Section 141.2413 – Anticipation of Long-Term Municipal Security Proceeds; Issuance of Short-Term Municipal Security; Authorization of Principal, Interest, and Redemption Premiums; Limitation on Principal Amount; Use of Proceeds.
141.2413 Anticipation of long-term municipal security proceeds; issuance of short-term municipal security; authorization of principal, interest, and redemption premiums; limitation on principal amount; use of proceeds. Sec. 413. (1) A municipality may by resolution of its governing body, and without a vote of its electors, issue a short-term municipal security in anticipation of the proceeds […]
Section 141.2415 – Anticipation of State or Federal Grants; Issuance of Short-Term Municipal Security; Pledge of Grant Proceeds as Payment of Principal, Interest, and Redemption Premiums; Limitation on Principal Amount; Use of Municipal Security Proceeds.
141.2415 Anticipation of state or federal grants; issuance of short-term municipal security; pledge of grant proceeds as payment of principal, interest, and redemption premiums; limitation on principal amount; use of municipal security proceeds. Sec. 415. (1) A municipality may by resolution of its governing body, and without a vote of its electors, issue a short-term […]
Section 141.2501 – Maturity Time Periods.
141.2501 Maturity time periods. Sec. 501. (1) Except as otherwise provided for by law, or as otherwise provided in part VI, a municipal security issued by a municipality under this act shall not mature later than the estimated period of usefulness of the property or improvement for which the municipal security is issued. (2) In […]
Section 141.2503 – Municipal Securities of a Single Issue; Maturity or Redemption Date; Purchase at Open Market; Redemption Requirements; Municipal Securities of School District; Municipal Security Issued by County, City, Village, or Township Pursuant to MCL 141.2518.
141.2503 Municipal securities of a single issue; maturity or redemption date; purchase at open market; redemption requirements; municipal securities of school district; municipal security issued by county, city, village, or township pursuant to MCL 141.2518. Sec. 503. (1) Municipal securities of a single issue may mature serially or be subject to mandatory redemptions, or both, […]
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, […]
Section 141.2317 – Interest Rate Exchange or Swap, Hedge, or Similar Agreement; Definitions.
141.2317 Interest rate exchange or swap, hedge, or similar agreement; definitions. Sec. 317. (1) For the purpose of more effectively managing its debt service, a municipality may enter into an interest rate exchange or swap, hedge, or similar agreement or agreements in connection with the issuance or proposed issuance of debt or in connection with […]
Section 141.2509 – Reserve Fund; Establishment.
141.2509 Reserve fund; establishment. Sec. 509. A municipality may pay interest that accrues on a municipal security during the first 3 years after the date of issuance of the municipal security from the proceeds of the sale of the municipal security. In addition, a municipality may establish a reserve fund, in an amount not exceeding […]