reglab/housing_qa huggingface dataset:
MI Comp L § 12.62 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 259 of 1982 - Payment of Full Faith and Credit Obligations (12.61 - 12.64)|Section 12.62 - Payment of Principal and Interest on Obligations of State; Duties of State Treasurer.

12.62 Payment of principal and interest on obligations of state; duties of state treasurer. Sec. 2.  It shall be the duty of the state treasurer to pay or cause to be paid the principal of and interest on all obligations of this state as the same become due from any money or revenue pledged therefor or from any other state money or revenue under the control or custody of the state treasurer other than retirement funds, trust and agency funds, bond proceeds funds, debt service funds, restricted gifts and grants, or revenue restricted by the state constitution of 1963 for other purposes, notwithstanding that state money or revenue subject to use by the state treasurer for payment of principal and interest on any obligation of this state may have been otherwise restricted for other use. If the principal of or interest on any obligation of this state is not paid upon proper presentation of the evidence of such obligation to the agent or officer charged with making payment thereof, upon presentation of the evidence of such obligation to the state treasurer, the state treasurer shall have the duty to promptly pay the same from the first state money or revenue which are then or thereafter come under his or her control or custody in the same or any subsequent state fiscal year other than retirement funds, trust and agency funds, bond proceeds funds, debt service funds, restricted gifts and grants, or revenue restricted by the state constitution of 1963 for other purposes, notwithstanding that state money or revenue subject to use by the state treasurer for payment of principal and interest on any obligation of this state may have been otherwise restricted for other use and notwithstanding that state revenue or money subject to use by the state treasurer for payment of principal and interest on any obligation of this state may have been accrued as receipts for a prior state fiscal year. History: 1982, Act 259, Imd. Eff. Sept. 30, 1982
MI Comp L § 12.63 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 259 of 1982 - Payment of Full Faith and Credit Obligations (12.61 - 12.64)|Section 12.63 - Enforcing Duties of State Treasurer by Action to Require Performance.

12.63 Enforcing duties of state treasurer by action to require performance. Sec. 3.  In addition to any other remedies provided by law to the holder of any obligation, the duties of the state treasurer under this act may be enforced by the holder of the evidence of any obligation by an action to require performance brought in the court of appeals. History: 1982, Act 259, Imd. Eff. Sept. 30, 1982
MI Comp L § 12.64 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 259 of 1982 - Payment of Full Faith and Credit Obligations (12.61 - 12.64)|Section 12.64 - Act as Contract With Holders of Obligations.

12.64 Act as contract with holders of obligations. Sec. 4.  This act shall be deemed a contract with the holders from time to time of obligations of this state.  History: 1982, Act 259, Imd. Eff. Sept. 30, 1982
MI Comp L § 12.101 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 3 of 1952 - Service Fees on Real Estate Mortgages (12.101 - 12.101)|Section 12.101 - Deposit of Real Estate Mortgage as Collateral Security Fees; Credited to General Fund.

12.101 Deposit of real estate mortgage as collateral security fees; credited to general fund. Sec. 1.  Any person, firm or corporation who shall deposit in the state treasury as collateral security any real estate mortgage, whether such deposit is required by any law of this state or is made voluntarily, shall pay to the state treasurer an initial service fee of $5.00 for each such mortgage at the time of making such deposit. In addition, each such person, firm or corporation shall on the first business day of December of each year pay to the state treasurer an annual service fee at a rate to be determined by the state treasurer to be computed on the mean average monthly principal balance of the mortgages belonging to such owner on deposit with the state treasurer during the 12 calendar months next preceding such payment sufficient to reimburse the state treasurer for not less than all actual and necessary expenses incurred in connection with such deposit. All sums paid to the state treasurer under the provisions of this act shall be credited to the general fund of the state. History: 1952, Act 3, Eff. Sept. 18, 1952 ;-- Am. 1967, Act 94, Imd. Eff. June 21, 1967
MI Comp L § 12.111 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.111 - Short Title.

12.111 Short title. Sec. 1.  This act shall be known and may be cited as the "unified volume limitation allocation act".  History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.112 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.112 - Definitions.

