reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 204 of 1933 - Defaulted Municipal Bonds (141.211 - 141.214) › Section 141.213 - Defaulted Municipal Bonds; Tenders, Acceptance or Rejection.

141.213 Defaulted municipal bonds; tenders, acceptance or rejection.
Sec. 3.
Upon the giving of such call for tenders of such bonds, the holder or holders thereof may submit his tender to the governing body of such municipality, sealed and in writing, stipulating the lowest price at which the owner of such bond or bonds will sell such bonds to said municipality. At the time set for the opening and examining of such tenders the governing body of such municipality shall examine and list such tenders as shall have been made and may accept the lowest tender thereof, but not to exceed the amount of funds available of such special assessment district or improvement project: Provided, That such municipality shall first accept the tender or tenders which are the lowest in price and next accept such additional tenders at the next lowest price, the total of said tenders so accepted not to be in excess of the available balance of funds of said special assessment district or project: Provided further, That in all such advertisements of calls for tenders, the municipality shall reserve the right to reject all tenders, and such municipality may upon the opening of such tenders, reject all of the same.
History:
1933, Act 204, Imd. Eff. June 28, 1933 ;-- CL 1948, 141.213
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 204 of 1933 - Defaulted Municipal Bonds (141.211 - 141.214) › Section 141.214 - Defaulted Municipal Bonds; Payment of Accepted Tenders.

141.214 Defaulted municipal bonds; payment of accepted tenders.
Sec. 4.
Upon the acceptance of any of such tenders, said bonds shall be paid at the price requested by such tenders, out of the funds available therefor of such special assessment district or improvement project, and such bonds as shall have been accepted in pursuance to such tenders shall be immediately cancelled.
History:
1933, Act 204, Imd. Eff. June 28, 1933 ;-- CL 1948, 141.214
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 79 of 1937 - Municipal Borrowing (141.221 - 141.226) › Section 141.221 - Definitions.

141.221 Definitions.
Sec. 1.
The following definitions shall apply for the purposes of this act:
(a) "Municipality" means any local unit of government of this state which may now or may hereafter operate any public utility pursuant to law for the purpose of supplying bus or street railway transportation, including all plants, works, instrumentalities, and properties used or useful in connection with the operation of any public utility for the purpose of supplying street railway or bus transportation, except any gas or electric utility, or water supply systems, including all plants, works, instrumentalities, and properties used or useful in connection with obtaining a water supply system, the treatment of water or the distribution of water, or both, except any gas or electric utility.
(b) "Governing" means the council, common council, or commission of a municipality.
(c) "Fiscal year" means the 12-month period as may be determined by statute, charter, or ordinance as the fiscal year of the municipality.
History:
1937, Act 79, Imd. Eff. June 14, 1937 ;-- Am. 1947, Act 342, Eff. Oct. 11, 1947 ;-- CL 1948, 141.221 ;-- Am. 1983, Act 50, Imd. Eff. May 16, 1983
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 79 of 1937 - Municipal Borrowing (141.221 - 141.226) › Section 141.222 - Municipal Borrowing; Bus and Street Railway Transportation or Water Supply Utility Purposes.

141.222 Municipal borrowing; bus and street railway transportation or water supply utility purposes.
Sec. 2.
Any municipality of this state that operates any public utility pursuant to law for the purpose of supplying bus or street railway transportation or water supply may, by resolution of its governing body, borrow money and issue notes for the purpose of acquiring, constructing, purchasing, owning, maintaining, or operating any public utility as described in section 1(a), as the board in charge of the utility and the governing body of the municipality may consider necessary or desirable for the purpose of supplying bus or street railway transportation or water supply to the inhabitants of the municipality and within a distance of 10 miles from any portion of its corporate limits, and as the public convenience may require, together with all the necessary equipment.
History:
1937, Act 79, Imd. Eff. June 14, 1937 ;-- Am. 1947, Act 342, Eff. Oct. 11, 1947 ;-- CL 1948, 141.222 ;-- Am. 2002, Act 193, Imd. Eff. Apr. 29, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 79 of 1937 - Municipal Borrowing (141.221 - 141.226) › Section 141.223 - Notes Subject to MCL 141.2101 to 141.2821.

