reglab/housing_qa huggingface dataset:
MI Comp L § 141.112 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.112 - Bonds; Discount; Sale Price; Interest; Competitive or Negotiated Sale; Notice; Publication.

141.112 Bonds; discount; sale price; interest; competitive or negotiated sale; notice; publication. Sec. 12.  (1) Bonds issued under this act may be sold at a discount but may not be sold at a price that would make the interest cost on the money borrowed after deducting any premium or adding any discount exceed 10% per annum or the maximum rate permitted by the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, whichever is greater, and may bear a stated rate of interest or no rate of interest.  (2) A public corporation may sell bonds at a competitive sale or a negotiated sale as determined in the authorizing ordinance. If a public corporation determines to sell a bond at a negotiated sale, the governing body shall expressly state the method and reasons for choosing a negotiated sale instead of a competitive sale in the resolution or ordinance authorizing the issuance or sale of the bonds.  (3) Bonds sold at a competitive sale shall not be sold until notice by publication at least 7 days before the sale in a publication printed in the English language and circulated in this state that carries as a part of its regular service notices of the sale of municipal bonds.  (4) A public corporation shall award a bond sold at a competitive sale to the bidder whose bid meets all specifications and requirements and results in the lowest interest cost to the public corporation, unless all bids are rejected.  (5) A public corporation may accept bids for the purchase of a bond made in person, by mail, by facsimile, by electronic means, or by any other means authorized by the public corporation. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1941, Act 210, Imd. Eff. June 16, 1941 ;-- Am. 1943, Act 219, Imd. Eff. Apr. 20, 1943 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.112 ;-- Am. 1949, Act 244, Eff. Sept. 23, 1949 ;-- Am. 1968, Act 68, Imd. Eff. May 28, 1968 ;-- Am. 1973, Act 40, Imd. Eff. June 29, 1973 ;-- Am. 1974, Act 27, Imd. Eff. Feb. 26, 1974 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978 ;-- Am. 1982, Act 485, Imd. Eff. Dec. 30, 1982 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;-- Am. 1985, Act 26, Imd. Eff. May 31, 1985 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
MI Comp L § 141.112a (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.112a - Bonds Subject to Revised Municipal Finance Act.

141.112a Bonds subject to revised municipal finance act. Sec. 12a.  (1) Bonds issued under this act for which a municipality pledges its full faith and credit are also subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, except for part VI and section 503 of the revised municipal finance act, 2001 PA 34, MCL 141.2601 to 141.2613, and MCL 141.2503.  (2) For bonds issued under this act, the first principal amount maturity date or mandatory redemption date shall be not later than 5 years after the date of issuance and some principal amount shall mature or be subject to mandatory redemption in each subsequent year of the term of the bond.  (3) As used in this section, "municipality" means that term as defined in the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.  (4) Except as otherwise provided in this act, bonds subject to this act are not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. History: Add. 2002, Act 465, Imd. Eff. June 21, 2002
MI Comp L § 141.112b (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.112b - Bulletins; Issuance by Department of Treasury.

141.112b Bulletins; issuance by department of treasury. Sec. 12b.  The department of treasury is authorized to issue bulletins as necessary to carry out the purposes of this act. A bulletin issued under this section shall include a statement of the department's specific statutory authority for any substantive requirement contained within the bulletin. History: Add. 2002, Act 465, Imd. Eff. June 21, 2002
MI Comp L § 141.113 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.113 - Bonds; Statement on Face of Bond or on Face of Interest Coupon.

