reglab/housing_qa huggingface dataset:
MI Comp L § 141.2304 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2304 - Issuance of Municipal Security; Provisions Applicable to Contracting Municipalities.

141.2304 Issuance of municipal security; provisions applicable to contracting municipalities. Sec. 304.  If a municipality issues a municipal security subject to this act and the principal and interest for that municipal security will be paid by 1 or more municipalities not issuing the municipal security under a contract, then 1 of the following applies:  (a) If all of the municipalities contracting to pay the municipal security have been granted qualified status, then the issuance of the municipal security is subject to section 303(2).  (b) Except as provided in subdivision (c), if 1 or more of the municipalities contracting to pay the municipal security have not been granted qualified status, then the issuance of the municipal security is subject to section 303(7).  (c) If 1 or more of the municipalities contracting to pay the municipal security have not been granted qualified status and the other municipalities representing over 50% of the contractual obligation have been granted qualified status and the municipality that issues the municipal security has been granted qualified status and pledges its full faith and credit on the municipal security, then the issuance of the municipal security is subject to section 303(2). History: Add. 2002, Act 541, Imd. Eff. July 26, 2002
MI Comp L § 141.2307 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2307 - Proposed Bulletin; Public Comment Period.

141.2307 Proposed bulletin; public comment period. Sec. 307.  Before any bulletin issued by the department can take effect that addresses the filings, approvals, or determinations under section 303, or any modification of an existing bulletin that addresses the filings, approvals, or determinations under section 303, the department shall issue the bulletin or modification as a proposed bulletin with not less than a 30-day public comment period. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2308 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2308 - Limited Tax Full Faith and Credit Pledge; Notice.

141.2308 Limited tax full faith and credit pledge; notice. Sec. 308.  If a municipality issues a municipal security that contains the limited tax full faith and credit pledge of the municipality after October 1, 2002, a notice of at least 1 meeting at which a decision will be made or discussed with respect to the issuance of the municipal security shall contain a statement that the proposed municipal security will contain a limited tax full faith and credit pledge of the municipality. This section does not apply to a refunding security, short-term municipal security issued under part 4, or a municipal security for which the municipality is required to provide a notice of the right of referendum by law or charter. History: Add. 2002, Act 541, Imd. Eff. July 26, 2002
MI Comp L § 141.2309 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2309 - Sale of Municipal Security at Competitive or Negotiated Sale; Requirements.

141.2309 Sale of municipal security at competitive or negotiated sale; requirements. Sec. 309.  (1) A municipality may sell an authorized municipal security at a competitive sale or a negotiated sale as determined in the authorizing resolution. If a municipality determines to sell a municipal security 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 municipal security.  (2) If a municipality determines to sell a municipal security at a competitive sale, the municipality shall publish a notice of sale at least 7 days before the date set for the sale, in a publication printed in the English language and circulated in this state that carries as a part of its regular service the notices of the sale of municipal securities.  (3) A municipality shall award a municipal security sold at a competitive sale to the bidder whose bid meets all specifications and requirements and results in the lowest interest cost to the municipality, unless all bids are rejected.  (4) A municipality may accept bids for the purchase of a municipal security made in person, by mail, by facsimile, by electronic means, or by any other means authorized by the municipality. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2311 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2311 - Municipal Security; Registration; Facsimile Signatures; Transfer of Ownership; Delivery; Validity of Signature of Former Officer.