141.223 Notes subject to MCL 141.2101 to 141.2821.
Sec. 3.
Notes issued under this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History:
1937, Act 79, Imd. Eff. June 14, 1937 ;-- CL 1948, 141.223 ;-- Am. 1983, Act 50, Imd. Eff. May 16, 1983 ;-- Am. 2002, Act 193, Imd. Eff. Apr. 29, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 79 of 1937 - Municipal Borrowing (141.221 - 141.226) › Section 141.224 - Municipal Borrowing for Utility Purposes; Limitations.

141.224 Municipal borrowing for utility purposes; limitations.
Sec. 4.
Any governmental unit described in this act may borrow money and issue notes in anticipation of the collection of revenues of any utility described in this act to an amount not exceeding 10% of the total revenues of the public utility for the preceding fiscal year. The notes may be issued at any time against current revenues of the utility or the same may be issued against the revenues of any ensuing fiscal year and shall be made payable not later than the fiscal year against which revenues are pledged.
History:
1937, Act 79, Imd. Eff. June 14, 1937 ;-- CL 1948, 141.224 ;-- Am. 2002, Act 193, Imd. Eff. Apr. 29, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 79 of 1937 - Municipal Borrowing (141.221 - 141.226) › Section 141.225 - Repealed. 2002, Act 193, Imd. Eff. Apr. 29, 2002.

141.225 Repealed. 2002, Act 193, Imd. Eff. Apr. 29, 2002.
Compiler's Notes:
The repealed section pertained to municipal borrowing for utility purposes.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 79 of 1937 - Municipal Borrowing (141.221 - 141.226) › Section 141.226 - Municipal Borrowing for Utility Purposes; Liability of Municipality; Construction of Act.

141.226 Municipal borrowing for utility purposes; liability of municipality; construction of act.
Sec. 6.
The faith and credit of the municipality shall remain pledged for the payment of said notes: Provided, however, That this act shall not repeal any existing statutory or charter provisions authorizing the borrowing of money or the issuance of bonds or notes, but shall be construed as an additional grant of power to that now prescribed by other statutory or charter provisions. The notes and revenues herein provided for shall not be deemed to be within any statutory or charter limitation of tax rate, bonded indebtedness, or other indebtedness, but shall be deemed to be authorized in addition thereto.
History:
1937, Act 79, Imd. Eff. June 14, 1937 ;-- CL 1948, 141.226
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 224 of 1939 - Impounded Moneys in Sinking Fund for Payment of County Highway Bonds (141.231 - 141.231)

IMPOUNDED MONEYS IN SINKING FUND FOR PAYMENT OF COUNTY HIGHWAY BONDS
Act 224 of 1939
141.231 Repealed. 1980, Act 180, Imd. Eff. July 2, 1980.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 328 of 1941 - Validation of Proceedings for Authorization of Electric Revenue Certificates (141.241 - 141.244)

VALIDATION OF PROCEEDINGS FOR AUTHORIZATION OF ELECTRIC REVENUE CERTIFICATES
Act 328 of 1941
141.241-141.244 Repealed. 1980, Act 180, Imd. Eff. July 2, 1980.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 143 of 1943 - Borrowing for Road Purposes (141.251 - 141.254) › Section 141.251 - Borrowing Money and Issuing Notes for County Road Purposes; Resolution.

141.251 Borrowing money and issuing notes for county road purposes; resolution.
Sec. 1.
Boards of county road commissioners are authorized and empowered, upon the adoption of a resolution, to borrow money, the sum of which shall not exceed the amount previously authorized by their respective county board of commissioners, in anticipation of and to pledge for the payment of the borrowed money, future revenues derived from state collected taxes returned to the county for county road purposes pursuant to law and to issue notes for the purpose of purchasing road machinery or equipment, for improvement of county highways, or for other general county road purposes.
(2) Notes issued under this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History:
1943, Act 143, Eff. July 30, 1943 ;-- CL 1948, 141.251 ;-- Am. 1951, Act 227, Eff. Sept. 28, 1951 ;-- Am. 1983, Act 51, Imd. Eff. May 16, 1983 ;-- Am. 2002, Act 194, Imd. Eff. Apr. 29, 2002
Compiler's Notes:
Sec. 1. should evidently read “Sec. 1. (1).”
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 143 of 1943 - Borrowing for Road Purposes (141.251 - 141.254) › Section 141.252 - Notes; Issuance; Provisions.

