Section 141.138 – Trustee; Appointment; Powers and Duties; Pledging of Trust Funds.
141.138 Trustee; appointment; powers and duties; pledging of trust funds. Sec. 38. An ordinance authorizing the issuance of bonds under this act may provide for the appointment of a trustee with the powers and duties prescribed in the ordinance in respect to the bonds and the payment and security of the bonds including provision that […]
Section 141.139 – Water Pollution; Prevention or Abatement; Public Corporation May Accept Grants or Aid From u.s. Government.
141.139 Water pollution; prevention or abatement; public corporation may accept grants or aid from U.S. government. Sec. 39. Any public corporation is hereby authorized to apply for and accept grants or any other aid which the United States government or any agency thereof has authorized or may hereafter authorize to be given or made to […]
Section 141.140 – Allocation System for Private Activity Bonds; Establishment; Purpose; Applicability; Ratification of Prior Allocations; Revocation of Allocation; Applicability of Subsection (1).
***** 141.140 SUBSECTION (1) SHALL NOT APPLY AFTER DECEMBER 31, 1988: See (4) of 141.140 ***** 141.140 Allocation system for private activity bonds; establishment; purpose; applicability; ratification of prior allocations; revocation of allocation; applicability of subsection (1). Sec. 40. (1) Until otherwise provided by law, the state treasurer may establish and maintain an allocation system […]
Section 141.130 – Books of Record and Account; Annual Audit Report.
141.130 Books of record and account; annual audit report. Sec. 30. (1) Any borrower issuing revenue bonds under this act shall install, maintain, and keep proper books of record and account, separate from other records and accounts of such borrower, in which full and correct entries shall be made of all dealings or transactions of […]
Section 141.131 – Redemption of Bonds Before Maturity.
141.131 Redemption of bonds before maturity. Sec. 31. The governing body of the borrower authorizing bonds under this act may make provisions in the authorizing ordinance for the redemption before maturity of the bonds or a part of the bonds. In case of refunding, bonds of an issue less than all the outstanding bonds of […]
Section 141.132 – Breach of Contract Not Authorized; Pledging of Revenues; Disconnection of Lands Not to Affect Liability Under Bond Issue.
141.132 Breach of contract not authorized; pledging of revenues; disconnection of lands not to affect liability under bond issue. Sec. 32. Nothing in this act shall be construed as authorizing any borrower to impair or commit a breach of the obligation of any valid lien or contract created or entered into by it, the intention […]
Section 141.133 – Issuance of Bonds Without Submitting Proposition to Voters for Approval; Notice of Intent to Issue Bonds; Petition Requesting Referendum; Special Election; Verification and Rejection of Signatures; Determining Number of Registered Electors.
141.133 Issuance of bonds without submitting proposition to voters for approval; notice of intent to issue bonds; petition requesting referendum; special election; verification and rejection of signatures; determining number of registered electors. Sec. 33. Unless otherwise provided in this act, the powers conferred upon public corporations by this act shall be exercised by their respective […]
Section 141.133a – Validation of Bonds Heretofore Issued.
141.133a Validation of bonds heretofore issued. Sec. 33a. All bonds heretofore issued under this act as originally adopted or subsequently amended are hereby validated. A public corporation shall not contest the validity of any such bonds after the bonds have been sold and delivered and the public corporation has received the consideration therefor. History: Add. […]
Section 141.121a – Issuance of Notes; Requirement That Delinquent Tax Revenues Be Fixed and Sufficient; Statutory Lien.
141.121a Issuance of notes; requirement that delinquent tax revenues be fixed and sufficient; statutory lien. Sec. 21a. (1) Delinquent tax revenues shall be fixed before the issuance of the notes and shall be sufficient to provide for all of the following: (a) The payment of the interest on and the principal of notes payable from […]
Section 141.133b – Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
141.133b Violation of MCL 168.1 to 168.992 applicable to petitions; penalties. Sec. 33b. A petition under section 33, including the circulation and signing of the petition, is subject to section 488 of the Michigan election law, 1954 PA 116, MCL 168.488. A person who violates a provision of the Michigan election law, 1954 PA 116, […]