Section 141.2303 – Annual Audit Report and Qualifying Statement; Filing by Municipality; Compliance Requirements; Determination; Correction of Noncompliant Requirements; Reconsideration; Order Granting Exception From Prior Approval.
141.2303 Annual audit report and qualifying statement; filing by municipality; compliance requirements; determination; correction of noncompliant requirements; reconsideration; order granting exception from prior approval. Sec. 303. (1) Each municipality shall file an audit report annually with the department within 6 months from the end of its fiscal year or as otherwise provided in the uniform […]
Section 141.2304 – Issuance of Municipal Security; Provisions Applicable to Contracting Municipalities.
141.2304 Issuance of municipal security; provisions applicable to contracting municipalities. Sec. 304. If a municipality issues a municipal security subject to this act and the principal and interest for that municipal security will be paid by 1 or more municipalities not issuing the municipal security under a contract, then 1 of the following applies: (a) […]
Section 141.2305 – Issuance of Municipal Security; Interest Rate; Sale at Discount; Rating; Maturity; Principal as Interest.
141.2305 Issuance of municipal security; interest rate; sale at discount; rating; maturity; principal as interest. Sec. 305. (1) A municipal security authorized by law to be issued by a municipality may, notwithstanding the provisions of a charter, bear no interest as provided in this section or a rate of interest not to exceed a maximum […]
Section 141.1636 – Duties of Commission; Review and Approval of Applicable Contracts; Reports; Approval of Collective Bargaining Agreements; Supplementary Information; Certification and Report of Debt Service.
141.1636 Duties of commission; review and approval of applicable contracts; reports; approval of collective bargaining agreements; supplementary information; certification and report of debt service. Sec. 6. (1) The commission shall provide oversight for a qualified city beginning on the effective date of the plan for adjustment or of this act, whichever is later. The commission […]
Section 141.2307 – Proposed Bulletin; Public Comment Period.
141.2307 Proposed bulletin; public comment period. Sec. 307. Before any bulletin issued by the department can take effect that addresses the filings, approvals, or determinations under section 303, or any modification of an existing bulletin that addresses the filings, approvals, or determinations under section 303, the department shall issue the bulletin or modification as a […]
Section 141.1637 – Commission; Powers.
141.1637 Commission; powers. Sec. 7. A commission may do 1 or more of the following for its qualified city or qualified school district: (a) For a qualified city, review and approve that qualified city’s consensus revenue estimate under section 4t of the home rule city act, 1909 PA 279, MCL 117.4t. The commission may also, […]
Section 141.2308 – Limited Tax Full Faith and Credit Pledge; Notice.
141.2308 Limited tax full faith and credit pledge; notice. Sec. 308. If a municipality issues a municipal security that contains the limited tax full faith and credit pledge of the municipality after October 1, 2002, a notice of at least 1 meeting at which a decision will be made or discussed with respect to the […]
Section 141.1638 – Waiver; Resolution; Conditions; Rescission; Reversal.
141.1638 Waiver; resolution; conditions; rescission; reversal. Sec. 8. (1) Notwithstanding section 6, for its qualified city or qualified school district, a commission shall, by resolution, waive the requirements designated in sections 6 and 7 as provided in subsection (2). (2) The commission shall grant a waiver under this section for its qualified city or qualified […]
Section 141.2309 – Sale of Municipal Security at Competitive or Negotiated Sale; Requirements.
141.2309 Sale of municipal security at competitive or negotiated sale; requirements. Sec. 309. (1) A municipality may sell an authorized municipal security at a competitive sale or a negotiated sale as determined in the authorizing resolution. If a municipality determines to sell a municipal security at a negotiated sale, the governing body shall expressly state […]
Section 141.1640 – Commission as Public and Governmental Purpose.
141.1640 Commission as public and governmental purpose. Sec. 10. Each commission, and the carrying out of its authorized purposes under this act, is in all respects a public and governmental purpose for the benefit of the people of this state and for the improvement of their health, safety, welfare, comfort, and security. These purposes are […]