141.252 Notes; issuance; provisions.
Sec. 2.
All notes issued under this act are subject to all of the following provisions:
(a) For the purpose of computing the amount that may be borrowed, a loan made under this act shall not, when payable as provided in this section, exceed that percentage of the total aggregate revenues derived from state collected taxes returned to a county for county road purposes pursuant to law for the 5 immediately succeeding years:
(i) In 10 installments, 40%.
(ii) In 9 installments, 36%.
(iii) In 8 installments, 32%.
(iv) In 7 installments, 28%.
(v) In 6 installments, 24%.
(vi) In 5 installments, 20%.
(vii) In 4 installments, 16%.
(viii) In 3 installments, 12%.
(ix) In 2 installments, 8%.
(x) In 1 installment, 4%.
(b) A loan payable in more than 2 installments shall not be authorized for any purpose other than for the construction, improvement, maintenance, or repair of highways. At no time shall the total loans outstanding under this act exceed 40% of the sum of the revenues derived from state collected taxes returned to the county for county road purposes for the immediately preceding 5 calendar years and not specifically allocated for other purposes.
(c) The resolution authorizing the borrowing shall contain an irrevocable appropriation providing for the payment of the principal and interest from the money to be derived from state collected taxes returned to the county for county road purposes pursuant to law that have not been previously specifically allocated for other purposes.
History:
1943, Act 143, Eff. July 30, 1943 ;-- CL 1948, 141.252 ;-- Am. 1951, Act 227, Eff. Sept. 28, 1951 ;-- Am. 1973, Act 65, Imd. Eff. July 23, 1973 ;-- Am. 2002, Act 194, Imd. Eff. Apr. 29, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 143 of 1943 - Borrowing for Road Purposes (141.251 - 141.254) › Section 141.253 - Repealed. 2002, Act 194, Imd. Eff. Apr. 29, 2002.

141.253 Repealed. 2002, Act 194, Imd. Eff. Apr. 29, 2002.
Compiler's Notes:
The repealed section pertained to approval or denial by municipal finance commission or successor agency of borrowing and issuing of notes.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 143 of 1943 - Borrowing for Road Purposes (141.251 - 141.254) › Section 141.254 - Saving Clause; Pledging Allocated Revenues Prohibited.

141.254 Saving clause; pledging allocated revenues prohibited.
Sec. 4.
Should any provision or section of this act be held to be invalid for any reason, such holding shall not be construed as affecting the validity of any remaining portion of such section or of this act, it being the legislative intent that this act shall stand, notwithstanding the invalidity of any such provisions or section. Nothing in this act contained shall be construed as permitting any board of county road commissioners to pledge future revenues derived from state collected taxes returned to such county for county road purposes which are by law required to be allocated to (1) any city or village, (2) the relief of assessment districts established under provisions of Act No. 59 of the Public Acts of 1915, as amended, or (3) the reduction of taxes for the payment of bonds.
History:
1943, Act 143, Eff. July 30, 1943 ;-- CL 1948, 141.254 ;-- Am. 1951, Act 227, Eff. Sept. 28, 1951
Compiler's Notes:
Act 59 of 1915, referred to in this section, was repealed by Act 77 of 1958.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 177 of 1943 - Public Improvement Funds (141.261 - 141.265) › Section 141.261 - Funds for Public Improvements or Buildings.

141.261 Funds for public improvements or buildings.
Sec. 1.
The legislative or governing body of any political subdivision is hereby authorized and empowered to create and establish a fund or funds for the purpose of appropriating, providing for, setting aside and accumulating moneys to be used for acquiring, constructing, extending, altering, repairing or equipping public improvements or public buildings, which said political subdivision may by the provisions of its charter or the general law be authorized to acquire, construct, extend, alter, enlarge, equip or repair.
History:
1943, Act 177, Imd. Eff. Apr. 17, 1943 ;-- Am. 1944, 1st Ex. Sess., Act 4, Imd. Eff. Feb. 16, 1944 ;-- CL 1948, 141.261 ;-- Am. 1956, Act 136, Eff. Aug. 11, 1956
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 177 of 1943 - Public Improvement Funds (141.261 - 141.265) › Section 141.262 - Funds for Public Improvements or Buildings; Transfer or Encumbrance.

