reglab/housing_qa huggingface dataset:
MI Comp L § 141.2505 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518)|Section 141.2505 - Municipal Securities Secured by Special Assessments.

141.2505 Municipal securities secured by special assessments. Sec. 505.  The total amount of municipal securities secured by special assessments and pledging the limited tax full faith and credit of the municipality shall at no time by reason of future issues, other than issues of refunding securities, exceed 12% of the assessed value of the taxable property in the municipality. A municipality shall not issue municipal securities secured by special assessments in any calendar year in an amount greater than 3% of the assessed value of the municipality unless authorized by majority vote of the electors or by a larger vote as may be provided by statute or charter. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2507 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518)|Section 141.2507 - Interest Rate Charge on Special Assessments.

141.2507 Interest rate charge on special assessments. Sec. 507.  A municipality issuing a municipal security in anticipation of special assessments may, notwithstanding any charter or ordinance provisions to the contrary, charge a rate of interest on the unpaid balance of the special assessments in excess of the charter or ordinance limit on the municipal security, but not in excess of a rate of more than 1% above the average rate of interest borne by the municipal security. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2509 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518)|Section 141.2509 - Reserve Fund; Establishment.

141.2509 Reserve fund; establishment. Sec. 509.  A municipality may pay interest that accrues on a municipal security during the first 3 years after the date of issuance of the municipal security from the proceeds of the sale of the municipal security. In addition, a municipality may establish a reserve fund, in an amount not exceeding 15% of the principal amount of the municipal security issued from the proceeds of the sale of the municipal security which shall be held solely for the payment of principal and interest on the municipal security. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2511 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518)|Section 141.2511 - Issuance of Municipal Securities to Fund County Drain Special Assessment.

141.2511 Issuance of municipal securities to fund county drain special assessment. Sec. 511.  Any county, township, city, or village, by resolution of its governing body and without a vote of its electors, may issue municipal securities for the purpose of funding any part or all of a county or intercounty drain special assessment made against the county, township, city, or village at large under the provisions of the drain code of 1956, 1956 PA 40, MCL 280.1 to 280.630. A municipal security described in this section shall mature serially, the first annual maturity of which shall fall due not more than 2 years from the date of issuance and the last of which shall fall due not more than 10 years from the date of issuance or not more than 1 year after the due date of the last installment of the special assessment, whichever is later. No maturity shall be less than 1/2 of the amount of any subsequent maturity. A municipal security issued in accordance with this section may be issued in 1 or more series and may fund 1 or more drain special assessments. The principal amount of a municipal security that may be issued under this section shall not exceed the principal amount of the special assessments to be funded under this section. If any interest is to mature upon the municipal security prior to the time of the next county, township, city, or village tax collection, then the governing body of the county, township, city, or village shall make provision for the payment of that amount when due. The debt evidenced by a municipal security issued under this section shall not be included within the debt of a township, city, or village for any statutory or charter debt limitation purpose. No installment or installments of a special assessment shall be funded under this section unless payable in advance of the due date or due dates, and if the drainage district has issued municipal securities, an equal amount of the principal amount of the municipal securities must be redeemable within 90 days from the delivery of the municipal securities to the purchaser of those municipal securities. The provisions of this part together with the general provisions of this act shall govern the issuance of a municipal security authorized in this section except where inapplicable or inconsistent with this section. All municipal securities issued under this section shall be legal and valid, notwithstanding any illegality in the special assessments funded by those municipal securities. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2515 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518)|Section 141.2515 - Water Supply or Sewage Disposal, Public Building, or Other Public Improvement; Delivery of Municipal Security to Defray Cost.

141.2515 Water supply or sewage disposal, public building, or other public improvement; delivery of municipal security to defray cost. Sec. 515.  (1) A municipality may deliver a municipal security to this state or the federal government for the purpose of defraying the whole or part of the cost of purchasing, acquiring, constructing, improving, enlarging, extending, or repairing any water supply or sewage disposal system or public building or other public improvement.  (2) Parts IV, V, and VI do not apply to any municipal security delivered to this state or the federal government to the extent the requirements of this state or the federal government relating to any of the terms of the debt conflict with the provisions of this act.  (3) As used in this section:  (a) "Federal government" means the federal government or any agency of the federal government.  (b) "This state" means this state or any department, agency, board, commission, fund, corporation, or authority of this state. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2601 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VI - Part VI Refunding (141.2601...141.2613)|Section 141.2601 - Issuance of Refunding Securities.