141.113 Bonds; statement on face of bond or on face of interest coupon. Sec. 13.  (1) There shall be plainly stated on the face of each bond: that it is issued under this act; that it is a self-liquidating bond and is not a general obligation of the borrower, unless the full faith and credit of the issuer are pledged; that it does not constitute an indebtedness of the borrower within any constitutional, statutory, or charter limitation; that the principal of the bond and the interest on the bond are payable solely from revenues, which shall be identified by reference to the public improvement, or part of the public improvement, from which the revenues are to be derived; and that the payment of the principal and interest are secured by a statutory lien on the revenues, the priority of which lien shall be stated.  (2) Unless the full faith and credit of the borrower are pledged, there shall be plainly stated on the face of each interest coupon language substantially as follows: This coupon is not a general obligation of the borrower and is payable solely from certain revenues as set forth in the bond to which this coupon pertains. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.113 ;-- Am. 1969, Act 87, Imd. Eff. July 24, 1969 ;-- Am. 1974, Act 27, Imd. Eff. Feb. 26, 1974 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978
MI Comp L § 141.114 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.114 - Bonds; Qualities of Negotiable Instruments.

141.114 Bonds; qualities of negotiable instruments. Sec. 14.  The bonds shall have all the qualities of negotiable instruments as provided for in the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- CL 1948, 141.114 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978 ;-- Am. 2000, Act 350, Eff. Mar. 28, 2001
MI Comp L § 141.115 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.115 - Bonds; Deposit and Investment of Sale Proceeds.

141.115 Bonds; deposit and investment of sale proceeds. Sec. 15.  The governing body shall require that the proceeds of the sale of bonds issued under this act be deposited in an account or accounts separate from other money of the borrower in 1 or more banks, savings and loan associations, or credit unions, each having unimpaired capital and surplus amounting to at least $2,000,000.00 or that are insured by the federal deposit insurance corporation, the federal savings and loan insurance corporation, or the national credit union share insurance fund. However, the proceeds may be invested, in whole or in part, in the manner provided in section 24 for other funds, if the investment is authorized in the ordinance or approved by the department of treasury. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.115 ;-- Am. 1951, Act 63, Eff. Sept. 28, 1951 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;-- Am. 1988, Act 228, Eff. Oct. 1, 1988
MI Comp L § 141.116 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.116 - Bonds; Use of Sale Proceeds; Cancellation of Bonds Acquired by Purchase; Payment of Capitalized Interest.

141.116 Bonds; use of sale proceeds; cancellation of bonds acquired by purchase; payment of capitalized interest. Sec. 16.  Money received from the sale of bonds shall be used solely for the payment of project costs. An unexpended balance of the proceeds of the sale of any bonds remaining after the completion of the project for which issued, may be used for the improvement, enlargement, or extension of the public improvement, if the use is approved by the department of treasury. Any remaining balance shall be paid immediately into the bond and interest redemption deposit account for the bonds, and the money shall be used only for meeting bond reserve requirements or for the redemption or purchase, at not more than the fair market value, of outstanding bonds of the issue from which the proceeds were derived. Bonds acquired by purchase shall be canceled and shall not be reissued. Each ordinance shall state the period for which interest is to be capitalized, and the amount of reserves to be funded from the bonds. Upon receipt of the proceeds of the bonds, there shall be set aside, in the bond and interest redemption deposit account, the amount of interest that will accrue during the period at the interest rate specified in the bonds and the amount required to be set aside in the bond and interest redemption account. Money set aside shall be used solely for the payment of the capitalized interest or to satisfy bond reserve requirements. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.116 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
MI Comp L § 141.117 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.117 - Bonds; Validity of Signatures.

141.117 Bonds; validity of signatures. Sec. 17.  In case any of the officers whose signatures or counter-signatures appear on the bonds or coupons shall cease to be such officers before delivery of such bonds, such signatures or counter-signatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained in office until such delivery. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- CL 1948, 141.117
MI Comp L § 141.118 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.118 - Charges for Services; Providing Medical Care Without Charge or at Reduced Rates.

141.118 Charges for services; providing medical care without charge or at reduced rates. Sec. 18.  (1) Except as provided in subsection (2), free service shall not be furnished by a public improvement to a person, firm, or corporation, public or private, or to a public agency or instrumentality. The reasonable cost and value of any service rendered to a public corporation, including the borrower, by a public improvement shall be charged against the public corporation and shall be paid for as the service accrues from the public corporation's current funds or from the proceeds of taxes which the public corporation, within constitutional limitations, is hereby authorized and required to levy in an amount sufficient for that purpose, or both, and those charges, when so paid, shall be accounted for in the same manner as other revenues of the public improvement.  (2) A public improvement that is a hospital or other health care facility may provide medical care to the indigent without charge or at reduced rates and may provide medical care without charge to comply with conditions for the receipt of a grant or contribution from a public or private donor.  History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.118 ;-- Am. 1974, Act 27, Imd. Eff. Feb. 26, 1974 ;-- Am. 1987, Act 229, Imd. Eff. Dec. 28, 1987
MI Comp L § 141.119 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.119 - Additional Bonds.

