Section 397.290 – Submission of Proposal to Issue Bonds; Limitation.
397.290 Submission of proposal to issue bonds; limitation. Sec. 10. A board shall not submit a proposal to issue bonds under this act more than 1 time during a calendar year. History: 1988, Act 265, Imd. Eff. July 15, 1988 ;– Am. 1989, Act 25, Imd. Eff. May 22, 1989
Section 397.281 – Short Title.
397.281 Short title. Sec. 1. This act shall be known and may be cited as the “district library financing act”. History: 1988, Act 265, Imd. Eff. July 15, 1988
Section 397.282 – Definitions.
397.282 Definitions. Sec. 2. As used in this act: (a) “Board” means that term as defined in section 2 of the district library establishment act. (b) “District” means that term as defined in section 2 of the district library establishment act. (c) “District library” means a library established pursuant to the district library establishment act […]
Section 397.283 – Powers of Board.
397.283 Powers of board. Sec. 3. A board may do 1 or more of the following: (a) Acquire real or personal property for use for library purposes by purchase, land contract, installment purchase contract, lease with or without option to purchase, or title retaining contract. (b) Borrow money and issue its negotiable bonds or notes […]
Section 397.284 – Limitation on Borrowing Money or Issuing Bonds or Notes; Conditions to Issuance of General Obligation Unlimited Tax Bonds; Ballot Question.
397.284 Limitation on borrowing money or issuing bonds or notes; conditions to issuance of general obligation unlimited tax bonds; ballot question. Sec. 4. (1) A district library shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the district library, exceeds 5% of the […]
Section 397.285 – Issuance of Limited Tax Bonds or Notes by Resolution.
397.285 Issuance of limited tax bonds or notes by resolution. Sec. 5. Except as otherwise provided in section 4, a district library may issue limited tax bonds or notes by resolution of the board, without submitting the question to the electors of the district. History: 1988, Act 265, Imd. Eff. July 15, 1988 ;– Am. […]
Section 397.286 – Repealed. 1989, Act 25, Imd. Eff. May 22, 1989.
397.286 Repealed. 1989, Act 25, Imd. Eff. May 22, 1989. Compiler’s Notes: The repealed section pertained to borrowing money, issuing bonds or notes, and condition to establishment of district library.
Section 397.287 – Bonds as Debt of District Library; Withdrawal of Participating Municipality From District Library.
397.287 Bonds as debt of district library; withdrawal of participating municipality from district library. Sec. 7. Bonds issued pursuant to this act are debt of the district library and not of the participating municipalities. If a participating municipality withdraws from a district library, taxes imposed for payment of bonds approved as provided in this act […]
Section 397.288 – Authorization and Levy of Taxes to Pay Principal of and Interest on Bonds.
397.288 Authorization and levy of taxes to pay principal of and interest on bonds. Sec. 8. If a majority of the qualified electors of a district voting on the question of issuing bonds approves the issuance, or if bonds are otherwise issued pursuant to section 5, the board, by resolution, shall authorize and levy the […]
Section 397.289 – Bonds Subject to Revised Municipal Finance Act.
397.289 Bonds subject to revised municipal finance act. Sec. 9. Bonds issued pursuant to this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. History: 1988, Act 265, Imd. Eff. July 15, 1988 ;– Am. 2002, Act 345, Imd. Eff. May 23, 2002