141.2311 Municipal security; registration; facsimile signatures; transfer of ownership; delivery; validity of signature of former officer. Sec. 311.  (1) A municipal security may be registrable as to principal alone or as to both principal and interest under terms and conditions determined by the governing body of the issuing municipality.  (2) A municipality may authorize a trustee or other authenticating agent to authenticate any municipal security executed by the facsimile signatures of the officials of the municipality in lieu of manual signatures of the officials of the issuing municipality.  (3) Officials of a municipality may sign and seal a municipal security in facsimile form if so authorized by the governing body of the issuing municipality.  (4) If authorized by the governing body of the issuing municipality, ownership of a municipal security may be transferred by means of a recorded entry in a record maintained by the issuing municipality, trustee, or other agent in lieu of printing and transferring a new municipal security. However, this subsection does not preclude a municipality from the delivery of, and a municipality shall have the authority to deliver, new municipal securities as evidence of the originally issued municipal security.  (5) If an individual acting in an official capacity signs or affixes his or her signature to a municipal security under this act and that individual ceases to be an officer before delivery of the municipal security, the municipal security is valid the same as if the individual had remained in office until delivery of that municipal security. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2313 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2313 - Mutilated Security; Substitution.

141.2313 Mutilated security; substitution. Sec. 313.  If a municipal security has become mutilated, then the governing body of the municipality may by resolution provide for the issuance of a new municipal security with like terms, in exchange for and substitution of the mutilated municipal security. In all such cases the holder shall pay the reasonable expenses and charges of such an exchange. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2315 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2315 - Issuance of Municipal Security; Determination; Payment on Demand; Contrary Ordinance or Charter Provision.

141.2315 Issuance of municipal security; determination; payment on demand; contrary ordinance or charter provision. Sec. 315.  (1) In determining to issue a municipal security, a municipality may do 1 or more of the following:  (a) Authorize and enter into insurance contracts, agreements for lines of credit, letters of credit, commitments to purchase municipal securities, remarketing agreements, reimbursement agreements, and any other transactions to enhance timely payment of any municipal security.  (b) Authorize payment from the proceeds of the municipal security, or from other funds available, of the cost of issuance, including, but not limited to, fees for placement, fees or charges for insurance, letters of credit, lines of credit, remarketing agreements, reimbursement agreements, or purchase or sales agreements or commitments, or agreements to enhance timely payment of municipal securities.  (c) Authorize principal and interest to be payable from 1 or more of the following:  (i) Taxes or other revenues of the municipality.  (ii) Proceeds of the municipal security.  (iii) Earnings on proceeds of the municipal security or other funds held for payment of the municipal security.  (iv) Proceeds of any other transaction described in subdivision (a).  (d) Authorize or provide for an officer of the municipality, but only within limitations that shall be contained in the authorizing resolution of the governing body, to do 1 or more of the following:  (i) Sell, deliver, and receive payment for the municipal securities.  (ii) Refund the municipal securities in accordance with part VI of this act.  (iii) Deliver a municipal security partly to refund another security and partly for any other authorized purposes.  (iv) Buy the municipal security so issued at not more than the face value of the municipal security.  (v) Approve fixed interest rates, variable interest rates, or methods for fixing interest rates, prices, discounts, maturities, principal amounts, denominations, dates of issuance, interest payment date, redemption rights at the option of the municipality or the holder, the place of delivery and payment, and other matters and procedures necessary to complete the transactions authorized.  (2) A municipality may provide that a municipal security additionally secured as provided in subsection (1) may be payable on demand or before maturity at the option of the holder only at the time and in the manner determined by the governing body as provided in the resolution authorizing the municipal security.  (3) The authority granted by this section may be exercised notwithstanding any ordinance or charter provision to the contrary. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2319 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2319 - Document to Be Filed by Municipality; Failure to Comply With Subsection (1) or (2).