12.112 Definitions. Sec. 2.  As used in this act:   (a) "Bonds" means private activity bonds subject to the unified volume limitation and any other bonds, notes, and evidences of indebtedness, including certain lease and installment purchase obligations, that would be treated by the internal revenue service as private activity bonds unless issued with an allocation from the unified volume limitation.  (b) "Issuer" means a municipal issuer or a state issuer.  (c) "Municipal issuer" means a city, village, township, county, school district, or community college district, or an agency, instrumentality, authority, or district created by 1 or more of the foregoing that is authorized by law to issue bonds. Municipal issuer does not include a state issuer.  (d) "Private activity bonds" means bonds, notes, or other evidences of indebtedness issued as private activity bonds as authorized by law and as defined in section 141 of the internal revenue code.  (e) "State issuer" means the state of Michigan, an agency, authority, or other instrumentality created by the laws of this state, the governing body of which is composed of members elected by the people or appointed in whole or in part by a state officer, or a state college or university listed or described in section 4 of article VIII of the state constitution of 1963, which entity is authorized to issue bonds. State issuer does not include a municipal issuer.  (f) "Treasurer" means the state treasurer or a deputy or employee of the department of treasury that the state treasurer authorizes to act under this act.  (g) "Unified volume limitation" means the ceiling for this state on the aggregate amount of bonds that may be issued by all issuers in the state as prescribed by section 146 of the internal revenue code for a particular year. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.113 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.113 - Unified Volume Limitation and Allotment Thereof; Determination; Publication.

12.113 Unified volume limitation and allotment thereof; determination; publication. Sec. 3.  Each year, the treasurer shall determine the unified volume limitation and the allotment of the unified volume limitation for the following calendar year and shall publish that determination in 3 newspapers of general circulation in different parts of the state, 1 of which is published in the Upper Peninsula. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.114 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.114 - Allotments to State and Municipal Issuers for Allocation; Reallotment; Division of Allotment Into Installments; Increase in Monthly Installments; Reserving Portion of Monthly Allotment; Pro Rata Reductions in Monthly Installments.

12.114 Allotments to state and municipal issuers for allocation; reallotment; division of allotment into installments; increase in monthly installments; reserving portion of monthly allotment; pro rata reductions in monthly installments. Sec. 4.  (1) The treasurer shall allot 40% of the unified volume limitation to the state issuers and 60% of the unified volume limitation to the municipal issuers for allocation pursuant to this act. If, during a year, 90% of the allotment to municipal issuers has been allocated, the treasurer may reallot all or a part of the remaining portion of the unified volume limitation from the state issuers to the municipal issuers. If, during a year, 90% of the allotment to state issuers has been allocated, the treasurer may reallot all or a part of the remaining portion of the unified volume limitation from the municipal issuers to the state issuers.  (2) The treasurer shall divide the allotment under this section to municipal issuers into 10 installments for monthly allocation pursuant to section 6 from January through October to municipal issuers requesting an allocation for that month. The treasurer shall increase each monthly installment by the amount of the previous monthly installment that is not allocated to municipal issuers, by the amount of allocations to municipal issuers that have expired, and by the amount of the portion of the unified volume limitation allotted to state issuers that is transferred for allocation to municipal issuers. The treasurer may reserve a portion of a monthly allotment in anticipation of the necessity of a future allocation in excess of future available allotments or may grant an allocation in excess of the available monthly allotment. After October of each year, the remaining amount of the unified volume limitation allotted for municipal issuers shall be allocated pursuant to section 6(2).  (3) The treasurer shall decrease a monthly installment of the allotment of the unified bond limitation to municipal issuers by a pro rata amount of the amount of any transfer to state issuers pursuant to subsection (1), the amount of a reservation for future allotment pursuant to subsection (2), and the amount of an approved allocation request in excess of the amount of the unified volume limitation available for allocation to municipal issuers in that month pursuant to subsection (2). The pro rata reductions shall be determined according to the number of monthly installments remaining in the year, excluding the monthly installment for the month in which the reservation, transfer, or allocation is made. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.115 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.115 - Request for Allocation; Attachment; Notice of Sale; Certification of Preliminary Proceedings.