141.262 Funds for public improvements or buildings; transfer or encumbrance.
Sec. 2.
Notwithstanding the provisions of any law or the charter of any city or village, moneys accumulated in said fund shall not be transferred, encumbered or otherwise disposed of, except for the purpose of acquiring, constructing, extending, altering, repairing or equipping public improvements or public buildings, which a political subdivision may by the provisions of its charter or the general law be authorized to acquire, construct, extend, alter, repair or equip. Funds established and moneys on hand which had been allocated to or appropriated for the making of capital improvements on January 1, 1956, may be transferred to or credited to such reserve fund created under authority of this act and when so transferred or credited shall be governed by the provisions of this act.
History:
1943, Act 177, Imd. Eff. Apr. 17, 1943 ;-- Am. 1944, 1st Ex. Sess., Act 4, Imd. Eff. Feb. 16, 1944 ;-- CL 1948, 141.262 ;-- Am. 1956, Act 136, Eff. Aug. 11, 1956
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 177 of 1943 - Public Improvement Funds (141.261 - 141.265) › Section 141.263 - Funds for Public Improvements or Buildings; Allocation of Miscellaneous Revenues; Sale of Lands.

141.263 Funds for public improvements or buildings; allocation of miscellaneous revenues; sale of lands.
Sec. 3.
The legislative or governing body of any political subdivision may allocate to said fund miscellaneous revenues received and credited to the general fund, including revenues received by said political subdivision under the provisions of Act No. 155 of the Public Acts of 1937, as amended, being sections 211.351 to 211.364, inclusive, of the Compiled Laws of 1948, and also revenues received from the sale of lands owned by the political subdivision and which are no longer needed for public purposes, if said revenues are not otherwise pledged or encumbered for other purposes.
History:
1943, Act 177, Imd. Eff. Apr. 17, 1943 ;-- Am. 1944, 1st Ex. Sess., Act 4, Imd. Eff. Feb. 16, 1944 ;-- CL 1948, 141.263 ;-- Am. 1956, Act 136, Eff. Aug. 11, 1956
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 177 of 1943 - Public Improvement Funds (141.261 - 141.265) › Section 141.264 - Tax Limitation.

141.264 Tax limitation.
Sec. 4.
Nothing in this act shall be construed so as to authorize any city or village to exceed any tax limitation imposed by law or charter of said city or village.
History:
1943, Act 177, Imd. Eff. Apr. 17, 1943 ;-- CL 1948, 141.264
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 177 of 1943 - Public Improvement Funds (141.261 - 141.265) › Section 141.265 - Additional Powers; Political Subdivision Construction.

141.265 Additional powers; political subdivision construction.
Sec. 5.
This act shall be in addition to all powers heretofore granted to political subdivisions by state law, or by any charter thereof.
The term "political subdivision" as used in this act shall be construed to mean any county, city, village, township, school district or other local unit of this state.
History:
1943, Act 177, Imd. Eff. Apr. 17, 1943 ;-- Am. 1944, 1st Ex. Sess., Act 4, Imd. Eff. Feb. 16, 1944 ;-- CL 1948, 141.265
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 297 of 1945 - Validation of Public Utility Water Bonds (141.271 - 141.272)

VALIDATION OF PUBLIC UTILITY WATER BONDS
Act 297 of 1945
141.271,141.272 Repealed. 1980, Act 180, Imd. Eff. July 2, 1980.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 407 of 1913 - Legalization of Good Road Bonds (141.291 - 141.292)

LEGALIZATION OF GOOD ROAD BONDS
Act 407 of 1913
141.291,141.292 Repealed. 1958, Act 77, Eff. Sept. 13, 1958.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 178 of 1931 - Records of Highway and Drainage District Bonds (141.301 - 141.303)

RECORDS OF HIGHWAY AND DRAINAGE DISTRICT BONDS
Act 178 of 1931
141.301-141.303 Repealed. 1958, Act 77, Eff. Sept. 13, 1958;—1980, Act 180, Imd. Eff. July 2, 1980.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 11 of 1956 (Ex. Sess.) - Electric Plant; Validation of Proceedings (141.311 - 141.312) › Section 141.311 - Municipal Electric Plant; Purchase of Equipment on Conditional Sales Contract, Validation; Negotiability of Revenue Obligations.