141.2319 Document to be filed by municipality; failure to comply with subsection (1) or (2). Sec. 319.  (1) Within 15 business days of completing the issuance of any municipal security qualified under section 303(3), the municipality shall file a copy of all of the following with the department in a form and manner prescribed by the department:  (a) A copy of the municipal security.  (b) A proof of publication of the notice of sale, if applicable.  (c) A copy of the award resolution or certificate of award including a detail of the annual interest rate and call features on the municipal security.  (d) A copy of the legal opinion regarding the legality and tax status of the municipal security.  (e) A copy of the notice of rating of the municipal security received from a recognized rating agency, if any.  (f) A copy of the resolution or ordinance authorizing the issuance of the municipal security.  (g) A copy of the official statement, if any.  (h) For a refunding security, documentation indicating compliance with section 611.  (i) A filing fee equaling 0.02% of the principal amount of the municipal security issued, but in an amount not less than $100.00 and not greater than $1,000.00, as determined by the department.  (j) If the qualifying statement required by section 303(2) was received by the department more than 6 months after the end of the municipality's fiscal year, a late fee of $100.00 with the first filing thereafter.  (k) For a municipal security issued under section 305(2), documentation indicating compliance with section 305(2).  (2) Within 15 business days of completing the issuance of any municipal security approved under section 303(7), the municipality shall file all of the following with the department in a form and manner prescribed by the department:  (a) A copy of the municipal security.  (b) A proof of publication of the notice of sale, if applicable.  (c) A copy of the award resolution including a detail of the annual interest rate and call features on the municipal security.  (d) A copy of the legal opinion regarding the legality and tax status of the municipal security.  (e) A copy of the notice of rating of the municipal security received from a recognized rating agency, if any.  (f) A copy of the resolution or ordinance authorizing the issuance of the municipal security.  (g) A copy of the official statement, if any.  (h) For a refunding security, documentation indicating compliance with section 611.  (i) For a municipal security issued under section 305(2), documentation indicating compliance with section 305(2).  (3) The failure to comply with subsection (1) or (2) does not invalidate any of the securities issued or reported under this act. History: 2001, Act 34, Eff. Mar. 1, 2002 ;-- Am. 2002, Act 541, Imd. Eff. July 26, 2002
MI Comp L § 141.2321 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2321 - Filing in Electronic Format.

141.2321 Filing in electronic format. Sec. 321.  The department may require that the filings to the department required by this act be filed in an electronic format prescribed by the department. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2323 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-III - Part III General (141.2301...141.2323)|Section 141.2323 - Municipal Security Issued Without Department Approval; Rating.

141.2323 Municipal security issued without department approval; rating. Sec. 323.  The department may require a rating for a municipal security issued without approval of the department as provided in section 303(3) if the principal amount of the municipal security exceeds $5,000,000.00. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2407 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415)|Section 141.2407 - Anticipation of Revenue Sharing Payments; Issuance of Short-Term Municipal Securities; Payment of Operating Expenditures; Authorizing Resolution; Set Aside of Amounts for Payment of Principal and Interest.

141.2407 Anticipation of revenue sharing payments; issuance of short-term municipal securities; payment of operating expenditures; authorizing resolution; set aside of amounts for payment of principal and interest. Sec. 407.  (1) A municipality may, by resolution of its governing body, and without a vote of the electors, issue short-term municipal securities in anticipation of revenue sharing payments under the Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL 141.901 to 141.921, for its next succeeding fiscal year, or for a current fiscal year, in accordance with the provisions of this part.  (2) When a municipality issues municipal securities in anticipation of the receipt of revenue sharing payments under the Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL 141.901 to 141.921, for the current or next succeeding fiscal year, the proceeds of the municipal securities shall be used only for the payment of operating expenditures. The principal amount of the municipal securities issued in accordance with this section shall not exceed 50% of the total payments received in the last preceding fiscal year of the municipality, as certified by the department. The authorizing resolution shall provide that from the first receipts of the payments for that fiscal year in anticipation of which the municipality issued the municipal security, there shall be set aside in a special fund to be used for the payment of principal and interest on the municipal security a portion of each dollar that is not less than 125% of the percentage that the principal amount of the municipal security bears to the amount of payments remaining to be collected, until the amount set aside is sufficient for the payment of principal and interest on the municipal security. The amount set aside shall be used only for the payment of the principal and interest on the municipal security until the municipal security is paid as to both principal and interest. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2409 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415)|Section 141.2409 - Interest Rate; Limitation; Payment.