141.119 Additional bonds. Sec. 19.  (1) A borrower issuing bonds for any public improvement pursuant to this act, at the time of the authorization of the bonds, may provide in the authorizing ordinance for the issuance of additional bonds of equal standing for its completion in the event the bonds first authorized shall prove to be insufficient therefor, or for its subsequent enlargement, extension, improvement, or repair, or to refund part or all of 1 or more outstanding issues, or for any of these purposes, which additional bonds may be issued and be negotiated from time to time as the proceeds therefrom may be necessary for that purpose. The bonds, when sold, shall have equal standing with those issued in the first instance. The additional bonds may be issued in separate series from the original bonds, with different dates of issuance, and with changes in the form thereof which are consistent with that equality of standing.  (2) The provisions of section 7 providing for annual installments, the amounts of the installments, and the due date of the first installment shall not be controlling as to each additional series whether the additional series is of equal or subordinate standing. Instead, section 7 shall be applied to the combined annual principal installments and interest at actual rates on outstanding bonds and at the maximum authorized rate on the additional series. Additional bonds of equal standing shall not be issued unless authorized as provided in this section. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1943, Act 219, Imd. Eff. Apr. 20, 1943 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.119 ;-- Am. 1969, Act 87, Imd. Eff. July 24, 1969 ;-- Am. 1974, Act 27, Imd. Eff. Feb. 26, 1974 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978
MI Comp L § 141.120a (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.120a - Combined Public Improvements; Bonds; Revenues Pledged; Retirement.

141.120a Combined public improvements; bonds; revenues pledged; retirement. Sec. 20a.  Any public corporation may determine to operate 2 or more public improvements as a combined public improvement and in such case it may pledge the revenues of such combined public improvement to the payment of revenue bonds issued to defray the cost of purchasing, acquiring, constructing, improving, enlarging, extending and/or repairing the whole or any part of such combined public improvement. Whenever any public corporation shall determine to issue any bonds under this act and pledge thereto the revenues of a public improvement or a combined public improvement, if there shall be outstanding bonds pledging the revenues of such public improvement or any unit or units of such combined public improvement, then such new bonds may be issued subject to such prior pledge, or may include an amount sufficient to retire such outstanding bonds, and to the extent that they are issued for such retirement, they shall be subject to the provisions of section 20 of this act, except that in lieu of being designated as refunding bonds, such new bonds shall recite the extent to which they refund outstanding obligations. History: Add. 1943, Act 219, Imd. Eff. Apr. 20, 1943 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.120a
MI Comp L § 141.120c (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.120c - Parking Revenue Bonds; Special Assessments on Benefited Properties.

141.120c Parking revenue bonds; special assessments on benefited properties. Sec. 20c.  When a borrower has outstanding any parking revenue bonds issued under the provisions of this act, it may thereafter levy special assessments against properties specially benefited by the parking facilities originally financed by the bonds, but no assessment shall be made at large, and may issue special assessment bonds therefor in anticipation of the payment of the special assessments for the purpose of providing for the retirement of the outstanding bonds in whole or in part. The special assessment bonds may pledge the full faith and credit of the public corporation issuing them, as determined by the governing body of the public corporation. The special assessment bonds may be issued to include the amount of any premium to be paid upon the calling of the parking revenue bonds to be refunded or if such bonds are not callable, any premium necessary to be paid in order to secure the surrender of the bonds to be refunded; but the amount of the premium so included shall not exceed 5% of the principal amount of the bonds to be refunded. The procedures for levying the special assessments and for issuing the special assessment bonds shall be the same as that provided by charter or other applicable law. Nothing in this section shall be construed as providing for the refunding of noncallable unmatured bonds without the consent of the holders thereof. History: Add. 1959, Act 78, Imd. Eff. June 29, 1959
MI Comp L § 141.121a (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.121a - Issuance of Notes; Requirement That Delinquent Tax Revenues Be Fixed and Sufficient; Statutory Lien.