141.311 Municipal electric plant; purchase of equipment on conditional sales contract, validation; negotiability of revenue obligations.
Sec. 1.
In any case where the governing body of any city or village in the state of Michigan which owns and operates its electric plant or system has adopted proceedings for the purchase of additional equipment for its electric plant or system, providing for the purchase of such additional equipment on a conditional sales contract, or other contract of purchase, pursuant to which contract the incurrence of obligations for the purchase price or the issuance of electric revenue certificates payable solely from the revenues of the electric system of such city or village has been authorized, such proceedings are hereby validated, ratified and confirmed and the provisions thereof are hereby declared to be binding and effective, in accordance with their terms, all with like force and effect as though such proceedings had been fully authorized by statutes existing at the time of their adoption. Any such city or village, through such of its officers as may have or shall be designated by the legislative body thereof, is hereby authorized to carry out the duties imposed under any such conditional sales or other purchase contract, to make payment of any revenue obligations or certificates incurred or issued under such contract, and to do and perform such acts and things as may be necessary to the issuance and payment of such obligations or certificates, and such obligations or certificates now outstanding, or when incurred or issued pursuant to such proceedings, shall be valid and binding obligations of such city or village, in accordance with their terms, and such certificates shall be fully negotiable under the provisions of the negotiable instruments law as it is in force in the state of Michigan.
History:
1956, Ex. Sess., Act 11, Imd. Eff. Oct. 2, 1956
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 11 of 1956 (Ex. Sess.) - Electric Plant; Validation of Proceedings (141.311 - 141.312) › Section 141.312 - Definitions.

141.312 Definitions.
Sec. 2.
As used in this act:
(a) The terms "city" and "village" mean any city and any village in the state of Michigan existing or operating under a special or home rule charter as well as any under a general charter; and
(b) The term "electric revenue certificates" means evidences of obligations, incurred by any city or village for or to provide funds for the extension or improvement of its electric plant or system, which are payable solely from the revenues derived from the operation of said plant or system, in whatever form.
History:
1956, Ex. Sess., Act 11, Imd. Eff. Oct. 2, 1956
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 153 of 1996 - Acquisition of Parks (141.321 - 141.324) › Section 141.321 - Definitions.

141.321 Definitions.
Sec. 1.
As used in this act:
(a) "Park" means an area of land or water, or both, dedicated to 1 or more of the following uses:
(i) Recreational purposes, including but not limited to landscaped tracts; picnic grounds; playgrounds; athletic fields; camps; campgrounds; zoological and botanical gardens; swimming, boating, hunting, fishing, and birding areas; and foot and bridle paths.
(ii) Open or scenic space.
(iii) Environmental, conservation, nature, or wildlife areas.
(b) "Record owner" means an individual, partnership, corporation, limited liability company, association, or other legal entity, possessed of the most recent fee title or a land contract vendee's interest in land as shown by the records of the county register of deeds.
History:
1996, Act 153, Imd. Eff. Apr. 3, 1996
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 153 of 1996 - Acquisition of Parks (141.321 - 141.324) › Section 141.323 - Condemnation Prohibited.

141.323 Condemnation prohibited.
Sec. 3.
A county, township, city, or village shall not acquire property for a park under this act by condemnation. Property shall instead be acquired from a willing seller.
History:
1996, Act 153, Imd. Eff. Apr. 3, 1996
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 153 of 1996 - Acquisition of Parks (141.321 - 141.324) › Section 141.324 - Additional Powers Not Limited.

141.324 Additional powers not limited.
Sec. 4.
The powers granted by this act are in addition to, and not a limitation on, those granted by law or charter.
History:
1996, Act 153, Imd. Eff. Apr. 3, 1996
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 7 of 1949 - Transfer of Unexpended Balances to County (141.351 - 141.352) › Section 141.351 - Transfer of Unexpended Balances by Townships or Municipalities to County.

