141.221 Definitions. Sec. 1. The following definitions shall apply for the purposes of this act: (a) “Municipality” means any local unit of government of this state which may now or may hereafter operate any public utility pursuant to law for the purpose of supplying bus or street railway transportation, including all plants, works, instrumentalities, and […]
141.222 Municipal borrowing; bus and street railway transportation or water supply utility purposes. Sec. 2. Any municipality of this state that operates any public utility pursuant to law for the purpose of supplying bus or street railway transportation or water supply may, by resolution of its governing body, borrow money and issue notes for the […]
141.223 Notes subject to MCL 141.2101 to 141.2821. Sec. 3. Notes issued under this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. History: 1937, Act 79, Imd. Eff. June 14, 1937 ;– CL 1948, 141.223 ;– Am. 1983, Act 50, Imd. Eff. May 16, 1983 ;– Am. […]
141.224 Municipal borrowing for utility purposes; limitations. Sec. 4. Any governmental unit described in this act may borrow money and issue notes in anticipation of the collection of revenues of any utility described in this act to an amount not exceeding 10% of the total revenues of the public utility for the preceding fiscal year. […]
141.225 Repealed. 2002, Act 193, Imd. Eff. Apr. 29, 2002. Compiler’s Notes: The repealed section pertained to municipal borrowing for utility purposes.
141.226 Municipal borrowing for utility purposes; liability of municipality; construction of act. Sec. 6. The faith and credit of the municipality shall remain pledged for the payment of said notes: Provided, however, That this act shall not repeal any existing statutory or charter provisions authorizing the borrowing of money or the issuance of bonds or […]
