Section 141.2605 – Debt as Additional to Statutory or Charter Limitation of Tax Rate or Outstanding Debt Limit.
141.2605 Debt as additional to statutory or charter limitation of tax rate or outstanding debt limit. Sec. 605. The debt evidenced by a refunding security and the tax levies used to repay the refunding security shall not be deemed to be within any statutory or charter limitation of tax rate or of outstanding debt limit, […]
Section 141.2607 – Application of Refunding Security Proceeds and Available Money.
141.2607 Application of refunding security proceeds and available money. Sec. 607. (1) Money on hand applicable to the retirement of outstanding securities to be refunded, or from proceeds of revenues pledged for these purposes, or both, shall be applied as provided in the authorizing resolution. (2) The proceeds of a refunding security and other available […]
Section 141.2609 – Conditions for Securing Certain Outstanding Municipal Securities.
141.2609 Conditions for securing certain outstanding municipal securities. Sec. 609. A refunding security issued to refund municipal securities issued under the terms of the drain code of 1956, 1956 PA 40, MCL 280.1 to 280.630, shall be of the same character as the refunded outstanding municipal security and shall be construed to be a continuation […]
Section 141.2611 – Refund of Outstanding Securities by Issuance of Refunding Security; Prohibition; Exception; Procedures; Reasonable Basis.
141.2611 Refund of outstanding securities by issuance of refunding security; prohibition; exception; procedures; reasonable basis. Sec. 611. (1) Except as provided in section 515 or subsection (2), a municipality shall not refund all or any part of its outstanding securities by issuing a refunding security unless the net present value of the principal and interest […]
Section 141.2613 – Refunding Securities; Effect of 141.2503.
141.2613 Refunding securities; effect of 141.2503. Sec. 613. Refunding securities are not subject to section 503(1), (2), and (3). History: 2001, Act 34, Eff. Mar. 1, 2002
Section 141.2701 – Annual Tax Levy; Determination; Limitation Not Applicable; Adjustment in Event of Surplus Funds; Use of Money Remaining in Debt Retirement Fund; Priority; Set Aside of Tax Collections Allocable to Principal and Interest Payment; Failure of Officer to Perform Duties; “Tax Levy” Defined.
141.2701 Annual tax levy; determination; limitation not applicable; adjustment in event of surplus funds; use of money remaining in debt retirement fund; priority; set aside of tax collections allocable to principal and interest payment; failure of officer to perform duties; “tax levy” defined. Sec. 701. (1) Subject to subsection (3), if a municipality has municipal […]
Section 141.2705 – Debt Retirement Funds; Accounting; Use; Pooled or Combined for Deposit or Investment; Certification of Debt Retirement.
141.2705 Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement. Sec. 705. (1) Debt retirement funds, except in the case of a common debt retirement fund maintained by a school district pursuant to section 1223 of the revised school code, 1976 PA 451, MCL 380.1223, shall be accounted […]
Section 141.2707 – Sinking Fund; Use; Deposit; Accounting.
141.2707 Sinking fund; use; deposit; accounting. Sec. 707. Any municipality issuing a mandatory redemption refunding security under the provisions of part VI shall provide a sinking fund or funds for the retirement of the refunding security, and there shall be deposited in each sinking fund annually an amount sufficient to pay the principal of that […]
Section 141.2801 – Effective Date.
141.2801 Effective date. Sec. 801. This act takes effect March 1, 2002. History: 2001, Act 34, Eff. Mar. 1, 2002
Section 141.2802 – Outstanding Municipal Security; Default; Powers of Department; Plan; Implementation.
141.2802 Outstanding municipal security; default; powers of department; plan; implementation. Sec. 802. (1) If a municipality fails to pay any installment of principal or interest on an outstanding municipal security on or before its due date, the state treasurer, for a municipality other than a school district, or the superintendent of public instruction, for a […]