141.351 Transfer of unexpended balances by townships or municipalities to county.
Sec. 1.
The several townships, cities and incorporated villages of this state, by a majority vote of the electors thereof voting at any general or special election called for that purpose, are hereby authorized to appropriate and transfer any unexpended balances or portions thereof in its general or contingent fund to the county in which it is situated, such revenues to be credited to the general fund of the county, to be disbursed for such purpose or purposes as may be designated by the electors in voting on the proposition, and, in case of no designation, as shall be determined by the board of supervisors of the county.
History:
1949, Act 7, Imd. Eff. Mar. 3, 1949
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 7 of 1949 - Transfer of Unexpended Balances to County (141.351 - 141.352) › Section 141.352 - Transfer of Unexpended Balances; Submission to Electors; Conduct of Election.

141.352 Transfer of unexpended balances; submission to electors; conduct of election.
Sec. 2.
The question of transferring unexpended balances or portions thereof by any township, city or incorporated village to the county in which situated may be submitted to the electors of such township, city or incorporated village by the legislative body thereof at any general election to be held therein or at a special election to be called by the legislative body for that purpose. The provisions of the general election law shall govern the conducting of any such election and the counting, canvassing and returning of votes cast. In case a majority of the electors voting on the proposition shall vote in favor thereof, the treasurer of the township, city or incorporated village, as the case may be, shall be authorized to make the transfer, in accordance with the requirements of the proposition voted on.
History:
1949, Act 7, Imd. Eff. Mar. 3, 1949
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 57 of 1957 - Local Improvement Revolving Fund (141.371 - 141.375) › Section 141.371 - Definitions.

141.371 Definitions.
Sec. 1.
For the purpose of this act unless the context otherwise indicates:
(a) "Local improvement" means any public improvement, the expense of which, in whole or in part, the governing body of any city or village pursuant to law or charter has determined shall be defrayed by special assessments upon the property specially benefited.
(b) "Governing body" means the council, common council, or commission of a city or the council, commission, or board of trustees of a village.
(c) "Local improvement revolving fund" means the fund authorized to be established under this act for the purposes specified in this act.
(d) "Tax elector" means a person having the qualifications of an elector.
History:
1957, Act 57, Eff. Sept. 27, 1957 ;-- Am. 2002, Act 287, Imd. Eff. May 9, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 57 of 1957 - Local Improvement Revolving Fund (141.371 - 141.375) › Section 141.372 - Local Improvement Revolving Fund; Establishment.

141.372 Local improvement revolving fund; establishment.
Sec. 2.
Any city or village may advance the cost either in whole or in part of any local improvement, and in order to provide working capital funds for such purpose, by resolution of its governing body, may establish a fund to be designated "local improvement revolving fund."
History:
1957, Act 57, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 57 of 1957 - Local Improvement Revolving Fund (141.371 - 141.375) › Section 141.373 - Sources of Funds.

141.373 Sources of funds.
Sec. 3.
Any city or village may provide funds for the local improvement revolving fund by any or all of the following means:
(a) The allocation to the fund of miscellaneous revenues, if the revenues are not otherwise pledged or encumbered.
(b) The appropriation of funds raised by general taxation in accordance with authorization otherwise granted by law or charter, as the governing body may determine to be necessary for the fund; but no city or village shall exceed, for this purpose, any tax limitation imposed by other law or charter.
(c) Subject to a vote of its tax electors, bonds pledging the full faith and credit of the city or village for those purposes. No bonds shall be issued under this authorization that at the time of their issuance would cause the indebtedness of the city or village represented by outstanding special assessment bonds that pledge the full faith and credit of the city or village for their payment, plus outstanding bonds issued pursuant to the provisions of this act, to exceed 12% of the assessed valuation of the taxable property in the city or village. The assessed valuation shall be that fixed by the last assessment roll of the city or village that has been reviewed by the board of review. All bonds issued under this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History:
1957, Act 57, Eff. Sept. 27, 1957 ;-- Am. 2002, Act 287, Imd. Eff. May 9, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 57 of 1957 - Local Improvement Revolving Fund (141.371 - 141.375) › Section 141.374 - Local Improvement Revolving Fund; Repayment of Advances.