141.2409 Interest rate; limitation; payment. Sec. 409.  A municipal security issued pursuant to this part shall bear no interest or interest at a rate not to exceed that provided in part III and shall be payable not later than the estimated time of collection of an amount sufficient for its payment out of the taxes or revenues pledged for the municipal security, as determined by the governing body of the municipality. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2411 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415)|Section 141.2411 - Money Deposited in Special Fund; Use.

141.2411 Money deposited in special fund; use. Sec. 411.  The money in each special fund required by this part shall be deposited in a bank account separate from any other money of the municipality and shall be used for no purpose other than to retire the municipal security for which the special fund was established. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2415 (2021)
2021 Michigan Compiled Laws|Chapter 141 - Municipal Financing|Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)|34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415)|Section 141.2415 - Anticipation of State or Federal Grants; Issuance of Short-Term Municipal Security; Pledge of Grant Proceeds as Payment of Principal, Interest, and Redemption Premiums; Limitation on Principal Amount; Use of Municipal Security Proceeds.

141.2415 Anticipation of state or federal grants; issuance of short-term municipal security; pledge of grant proceeds as payment of principal, interest, and redemption premiums; limitation on principal amount; use of municipal security proceeds. Sec. 415.  (1) A municipality may by resolution of its governing body, and without a vote of its electors, issue a short-term municipal security in anticipation of the receipt of grants from the United States, this state, or any agency or instrumentality of the United States or this state and shall pledge for the payment of the principal, interest, and redemption premiums, if any, on that municipal security from 1 or more of the sources and on the terms described in section 315 and from any of the additional sources identified in subsection (2).  (2) The municipality that issues a short-term municipal security under this section may pledge the proceeds of federal or state grants for the payment of the interest and redemption premiums, if any, on the municipal security.  (3) The principal amount of a municipal security issued under this section shall not exceed 50% of the amount remaining to be received by the municipality that is not still subject to an appropriation from the granting agency under a written contract from that granting agency that has been accepted by resolution by the municipality. The issuance and delivery of the municipal security shall be conclusive evidence of the facts entitling the municipality to issue the municipal security in the principal amount issued and shall not be subject to attack in any proceeding. The pledge of 100% of the funds the municipality expects to receive from the granting agency may be secured by a direct transfer of the committed funds from the granting agency to a trustee or the Michigan municipal bond authority, if the municipal security is sold to the Michigan municipal bond authority, that is authorized to receive the funds by the authorizing resolution adopted by the municipality. The municipal security issued under this section shall mature not more than the earlier of 18 months from the date of issuance or 6 months after the expected date of receipt of grant proceeds and may bear no interest or interest at a fixed or variable rate or rates of interest per annum, subject to the limitations of section 305.  (4) The proceeds of the municipal security issued under this section shall be used only for the purpose to which the proceeds of the grant may be applied, the costs of issuance of the municipal security, and the payment of principal and interest on the municipal security. History: 2001, Act 34, Eff. Mar. 1, 2002
MI Comp L § 141.2501 (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 141.2501 - Maturity Time Periods.

141.2501 Maturity time periods. Sec. 501.  (1) Except as otherwise provided for by law, or as otherwise provided in part VI, a municipal security issued by a municipality under this act shall not mature later than the estimated period of usefulness of the property or improvement for which the municipal security is issued.  (2) In addition to the requirements of subsection (1), a municipal security shall not mature later than the following time periods:  (a) A municipal security issued in anticipation of special assessments shall mature no later than 2 years after the time fixed by law for the payment of the last installment of the assessments from which the municipal security is payable.  (b) A municipal security issued to meet an emergency for relief from fire, flood, or other calamity shall mature no later than 5 years after the date of issuance.  (c) A municipal security issued to pay judgments against the municipality, except judgments in condemnation proceedings, and municipal securities issued for the purchase of personal property, other than material for permanent construction, machinery for public utilities, or original furnishings and equipment of new buildings, shall mature no later than 10 years after the date of issuance.  (d) All other municipal securities shall mature no later than 30 years after the date of issuance. History: 2001, Act 34, Eff. Mar. 1, 2002