Section 141.1001 – Short Title.
141.1001 Short title. Sec. 1. This act shall be known and may be cited as the “fiscal stabilization act”. History: 1981, Act 80, Eff. July 15, 1981
Section 141.1002 – State Administrative Board; Powers and Duties; Actions of Board.
141.1002 State administrative board; powers and duties; actions of board. Sec. 2. (1) The state administrative board, referred to in this act as the board, is vested with the following powers and duties relative to this act: (a) To receive, review, and approve or deny an application by a city or county to issue bonds […]
Section 141.1003 – Cities or Counties Authorized to Borrow Money and Issue General Obligation Bonds or Obligations to Fund Operating Deficit.
141.1003 Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit. Sec. 3. A city or county that meets the applicable conditions described in section 4 may borrow money and issue its bonds or obligations either for funding an operating deficit for a past fiscal year or […]
Section 141.1004 – Application for Order Approving Bonds or Obligations; Resolution; Determination of Accumulated Operating Deficit; Conditions and Determinations; Statement; Issuance of Order; Determinations and Findings Conclusive; Maximum Amount of Bonds or Obligations; Exceptions; Bonds or Obligations Not Subject to Revised Municipal Finance Act; Agency Financing Reporting Act Applicable.
141.1004 Application for order approving bonds or obligations; resolution; determination of accumulated operating deficit; conditions and determinations; statement; issuance of order; determinations and findings conclusive; maximum amount of bonds or obligations; exceptions; bonds or obligations not subject to revised municipal finance act; agency financing reporting act applicable. Sec. 4. (1) Before a city may make […]
Section 141.1005 – Bonds or Obligations; Amounts Included.
141.1005 Bonds or obligations; amounts included. Sec. 5. Subject to the limitation of section 4(8), the amount of bonds or obligations issued pursuant to this act may include the amount necessary to fund the accumulated operating deficit of the city or county or projected accumulated operating deficit of the city or county as determined pursuant […]
Section 141.1006 – Bonds or Obligations; Terms and Conditions.
141.1006 Bonds or obligations; terms and conditions. Sec. 6. The bonds or obligations may be serial bonds or term bonds or a combination of serial and term bonds, shall mature in not more than 30 years, may bear interest at a rate or rates, may be subject to redemption prior to maturity with or without […]
Section 141.1007 – Levy of Property Taxes for Payment of Principal and Interest on Bonds or Obligations.
141.1007 Levy of property taxes for payment of principal and interest on bonds or obligations. Sec. 7. A city or county that issues bonds or obligations that are unlimited or limited tax bonds or obligations under this act shall annually levy sufficient ad valorem property taxes for payment of principal and interest coming due on […]
Section 141.1008 – Issuing Bonds or Obligations as Limited Tax Bonds or Obligations; Resolution Without Vote of Electors and Publication of Notice; Submitting Question to Electors; Approval or Disapproval; Prior Actions.
141.1008 Issuing bonds or obligations as limited tax bonds or obligations; resolution without vote of electors and publication of notice; submitting question to electors; approval or disapproval; prior actions. Sec. 8. The bonds or obligations may be issued as limited tax bonds or obligations by resolution of the legislative body of the city or county […]
Section 141.1009 – Bonds or Obligations Issued Before April 11, 1988; Bonds or Obligations Issued After April 11, 1988 and Before January 1, 2010; Powers of Legislative Body; Agreement Providing for Direct Payment of Distributable Aid to Paying Agent, Trustee, Escrow Agent, or Other Person; Lien; Special Fund; Use of Taxes; Definition.
141.1009 Bonds or obligations issued before April 11, 1988; bonds or obligations issued after April 11, 1988 and before January 1, 2010; powers of legislative body; agreement providing for direct payment of distributable aid to paying agent, trustee, escrow agent, or other person; lien; special fund; use of taxes; definition. Sec. 9. (1) All bonds […]
Section 141.1010 – Action to Enforce Compliance With Act.
141.1010 Action to enforce compliance with act. Sec. 10. An action brought by the board, a city, or a county to enforce compliance with this act shall be brought in the circuit court for the county of Ingham. History: 1981, Act 80, Eff. July 15, 1981 ;– Am. 1987, Act 279, Eff. Apr. 11, 1988
Section 141.1011 – Conditional Effective Date.
141.1011 Conditional effective date. Sec. 11. This act shall not take effect unless House Bill No. 4563 of the 81st Legislature is enacted into law. History: 1981, Act 80, Eff. July 15, 1981 Compiler’s Notes: House Bill No. 4563, referred to in this section, was approved by the Governor on July 15, 1981, and became […]