141.374 Local improvement revolving fund; repayment of advances.
Sec. 4.
A local improvement revolving fund established pursuant to the provisions of this act shall be a separate depository account of the city or village. Any local improvement revolving fund shall be used only for the purpose of advancing the costs, either in whole or in part, of any local improvement. Moneys advanced from the fund shall be repaid from the sale of special assessment bonds as authorized by law or charter or collections of special assessments on property specially benefited by any local improvement, the cost of which was advanced in whole or in part from the fund.
History:
1957, Act 57, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 57 of 1957 - Local Improvement Revolving Fund (141.371 - 141.375) › Section 141.375 - Authority Given by Act.

141.375 Authority given by act.
Sec. 5.
The authority hereby given shall be in addition to and not in derogation of any power existing in any city or village under any statutory or charter provision.
History:
1957, Act 57, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 121 of 1969 - Bonds or Notes for Capital Improvements (141.381 - 141.383) › Section 141.381 - Issuance of Bonds and Notes; Resolution; Purpose; Pledges; Use of Proceeds; Debt Limitation; General Obligations.

141.381 Issuance of bonds and notes; resolution; purpose; pledges; use of proceeds; debt limitation; general obligations.
Sec. 1.
Any county, city, township or village, by resolution adopted by a majority vote of the members elect of its legislative body may authorize the issuance of bonds or notes of the county, city, township or village for the purpose of raising funds to be used for capital improvements and pledge as security for the payment of the principal and interest on the bonds or notes part or all of the deferred income from the sale of its capital assets. Moneys realized from issuance of bonds or notes secured by pledge of the deferred income from sale of capital assets shall be used solely for capital improvements. The county, city, township or village may also pledge its full faith and credit for the prompt payment of principal and interest on any bonds or notes issued pursuant to this act. In no case may the county, city, township or village involved borrow in excess of 80% of the face value of the assets pledged. The bonds or notes shall be valid and binding general obligations of the county, city, township or village notwithstanding any invalidity or illegality in the contract of sale of capital assets pledged for payment thereof.
History:
1969, Act 121, Imd. Eff. July 29, 1969
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 121 of 1969 - Bonds or Notes for Capital Improvements (141.381 - 141.383) › Section 141.382 - Form and Execution of Bonds or Notes; Principal and Interest; Maximum Due in One Year; Due Dates; Tax Exemptions.

141.382 Form and execution of bonds or notes; principal and interest; maximum due in one year; due dates; tax exemptions.
Sec. 2.
The bonds or notes authorized to be issued under this act shall be issued in the name of the county, city, township, or village and shall be executed in the manner provided by resolution of its legislative body. Bonds or notes issued under this act shall be negotiable instruments with the last maturity due not later than the year in which the final payment is due according to the contract of sale of capital assets. The maximum principal and interest falling due in any year shall not exceed income to be received during that year from the contract of sale of capital assets pledged for the payment of the bonds or notes plus any income due in prior years that will not be required for payment of principal or interest, or both, in prior years. The due date of principal and the first interest payment in each year shall be not less than 30 days subsequent to the estimated time of receipt of the payments on the contract for sale of capital assets pledged. The bonds and coupons and notes shall be exempt from taxation by this state or by any taxing authority within this state.
History:
1969, Act 121, Imd. Eff. July 29, 1969 ;-- Am. 2002, Act 195, Imd. Eff. Apr. 29, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 121 of 1969 - Bonds or Notes for Capital Improvements (141.381 - 141.383) › Section 141.383 - Bonds or Notes Subject to MCL 141.2101 to 141.2821.

141.383 Bonds or notes subject to MCL 141.2101 to 141.2821.
Sec. 3.
The bonds or notes shall be subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History:
1969, Act 121, Imd. Eff. July 29, 1969 ;-- Am. 1983, Act 52, Imd. Eff. May 16, 1983 ;-- Am. 2002, Act 195, Imd. Eff. Apr. 29, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 60 of 1959 - Validation of Metropolitan District Bonds (141.401 - 141.401) › Section 141.401 - Metropolitan District Bonds; Assumption by Cities; Refunding Bonds.