141.2601 Issuance of refunding securities. Sec. 601.  (1) Subject to this act, a municipality may, by resolution or ordinance adopted by its governing body and without a vote of its electors, refund all or any part of its outstanding securities by issuing refunding securities as described in this part.  (2) A municipality may issue a refunding security whether the outstanding security to be refunded has or has not matured, is or is not redeemable on the date of issuance of the refunding security, exceeds the original estimated period of usefulness but not to exceed the current period of usefulness as determined by the project engineer or architect, or is or is not subject to redemption before maturity.  (3) A refunding security may be issued in a principal amount greater than the principal amount of the outstanding securities to be refunded as necessary to effect the refunding under the refunding plan.  (4) A municipality may use the proceeds of a refunding security to pay interest accrued, or to accrue, to the earliest or any subsequent date of redemption, purchase, or maturity of the outstanding security to be refunded, redemption premium, if any, and any commission, service fee, and other expense necessary to be paid in connection with the outstanding security to be refunded. A municipality may also use the proceeds of a refunding security to pay part of the cost of issuance of the refunding security, interest on the refunding security, a reserve for the payment of principal, interest, and redemption premiums on the refunding security, and other necessary incidental expenses, including, but not limited to, placement fees and fees or charges for insurance, letters of credit, lines of credit, or commitments to purchase the outstanding security to be refunded.  (5) A municipality may invest the proceeds of a refunding security as provided in section 607(2).  (6) To the extent provided by the proceedings authorizing the refunding security, principal, interest, and redemption premiums on the refunding security shall be secured by and payable from any or all of the following sources:  (a) Taxes or special assessments pledged for payment of a municipal security being refunded.  (b) The proceeds of the refunding security.  (c) The reserve, if any, established for the payment of the principal, interest, and redemption premiums on, the refunding security or the outstanding security to be refunded.  (d) The proceeds of any insurance, letter of credit, or line of credit acquired as security for the refunding security.  (e) The proceeds of any refunding securities issued to refund the refunding security.  (f) Revenues pledged for the outstanding security being refunded.  (g) Investment earnings or profits on any of the sources described in subdivisions (a) to (f). History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2603 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VI - Part VI Refunding (141.2601...141.2613)|Section 141.2603 - Assumption of Outstanding Security by Another Municipality; Refunding.

141.2603 Assumption of outstanding security by another municipality; refunding. Sec. 603.  (1) Any outstanding security of a municipality that has been assumed in part by another municipality may be refunded by the municipalities as to their respective liabilities.  (2) This act shall not be construed to prohibit a municipality from refunding any of its outstanding securities even though some other municipality may be required to contribute to the payment of those outstanding securities, and that refunding is hereby expressly authorized. Refunding authorized under this subsection does not relieve any other municipality from a pledge to make a contribution to the payment of an outstanding security. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2605 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VI - Part VI Refunding (141.2601...141.2613)|Section 141.2605 - Debt as Additional to Statutory or Charter Limitation of Tax Rate or Outstanding Debt Limit.

141.2605 Debt as additional to statutory or charter limitation of tax rate or outstanding debt limit. Sec. 605.  The debt evidenced by a refunding security and the tax levies used to repay the refunding security shall not be deemed to be within any statutory or charter limitation of tax rate or of outstanding debt limit, but shall be deemed to be authorized in addition to any statutory or charter limitation of tax rate or outstanding debt limit. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2607 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VI - Part VI Refunding (141.2601...141.2613)|Section 141.2607 - Application of Refunding Security Proceeds and Available Money.

141.2607 Application of refunding security proceeds and available money. Sec. 607.  (1) Money on hand applicable to the retirement of outstanding securities to be refunded, or from proceeds of revenues pledged for these purposes, or both, shall be applied as provided in the authorizing resolution.  (2) The proceeds of a refunding security and other available money may be applied to payment of the principal, interest, or redemption premiums, if any, on the refunded outstanding securities at maturity or on any prior redemption date or may be deposited in trust for use to purchase and deposit in trust direct obligations of the United States, direct noncallable and nonprepayable obligations that are unconditionally guaranteed by the United States government as to full and timely payment of principal and interest, noncallable and nonprepayable coupons from the above obligations that are stripped pursuant to United States treasury programs, and resolution funding corporation bonds and strips, the principal and interest on which when due, together with other available money, will provide funds sufficient to pay principal, interest, and redemption premiums, if any, on the refunded outstanding securities as the refunded outstanding securities become due, whether by maturity or on a prior redemption date, as provided in the authorizing resolution.  (3) The pledge and covenants of a municipality related to refunded outstanding securities for which the municipality has deposited in trust proceeds of a refunding security and other available money as described in subsection (2) is considered to have been fully and legally performed and defeased. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2609 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VI - Part VI Refunding (141.2601...141.2613)|Section 141.2609 - Conditions for Securing Certain Outstanding Municipal Securities.