12.115 Request for allocation; attachment; notice of sale; certification of preliminary proceedings. Sec. 5.  (1) A state or municipal issuer seeking to issue bonds shall file with the treasurer a request for allocation containing all of the following information and supporting documentation unless the treasurer determines the information required would be unnecessary to the type of bond for which an allocation is requested:  (a) The name of the issuer.   (b) The maximum aggregate principal amount of the issue.  (c) In the case of refunding bonds, the maximum principal amount of the proposed issue, if any, expected to exceed the amount of the obligation to be refunded.  (d) The facility to be financed.  (e) The name of the entity or principals of the entity, or both, that will own the facility to be financed by the proceeds of the issue.  (f) The name of the principal users, if known, of the facility.  (g) The name of the counsel giving the tax exempt opinion for the issuer on the bond.  (h) The calendar year for which the request is made.  (i) Whether a previous request has been made by or on behalf of the issuer for the issue.   (j) The facility type code used in filing federal form 8038, or its successor form.  (k) Whether urban development action grants are being sought for the project.  (l) Whether all necessary public hearings have been held.   (m) A statement of how and why the project qualifies under the standards of section 6(3).  (n) Other information that is considered necessary by the treasurer.  (2) Except as provided in subsection (3) and except for carryforward allocations approved pursuant to section 10, a municipal issuer shall attach to a request for allocation an inducement resolution, or other comparable preliminary approval, and evidence of a firm commitment of an investor or underwriter to purchase the bonds described in the request, or other evidence sufficient to indicate the transaction will be completed. Satisfaction of the requirement of subsection (3) is satisfaction of the requirement under this subsection for evidence of a firm commitment of an investor or underwriter to purchase the bonds.  (3) If bonds are to be sold at public sale and involve publication of a notice of sale for the issue, the issuer of the bonds shall file or cause to be filed with its request for allocation a copy of the proposed notice of sale and shall certify to the state treasurer that all proceedings preliminary to the publication of the notice of sale have been completed. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.117 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.117 - Allocation Order; Requirements; Reversion; Allocation Not Transferable Between Issuers; Use of Allocation; Validity of Order; Request for Extension.

12.117 Allocation order; requirements; reversion; allocation not transferable between issuers; use of allocation; validity of order; request for extension. Sec. 7.  (1) An allocation order shall allocate the principal amount of bonds requested or, for an issue of refunding bonds, the principal amount of the proposed issue expected to exceed the amount of the obligation to be refunded, for a request by a municipal issuer, against the amount of the unified volume limitation allotted in section 4 to municipal issuers or, for a state issuer, against the amount allotted to state issuers. Any difference between the amount of the unified volume limitation allocated to an issuer and the amount of the allocation used for the issuance of the bonds for which it applied reverts to the unified volume limitation and to the municipal issuer or state issuer allotment from which the allocation was made.  (2) An allocation issued by the treasurer is not transferable between issuers and shall not be used for purposes other than those for which the allocation was approved.   (3) Other than a carryforward allocation pursuant to section 10, an order of the treasurer issuing an allocation is valid for 30 calendar days after the date of the order or, if the allocation will be used to apply for an urban development action grant or other governmental assistance or if the allocation is to an issuer that is required by law to sell the bonds for which the allocation applies at public sale, for 60 days after the date of the order. Other than a carryforward allocation, an allocation or an extension of an allocation is not valid after November 21 of the year for which the allocation is issued, except that the treasurer may extend the period of an allocation's validity until December 31 of the year for which an allocation is issued. After the issuance of an allocation order, but before the expiration of that initial order, an issuer may request that the period for which the order allocated a portion of the unified volume limitation be extended beyond the initial order's expiration date. Accompanying a request for extension shall be a statement of the facts and circumstances upon which the request is made. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.118 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.118 - Invalidation of Request or Allocation; Notice of Changed Information; New Request for Allocation; Issuance of Bonds Before Receiving Allocation or Approval for Amendment to Allocation; Cancellation of Prior Allocation by Approval of New Request.

12.118 Invalidation of request or allocation; notice of changed information; new request for allocation; issuance of bonds before receiving allocation or approval for amendment to allocation; cancellation of prior allocation by approval of new request. Sec. 8.  (1) A change in the facility to be financed, the issuer, the year for which the allocation is requested, or, if required to be specified in the request for allocation, the owner of the facility invalidates the request. If a change described in this subsection occurs after an allocation is made, the change invalidates the allocation.  (2) A change in any information other than that specified in subsection (1), an increase in the principal amount of the obligation, or, for refunding bonds, an increase in the amount of the issue expected to exceed the amount of the obligation to be refunded does not invalidate the request or allocation if the change or increase occurred after the filing of the request. If the obligation is not yet delivered and the change is a new purchaser, the issuer shall promptly file with the treasurer notice of the changed information, including a commitment of the new purchaser or an assignment of the previous commitment to the new purchaser. If the obligation is not yet delivered and the change is a need for an increase in the allocation, the issuer shall promptly file with the treasurer notice of the changed information, including a new request for allocation for an increase in the amount of the issue due to an increased principal amount or a decreased amount to be used to refund an obligation.  (3) If an issuer issues its bonds before receiving an allocation or approval for an amendment to the allocation request, the state treasurer is not required to issue an allocation, increase a previously approved allocation, or revise the terms of an allocation previously approved.  (4) Before the expiration of an allocation order, an issuer may request a new allocation by filing a new request for allocation pursuant to section 5. The approval of a new request cancels the prior allocation order for the private activity bonds described in the original request. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.119 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.119 - Notice of Delivery of Issue of Bonds; Filing; Contents; Failure to File; Revocation and Invalidation of Allocation; Waiver of Revocation.

