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 […]
Section 141.2321 – Filing in Electronic Format.
141.2321 Filing in electronic format. Sec. 321. The department may require that the filings to the department required by this act be filed in an electronic format prescribed by the department. History: 2001, Act 34, Eff. Mar. 1, 2002
Section 141.2323 – Municipal Security Issued Without Department Approval; Rating.
141.2323 Municipal security issued without department approval; rating. Sec. 323. The department may require a rating for a municipal security issued without approval of the department as provided in section 303(3) if the principal amount of the municipal security exceeds $5,000,000.00. History: 2001, Act 34, Eff. Mar. 1, 2002
Section 141.2401 – Short-Term Municipal Securities; Issuance; Conditions; Public Airport Authority.
141.2401 Short-term municipal securities; issuance; conditions; public airport authority. Sec. 401. (1) A municipality may, by resolution of its governing body, and without a vote of the electors, issue short-term municipal securities in anticipation of and payable from taxes to be collected by the municipality for its then next succeeding fiscal year or the taxes […]
Section 141.2403 – Resolution Authorizing Municipal Security; Tax Levy Provision; Operating Expenditures; Limitation; Set Aside of Taxes Collected; Tax Installments; Capital Improvements; Debt Service Charges.
141.2403 Resolution authorizing municipal security; tax levy provision; operating expenditures; limitation; set aside of taxes collected; tax installments; capital improvements; debt service charges. Sec. 403. (1) If a municipality issues a municipal security in anticipation of the collection of the taxes for the next succeeding fiscal year, the resolution authorizing a municipal security shall contain […]