141.2609 Conditions for securing certain outstanding municipal securities. Sec. 609.  A refunding security issued to refund municipal securities issued under the terms of the drain code of 1956, 1956 PA 40, MCL 280.1 to 280.630, shall be of the same character as the refunded outstanding municipal security and shall be construed to be a continuation of the refunded outstanding municipal security. A refunding security issued to refund an outstanding municipal security secured by an unlimited tax full faith and credit pledge shall be secured by an unlimited tax full faith and credit pledge. Refunding securities for outstanding securities issued under the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140, shall be secured by the same pledge as the outstanding securities being refunded. All other refunding securities issued under this part shall be secured by a limited tax full faith and credit pledge of the issuing municipality. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2613 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VI - Part VI Refunding (141.2601...141.2613)|Section 141.2613 - Refunding Securities; Effect of 141.2503.

141.2613 Refunding securities; effect of 141.2503. Sec. 613.  Refunding securities are not subject to section 503(1), (2), and (3). History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2705 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VII - Part VII Tax Levies, Debt Retirement, and Sinking Fund (141.2701...141.2821)|Section 141.2705 - Debt Retirement Funds; Accounting; Use; Pooled or Combined for Deposit or Investment; Certification of Debt Retirement.

141.2705 Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement. Sec. 705.  (1) Debt retirement funds, except in the case of a common debt retirement fund maintained by a school district pursuant to section 1223 of the revised school code, 1976 PA 451, MCL 380.1223, shall be accounted for separately and, debt retirement funds, except as provided in section 701(5), shall be used only to retire the municipal securities of the municipality for which the debt retirement fund was created. Debt retirement funds created for the following categories of debt evidenced by a municipal security may be pooled or combined for deposit or investment purposes only with other debt retirement funds created for the same category of debt evidenced by a municipal security:  (a) Voted debt.  (b) Nonvoted debt, other than special assessment debt.  (c) Special assessment debt.  (2) When any municipality completes the retirement of a debt evidenced by a municipal security or accumulates sufficient funds in the debt retirement fund for the retirement of the debts evidenced by a municipal security, the governing body of the municipality shall certify that the debt evidenced by a municipal security is retired or that the debt retirement fund is of sufficient amount to retire the debt evidenced by a municipal security to the county treasurer of the county in which the municipality is located, and the county treasurer shall no longer be required to recognize a levy for the debt or municipal security issue. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2707 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-VII - Part VII Tax Levies, Debt Retirement, and Sinking Fund (141.2701...141.2821)|Section 141.2707 - Sinking Fund; Use; Deposit; Accounting.

141.2707 Sinking fund; use; deposit; accounting. Sec. 707.  Any municipality issuing a mandatory redemption refunding security under the provisions of part VI shall provide a sinking fund or funds for the retirement of the refunding security, and there shall be deposited in each sinking fund annually an amount sufficient to pay the principal of that refunding security at or before maturity. All sinking fund money for the retirement of a refunding security shall be accounted for separately and shall be used only for the payment or purchase of the refunding security. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 168.1 (2021)
2021 Michigan Compiled Laws|Chapter 168 - Michigan Election Law|Act 116 of 1954 - Michigan Election Law (168.1 - 168.992)|116-1954-I - Chapter I Definitions (168.1...168.19)|Section 168.1 - Short Title; Michigan Election Law.

168.1 Short title; Michigan election law. Sec. 1.  This act shall be known and may be cited as the "Michigan election law". History: 1954, Act 116, Eff. June 1, 1955 Compiler's Notes: The former Michigan election law, consisting of MCL 145.1 to 199.1 and deriving from Act 351 of 1925, was repealed by Act 116 of 1954.Popular Name: Election Code
MI Comp L § 168.3 (2021)
2021 Michigan Compiled Laws|Chapter 168 - Michigan Election Law|Act 116 of 1954 - Michigan Election Law (168.1 - 168.992)|116-1954-I - Chapter I Definitions (168.1...168.19)|Section 168.3 - Definitions; L to R.

