Section 141.128 – Effect of Approval Permitting Issuance of Bonds.
141.128 Effect of approval permitting issuance of bonds. Sec. 28. Qualification or approval to issue obligations under the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, that permits the issuance of bonds under this act shall not be considered an approval of the legality of issuing bonds under this act. History: 1933, […]
Section 141.129 – Service Rates Not Subject to Supervision by State Agency.
141.129 Service rates not subject to supervision by state agency. Sec. 29. Rates charged for the services furnished by any public improvement purchased, acquired, constructed, improved, enlarged, extended and/or repaired under the provisions of this act shall not be subject to supervision or regulation by any state bureau, board, commission or other like instrumentality or […]
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, […]
Section 141.122 – Accounting of Revenues; Order of Priority; Disposition of Surplus.
141.122 Accounting of revenues; order of priority; disposition of surplus. Sec. 22. (1) In the authorizing ordinance the governing body of the borrower shall provide that the revenues of the public improvement be accounted for separately from the other funds and accounts of the borrower in the following order of recorded priority: (a) After provision […]