledged to the payment of the principal of and interest upon such bonds, to and in favor of the holders of such bonds and […]
141.109 Statutory lien on net revenues; duration; enforcement. Sec. 9. The net revenues which are pledged shall be and remain subject to the statutory lien until the payment in full of the principal of and interest upon the bonds unless the authorizing ordinance provides for earlier discharge of the lien by substitution of other security. […]
141.110 Receiverships for public improvements. Sec. 10. If there be any default in the payment of the principal of or interest upon any of said bonds, any court having jurisdiction in any proper action may appoint a receiver to administer and operate on behalf of the borrower, under the direction of said court, any public […]
141.111 Bonds; application of other laws and charters. Sec. 11. The bonds authorized hereunder shall not be subject to any limitations or provisions contained in the laws of the state of Michigan, pertaining to public corporations or in the charters of public corporations, as now in force or hereafter amended, other than as provided for […]
141.112 Bonds; discount; sale price; interest; competitive or negotiated sale; notice; publication. Sec. 12. (1) Bonds issued under this act may be sold at a discount but may not be sold at a price that would make the interest cost on the money borrowed after deducting any premium or adding any discount exceed 10% per […]
141.112a Bonds subject to revised municipal finance act. Sec. 12a. (1) Bonds issued under this act for which a municipality pledges its full faith and credit are also subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, except for part VI and section 503 of the revised municipal finance act, […]
141.112b Bulletins; issuance by department of treasury. Sec. 12b. The department of treasury is authorized to issue bulletins as necessary to carry out the purposes of this act. A bulletin issued under this section shall include a statement of the department’s specific statutory authority for any substantive requirement contained within the bulletin. History: Add. 2002, […]
141.113 Bonds; statement on face of bond or on face of interest coupon. Sec. 13. (1) There shall be plainly stated on the face of each bond: that it is issued under this act; that it is a self-liquidating bond and is not a general obligation of the borrower, unless the full faith and credit […]
141.114 Bonds; qualities of negotiable instruments. Sec. 14. The bonds shall have all the qualities of negotiable instruments as provided for in the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;– CL 1948, 141.114 ;– Am. 1978, Act 216, Imd. Eff. June 5, […]
141.115 Bonds; deposit and investment of sale proceeds. Sec. 15. The governing body shall require that the proceeds of the sale of bonds issued under this act be deposited in an account or accounts separate from other money of the borrower in 1 or more banks, savings and loan associations, or credit unions, each having […]
141.116 Bonds; use of sale proceeds; cancellation of bonds acquired by purchase; payment of capitalized interest. Sec. 16. Money received from the sale of bonds shall be used solely for the payment of project costs. An unexpended balance of the proceeds of the sale of any bonds remaining after the completion of the project for […]