12.119 Notice of delivery of issue of bonds; filing; contents; failure to file; revocation and invalidation of allocation; waiver of revocation. Sec. 9.  (1) Within 10 calendar days after the expiration date of an allocation approval order, including any extension, but not later than December 26 for allocations that expire before December 22, the issuer of bonds for which an allocation of the unified volume limitation is made shall file with the treasurer a written notice, on a form to be provided by the treasurer, of the delivery of the issue of bonds for which the allocation was made. This notice shall set forth and be accompanied by all of the following information:  (a) The name of the issuer.   (b) The aggregate principal amount of actually delivered and, for refunding bonds, the principal amount of refunding bonds, if any, exceeding the amount of the obligation to be refunded.  (c) The date of the order allocating the unified volume limitation to the issuer.  (d) The name of the entity or principals of the entity, or both, that will own, or be the principal user of, the facility financed by proceeds of the bonds if this information was required to be specified in the request for allocation.  (e) The date of delivery of the bonds.  (f) A copy of counsel's opinion as to the exemption of the interest on the bonds from federal income tax and a copy of federal form 8038, or its successor form, that has been or will be filed with the internal revenue service.  (2) If an issuer fails to file the notice and the information required by subsection (1)(f), the treasurer shall notify the issuer by mail with return receipt requested of the failure and of the consequence of failing to remedy the failure within 7 calendar days after the filing deadline. Unless filed within 7 calendar days after the deadline date prescribed by subsection (1), failure of an issuer to file the notice required by this section results, after notice and opportunity for a hearing by the department of treasury, in the revocation and invalidation of the allocation of the unified volume limitation to the issuer. The treasurer may waive a revocation under this subsection. If a revocation is waived, the revocation shall be considered never to have invalidated the allocation. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.120 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.120 - Order for Carryforward Allocation; Request for Carryforward Allocation; Form; Amount; Priorities; Election.

12.120 Order for carryforward allocation; request for carryforward allocation; form; amount; priorities; election. Sec. 10.  (1) In addition to an allocation under section 6, during the months of October, November, and December of each year, an issuer may request, or the treasurer may order without request, an order providing for a carryforward allocation for a proposed issue of bonds for an identified carryforward purpose described in section 146(f) of the internal revenue code. An issuer's request for a carryforward allocation shall be on a form provided by the treasurer and shall contain the information prescribed by the treasurer.  (2) The treasurer may grant to any issuer a carryforward allocation for the proposed issue or carryforward purpose and shall specify the amount of the carry forward allocation that the issuer may elect to carryforward. If the treasurer determines it necessary, the treasurer shall establish priorities for the carryforward allocations that best serve the interests of the people of the state.  (3) The issuer may elect to treat all or a portion of a carryforward allocation as a carryforward to a future calendar year as specified by the issuer. In making an election, the issuer shall specify the purpose for which the carryforward is elected and the portion of the allocation that is to be carried forward for that purpose. The issuer shall elect the carryforward in the manner provided by the United States secretary of treasury. History: 1988, Act 496, Eff. Mar. 30, 1989
MI Comp L § 12.121 (2021)
2021 Michigan Compiled Laws|Chapter 12 - State Treasurer|Act 496 of 1988 - Unified Volume Limitation Allocation Act (12.111 - 12.124)|Section 12.121 - Records.

12.121 Records. Sec. 11.  (1) The treasurer shall maintain records of the volume of bonds for which the unified volume limitation has been allocated, the amount of the unified volume limitation allocated to state issuers, and the amount allocated to municipal issuers during each calendar year. These records shall be made available to the public during regular business hours.  (2) The treasurer shall maintain a record of each issuer's compliance with section 9, certify that information, and make the record available to the public during regular business hours. History: 1988, Act 496, Eff. Mar. 30, 1989