Section 141.112b – Bulletins; Issuance by Department of Treasury.
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, […]
Section 141.113 – Bonds; Statement on Face of Bond or on Face of Interest Coupon.
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 […]
Section 141.114 – Bonds; Qualities of Negotiable Instruments.
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, […]
Section 141.115 – Bonds; Deposit and Investment of Sale Proceeds.
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 […]
Section 141.116 – Bonds; Use of Sale Proceeds; Cancellation of Bonds Acquired by Purchase; Payment of Capitalized Interest.
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 […]
Section 141.117 – Bonds; Validity of Signatures.
141.117 Bonds; validity of signatures. Sec. 17. In case any of the officers whose signatures or counter-signatures appear on the bonds or coupons shall cease to be such officers before delivery of such bonds, such signatures or counter-signatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained in […]
Section 141.118 – Charges for Services; Providing Medical Care Without Charge or at Reduced Rates.
141.118 Charges for services; providing medical care without charge or at reduced rates. Sec. 18. (1) Except as provided in subsection (2), free service shall not be furnished by a public improvement to a person, firm, or corporation, public or private, or to a public agency or instrumentality. The reasonable cost and value of any […]
Section 141.119 – Additional Bonds.
141.119 Additional bonds. Sec. 19. (1) A borrower issuing bonds for any public improvement pursuant to this act, at the time of the authorization of the bonds, may provide in the authorizing ordinance for the issuance of additional bonds of equal standing for its completion in the event the bonds first authorized shall prove to […]
Section 141.120 – Revenue Refunding Bonds.
141.120 Revenue refunding bonds. Sec. 20. (1) If a borrower has outstanding any bonds issued under this act, it may issue and negotiate new bonds under this act for the purpose of providing for the retirement of those outstanding bonds, in whole or in part. The new bonds shall be designated “revenue refunding bonds”. Except […]
Section 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; Powers of County Treasurer; Security Under Trust or Escrow Agreement; Exemption From MCL 141.2101 to 141.2821.
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; […]