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 […]
Section 141.2319 – Document to Be Filed by Municipality; Failure to Comply With Subsection (1) or (2).
141.2319 Document to be filed by municipality; failure to comply with subsection (1) or (2). Sec. 319. (1) Within 15 business days of completing the issuance of any municipal security qualified under section 303(3), the municipality shall file a copy of all of the following with the department in a form and manner prescribed by […]
Section 141.2511 – Issuance of Municipal Securities to Fund County Drain Special Assessment.
141.2511 Issuance of municipal securities to fund county drain special assessment. Sec. 511. Any county, township, city, or village, by resolution of its governing body and without a vote of its electors, may issue municipal securities for the purpose of funding any part or all of a county or intercounty drain special assessment made against […]
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