141.121a Issuance of notes; requirement that delinquent tax revenues be fixed and sufficient; statutory lien.Sec. 21a.  (1) Delinquent tax revenues shall be fixed before the issuance of the notes and shall be sufficient to provide for all of the following:  (a) The payment of the interest on and the principal of notes payable from the delinquent tax revenues when the notes become due and payable.  (b) The creation of any reserve for the notes as required in the order authorizing the issuance of those notes.  (2) The county treasurer shall covenant and agree in the order authorizing the issuance of the notes and on the face of each note to collect at all times the amounts pledged to repay the notes which shall be sufficient to provide for the amounts described in subsection (1). The amounts pledged that are fixed and established pursuant to the order shall not be subject to revision or change.  (3) Notes issued and sold under this section shall be secured by a statutory lien on the delinquent taxes and, to the extent held in the delinquent tax revolving fund, on all other property and assets and any revenues derived from the delinquent taxes and other property or assets. The lien shall automatically attach without further action or authorization by the county treasurer. The lien on the delinquent taxes and all other property and assets and any revenues derived from the delinquent taxes and other property or assets that are held in the delinquent tax revolving fund shall be valid and binding from the time the notes are executed and delivered. The lien shall automatically attach and be effective, binding, and enforceable against the county, the county treasurer, its successors, transferees, and creditors, and all others asserting rights in the secured property, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further act. In addition, the amounts collected which are subject to the lien shall be held in trust for the owners of the notes authorized by this section. Any property eligible to be conveyed and properly conveyed to a land bank fast track authority as tax reverted property, as defined by section 3(q) of the land bank fast track act, 2003 PA 258, MCL 124.753, or to this state or a person, city, village, township, or county pursuant to section 78m or 78r of the general property tax act, 1893 PA 206, MCL 211.78m and 211.78r, shall be released from any lien created under this section. History: Add. 2016, Act 83, Imd. Eff. Apr. 12, 2016
MI Comp L § 141.122 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)|Section 141.122 - Accounting of Revenues; Order of Priority; Disposition of Surplus.

141.122 Accounting of revenues; order of priority; disposition of surplus. Sec. 22.  (1) In the authorizing ordinance the governing body of the borrower shall provide that the revenues of the public improvement be accounted for separately from the other funds and accounts of the borrower in the following order of recorded priority:  (a) After provision for the payment for the next succeeding period of all current expenses of administration and operation and the current expenses for that period for maintenance as may be necessary to preserve the public improvement in good repair and working order.   (b) There shall be next set aside a sum sufficient to provide for the payment of the principal of and the interest upon all bonds payable from those revenues, as and when the bonds become due and payable. This account shall be designated "bond and interest redemption account". In the event that the revenues of any operating year over and above those necessary for the operation and maintenance expenses shall be insufficient to pay the principal of and interest on the bonds maturing in any operating year, then an additional amount sufficient to pay the principal and interest shall be set aside out of the revenues of the next succeeding operating year, after provision for the expenses of operation and maintenance. In respect to the allocation and use of money in the bond and interest redemption account, due recognition shall be given as to priority rights, if any, between different issues or series of outstanding bonds. The public corporation may provide by ordinance that a reasonable excess amount shall be set aside in the bond and interest redemption account from time to time so as to produce and provide a reserve to meet any possible future deficiencies.   (c) Next there shall be set aside, in the manner and priority provided by the ordinance, the sum or sums necessary for the additional accounts as may be required.  (2) Revenues remaining, after satisfaction of subsection (1), at the end of any operating year shall be considered surplus and shall be disposed of by the governing body as provided in this act. History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.122 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002