168.3 Definitions; L to R.Sec. 3.  As used in this act:  (a) "Locked and sealed" is defined in section 14.  (b) "Major political party" is defined in section 16.  (c) "Metal seal" or "seal" is defined in section 14a.  (d) "Name that was formally changed" means a name changed by a proceeding under chapter XI of the probate code of 1939, 1939 PA 288, MCL 711.1 to 711.3, or former 1915 PA 314, or through a similar, statutorily sanctioned procedure under the law of another state or country.  (e) "Odd year general election" means the election held on the November regular election date in an odd numbered year.  (f) "Odd year primary election" means the election held on the August regular election date in an odd numbered year.  (g) "Primary" or "primary election" is defined in section 7.  (h) "Regular ballot" means a ballot that is issued to a voter on election day at a polling place location.  (i) "Qualified elector" is defined in section 10.  (j) "Qualified voter file" is defined in section 509m.  (k) "Regular election" means an election held on a regular election date to elect an individual to, or nominate an individual for, elective office in the regular course of the terms of that elective office.  (l) "Regular election date" means 1 of the dates established as a regular election date in section 641.  (m) "Residence" is defined in section 11. History: 1954, Act 116, Eff. June 1, 1955 ;-- Am. 2003, Act 302, Eff. Jan. 1, 2005 ;-- Am. 2018, Act 603, Imd. Eff. Dec. 28, 2018 Popular Name: Election Code
MI Comp L § 168.4 (2021)
2021 Michigan Compiled Laws|Chapter 168 - Michigan Election Law|Act 116 of 1954 - Michigan Election Law (168.1 - 168.992)|116-1954-I - Chapter I Definitions (168.1...168.19)|Section 168.4 - Definitions; S to V.

168.4 Definitions; S to V.Sec. 4.  As used in this act:  (a) "School board" means the governing body of a school district, including the board of trustees of a community college.  (b) "School board member" means an individual holding the office of school board member under the revised school code, 1976 PA 451, MCL 380.1 to 380.1852, or the office of board of trustees member under the community college act of 1966, 1966 PA 331, MCL 389.1 to 389.195. School board member includes a school board member of an intermediate school district if that intermediate school district has adopted sections 615 to 617 of the revised school code, 1976 PA 451, MCL 380.615 to 380.617.  (c) "School district" means a school district, a local act school district, or an intermediate school district, as those terms are defined in the revised school code, 1976 PA 451, MCL 380.1 to 380.1852, or a community college district under the community college act of 1966, 1966 PA 331, MCL 389.1 to 389.195.  (d) "School district election coordinating committee" means 1 of the following:  (i) For a school district whose entire territory lies within a single city or township, a committee composed of the secretary of the school board or his or her designee, the city or township election commission, and the school district election coordinator.  (ii) For a school district that has territory in more than 1 city or township, a committee composed of the secretary of the school board or his or her designee, the school district election coordinator, and the clerk of each city or township in which school district territory is located.  (e) "School district election coordinator" means 1 of the following:  (i) For a school district whose entire territory lies within a single city or township, the city or township clerk.  (ii) For a school district that has territory in more than 1 city or township, the county clerk of the county in which the largest number of registered school district electors reside.  (f) "Special election" means an election to elect an individual to, or nominate an individual for, a partial term in office or to submit a ballot question to the electors.  (g) "Special primary" means a primary called by competent authority for the nomination of candidates to be voted for at a special election.  (h) "Uniform voting system" means the type of voting system that is used at all elections in every election precinct throughout the state.  (i) "Village" is defined in section 9. History: 1954, Act 116, Eff. June 1, 1955 ;-- Am. 1963, 2nd Ex. Sess., Act 3, Imd. Eff. Dec. 27, 1963 ;-- Am. 2003, Act 302, Eff. Jan. 1, 2005 ;-- Am. 2010, Act 181, Imd. Eff. Sept. 30, 2010 ;-- Am. 2012, Act 523, Eff. Mar. 28, 2013 ;-- Am. 2014, Act 464, Imd. Eff. Jan. 12, 2015 Popular Name: Election Code
MI Comp L § 168.5, 168.6 (2021)
2021 Michigan Compiled Laws|Chapter 168 - Michigan Election Law|Act 116 of 1954 - Michigan Election Law (168.1 - 168.992)|116-1954-I - Chapter I Definitions (168.1...168.19)|Section 168.5, 168.6 - Repealed. 2003, Act 302, Eff. Jan. 1, 2005.

168.5, 168.6 Repealed. 2003, Act 302, Eff. Jan. 1, 2005. Compiler's Notes: The repealed sections pertained to definitions of general election and special election.Popular Name: Election Code