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 141.2313 – Mutilated Security; Substitution.
141.2313 Mutilated security; substitution. Sec. 313. If a municipal security has become mutilated, then the governing body of the municipality may by resolution provide for the issuance of a new municipal security with like terms, in exchange for and substitution of the mutilated municipal security. In all such cases the holder shall pay the reasonable […]
Section 141.2505 – Municipal Securities Secured by Special Assessments.
141.2505 Municipal securities secured by special assessments. Sec. 505. The total amount of municipal securities secured by special assessments and pledging the limited tax full faith and credit of the municipality shall at no time by reason of future issues, other than issues of refunding securities, exceed 12% of the assessed value of the taxable […]
Section 141.2315 – Issuance of Municipal Security; Determination; Payment on Demand; Contrary Ordinance or Charter Provision.
141.2315 Issuance of municipal security; determination; payment on demand; contrary ordinance or charter provision. Sec. 315. (1) In determining to issue a municipal security, a municipality may do 1 or more of the following: (a) Authorize and enter into insurance contracts, agreements for lines of credit, letters of credit, commitments to purchase municipal securities, remarketing […]
Section 141.2507 – Interest Rate Charge on Special Assessments.
141.2507 Interest rate charge on special assessments. Sec. 507. A municipality issuing a municipal security in anticipation of special assessments may, notwithstanding any charter or ordinance provisions to the contrary, charge a rate of interest on the unpaid balance of the special assessments in excess of the charter or ordinance limit on the municipal security, […]