141.1051 Legislative findings and declarations. Sec. 1. The legislature finds and declares the following: (a) It is in the public interest and it is the policy of the state to foster and promote borrowing of money by governmental units within the state for financing public improvements, for financing community water supplies and noncommunity water supplies, […]
141.1052 Short title. Sec. 2. This act shall be known and may be cited as the “Shared credit rating act.” History: 1985, Act 227, Eff. Mar. 31, 1986
141.1053 Definitions. Sec. 3. As used in this act: (a) “Authority” means the Michigan finance authority created by Executive Reorganization Order No. 2010-2, MCL 12.194. (b) “Board” means the board of directors of the authority. (c) “Bonds” means bonds of the authority issued under this act with a maturity greater than 3 years. (d) “Capitalization […]
141.1054 Michigan municipal bond authority; created; powers; funds. Sec. 4. The Michigan municipal bond authority is created as a body corporate, separate and distinct from the state. The authority may sue and be sued, plead and be impleaded, contract and be contracted with, have a corporate seal, and enjoy and carry out all powers granted […]
141.1055 Board of trustees; appointment, qualifications, and terms of members; duties; oath; vacancy; organization; rules of procedure; conducting business at public meetings; notice; quorum; action of board; designation of representative. Sec. 5. (1) The authority shall be governed by a board of trustees consisting of the state treasurer, 2 appointees of the governor to serve […]
141.1056 Chairperson; employment, qualifications, duties, and compensation of personnel; delegation of powers and duties; exercise of powers, duties, and functions; budgeting, procurement, and related functions; costs; report; annual audit. Sec. 6. (1) The state treasurer is the chairperson of the board. The authority may employ an executive director, legal and technical experts, and other officers, […]
141.1057 Powers of board generally. Sec. 7. The board has all of the following powers: (a) To adopt bylaws for the regulation of its affairs. (b) To adopt an official seal. (c) To maintain a principal office at a place within this state. (d) To sue and be sued in its own name and to […]
141.1058 Purchase of municipal obligations by authority; bonds or notes of authority; expenses; preferential treatment in rate of interest; forgiving or relinquishing interest or principal of obligation; purchase of qualified bonds of school district; additional purchase. Sec. 8. (1) The authority may lend money to a governmental unit through the purchase by the authority of […]
141.1059 Bonds or notes of authority; purposes; payment; security; authorization; requirements; validity of signature; sale; revised municipal finance act inapplicable; issuance of bonds subject to agency financing reporting act; interest rate exchange agreement. Sec. 9. (1) The authority may issue from time to time authority bonds or notes in the principal amounts the authority considers […]
141.1060 Retirement, funding, or refunding of notes. Sec. 10. The authority may from time to time issue its notes as provided in this act and pay and retire, fund, or refund those notes from proceeds of bonds or of other notes, or from any other funds or money of the authority available or to be […]
141.1061 Bonds or notes to refund bonds or notes. Sec. 11. (1) The authority may provide for the issuance of authority bonds or notes in the amounts the authority considers necessary for the purpose of refunding bonds or notes of the authority then outstanding, including the payment of any redemption premium and interest accrued or […]
141.1062 Security transactions; authorization and approval. Sec. 12. (1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to purchase notes or bonds, an agreement to remarket bonds or notes, and any other transaction to provide security to assure timely payment of […]
141.1063 Authority of member, executive director, or other personnel as to notes, bonds, and investments. Sec. 13. Within limitations that are stated in the issuance or authorization resolution of the authority, the authority may authorize a member of the board, the executive director of the authority, or other personnel within the department of treasury staffing […]
141.1064 Powers constituting covenants by authority and contracts with holders of bond or note. Sec. 14. If provided in a resolution of the authority authorizing or relating to the issuance of bonds or notes, and in order to secure the payment of the bonds or notes and in addition to its other powers, the authority […]
141.1065 Pledge of revenues or other money; lien of pledge; payment assigned or pledged to authority to be held in trust for payment of principal and interest; payment subject to lien; nature of lien; filing or recordation not required. Sec. 15. (1) A pledge of revenues or other money made by the authority is valid […]
141.1065a Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990. Compiler’s Notes: The repealed section provided a limitation on outstanding bonds.
141.1066 Reserve funds. Sec. 16. (1) The authority may create and establish 1 or more special funds as reserve funds. The authority shall pay into each reserve fund money appropriated and made available by this state for the purpose of that reserve fund, proceeds of the sale of bonds or notes to the extent provided […]
141.1066a State water pollution control revolving fund; establishment; compliance; funding; assistance to governmental unit; loan agreement; determination of eligible projects; maximum amount of municipal obligation; maximum interest rate. Sec. 16a. The authority shall establish a state water pollution control revolving fund that complies with the requirements and objectives of the federal water pollution control act. […]
141.1066b State drinking water revolving fund. Sec. 16b. The authority shall establish a state drinking water revolving fund that complies with the requirements and objectives of the federal safe drinking water act. The authority shall establish accounts and subaccounts within the state drinking water revolving fund as it determines is necessary or appropriate to operate […]
141.1066c School loan revolving fund. Sec. 16c. The authority shall establish a school loan revolving fund and shall establish accounts and subaccounts with the school loan revolving fund as it determines is necessary or appropriate to operate the school loan revolving fund. The authority may fund the school loan revolving fund with proceeds of bonds […]
