Section 324.95202 – Financing Sewage Treatment Works Projects, Storm Water Projects, and Nonpoint Source Projects; Bonds.
324.95202 Financing sewage treatment works projects, storm water projects, and nonpoint source projects; bonds. Sec. 2. The state shall borrow a sum not to exceed $1,000,000,000.00 and issue the general obligation bonds of the state, pledging the full faith and credit of the state for the payment of principal and interest on the bonds, to […]
Section 324.95203 – Bonds; Issuance; Conditions and Procedures.
324.95203 Bonds; issuance; conditions and procedures. Sec. 3. Bonds shall be issued in accordance with conditions and procedures to be established by law. History: 2002, Act 396, Imd. Eff. May 30, 2002 Compiler’s Notes: Act 396 of 2002, which was approved by the Governor on May 29, 2002, and filed with the Secretary of State […]
Section 324.95204 – Disposition of Bond Proceeds.
324.95204 Disposition of bond proceeds. Sec. 4. The proceeds of the sale of any series of the bonds, any premium and accrued interest received on the delivery of the bonds, and any interest earned on the proceeds of the bonds shall be deposited in the state treasury and credited to a restricted fund as provided […]
Section 324.95205 – Submission of Question to Electors; Vote Required.
324.95205 Submission of question to electors; vote required. Sec. 5. The question of borrowing a sum not to exceed $1,000,000,000.00 and the issuance of the general obligation bonds of the state for the purposes set forth in this act shall be submitted to a vote of the electors of the state qualified to vote on […]
Section 324.95206 – Submission of Question to Electors; Duties of Secretary of State.
324.95206 Submission of question to electors; duties of secretary of state. Sec. 6. The secretary of state shall perform all acts necessary to properly submit the question prescribed by section 5 to the electors of the state qualified to vote on the question at the next general November election. History: 2002, Act 396, Imd. Eff. […]
Section 324.95207 – Vote of Majority Required.
324.95207 Vote of majority required. Sec. 7. Bonds shall not be issued under this act unless the question set forth in section 5 is approved by a majority vote of the registered electors voting on the question. History: 2002, Act 396, Imd. Eff. May 30, 2002 Compiler’s Notes: Act 396 of 2002, which was approved […]
Section 324.95208 – Appropriation From General Fund; Budget Recommendations of Governor.
324.95208 Appropriation from general fund; budget recommendations of governor. Sec. 8. (1) After the issuance of the bonds authorized by this act, there shall be appropriated from the general fund of the state each fiscal year a sufficient amount to pay promptly, when due, the principal of and interest on all outstanding bonds authorized by […]
Section 324.95165 – Rules.
324.95165 Rules. Sec. 5. The department may promulgate rules to implement this act pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 2008, Act 318, Imd. Eff. Dec. 18, 2008 Compiler’s Notes: Enacting section 1 of Act 318 of 2008 provides:”Enacting section 1. If any federal or state […]
Section 324.95104 – Sale of Bonds; Disposition of Proceeds; Disbursement; Expenditure.
324.95104 Sale of bonds; disposition of proceeds; disbursement; expenditure. Sec. 4. The proceeds of the sale of any series of the bonds, any premium and accrued interest received on the delivery of the bonds, and any interest earned on the proceeds of the bonds shall be deposited in the state treasury and credited to the […]
Section 324.95105 – Borrowing and Issuance of Bonds; Submission of Question to Vote of Electors.
324.95105 Borrowing and issuance of bonds; submission of question to vote of electors. Sec. 5. The question of borrowing a sum not to exceed $675,000,000.00 and the issuance of the general obligation bonds of the state for the purposes set forth in this act shall be submitted to a vote of the electors of the […]