141.401 Metropolitan district bonds; assumption by cities; refunding bonds.
Sec. 1.
All bonds heretofore issued by metropolitan districts of the state of Michigan and heretofore assumed by cities in the state of Michigan are hereby ratified, validated and confirmed notwithstanding any defects in the organization of any such metropolitan districts or in the proceedings authorizing the issuance and sale of such bonds, and the assumption of such bonds by cities is hereby ratified, validated and confirmed and such bonds are hereby declared to be the valid and legally binding obligations of such cities notwithstanding any defects in the proceedings pertaining to the assumption of such bonds by such cities, and notwithstanding the failure by such cities to comply with any prescribed statutory conditions to the assumption of such bonds; and all such cities are hereby authorized to issue general obligation bonds to refund such bonds at their stated maturity or at any redemption date.
History:
1959, Act 60, Imd. Eff. June 5, 1959
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 43 of 1963 (2nd Ex. Sess.) - Budget Hearings of Local Governments (141.411 - 141.415) › Section 141.411 - Local Unit of Government; Definition.

141.411 Local unit of government; definition.
Sec. 1.
As used in this act "local unit" means a county, township, city, village, authority or school district empowered by the constitution or by law to prepare budgets of estimated expenditures and revenues.
History:
1963, 2nd Ex. Sess., Act 43, Imd. Eff. Dec. 27, 1963
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 43 of 1963 (2nd Ex. Sess.) - Budget Hearings of Local Governments (141.411 - 141.415) › Section 141.412 - Local Unit of Government; Public Hearing on Proposed Budget; Notice.

141.412 Local unit of government; public hearing on proposed budget; notice.
Sec. 2.
A local unit shall hold a public hearing on its proposed budget. The local unit shall give notice of the hearing by publication in a newspaper of general circulation within the local unit at least 6 days before the hearing. The notice shall include the time and place of the hearing and shall state the place where a copy of the budget is available for public inspection. The notice shall also include the following statement printed in 11-point boldfaced type: "The property tax millage rate proposed to be levied to support the proposed budget will be a subject of this hearing.".
History:
1963, 2nd Ex. Sess., Act 43, Imd. Eff. Dec. 27, 1963 ;-- Am. 1995, Act 40, Imd. Eff. May 22, 1995
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 43 of 1963 (2nd Ex. Sess.) - Budget Hearings of Local Governments (141.411 - 141.415) › Section 141.413 - Local Unit of Government; Final Adoption of Budget; Hearing; Exception.

141.413 Local unit of government; final adoption of budget; hearing; exception.
Sec. 3.
Each local unit shall hold such public hearing prior to final adoption of its budget. Except for a local unit that has a fiscal year that begins before the convening of the county tax allocation board, a local unit that submits its budget to a county tax allocation board shall hold such hearing after its tax rate allocation has been fixed by such board.
History:
1963, 2nd Ex. Sess., Act 43, Imd. Eff. Dec. 27, 1963 ;-- Am. 2006, Act 154, Eff. Mar. 30, 2007
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 43 of 1963 (2nd Ex. Sess.) - Budget Hearings of Local Governments (141.411 - 141.415) › Section 141.414 - Local Unit of Government; Changes in Budget.

141.414 Local unit of government; changes in budget.
Sec. 4.
Changes made in its budget by the governing body of a local unit subsequent to such public hearing shall not affect the validity of such budget.
History:
1963, 2nd Ex. Sess., Act 43, Imd. Eff. Dec. 27, 1963
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 43 of 1963 (2nd Ex. Sess.) - Budget Hearings of Local Governments (141.411 - 141.415) › Section 141.415 - Local Unit of Government; Public Hearing on Budget, Charter, Statute.

141.415 Local unit of government; public hearing on budget, charter, statute.
Sec. 5.
Local units which provide for a public hearing before adoption of their budgets either in pursuance of charter provision or law shall hold a public hearing in accordance with such provision of charter or law which shall be deemed to be in a manner prescribed by law.
History:
1963, 2nd Ex. Sess., Act 43, Imd. Eff. Dec. 27, 1963
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.421a - Short Title.

141.421a Short title.
Sec. 1a.
This act shall be known and may be cited as the "uniform budgeting and accounting act".
History:
Add. 1978, Act 621, Eff. Apr. 1, 1980
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.422 - Meanings of Words and Phrases.

141.422 Meanings of words and phrases.
Sec. 2.
For the purposes of this act, the words and phrases defined in sections 2a to 2d have the meanings ascribed to them in those sections.
History:
1968, Act 2, Imd. Eff. Feb. 20, 1968 ;-- Am. 1978, Act 621, Eff. Apr. 1, 1980
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.422a - Definitions; A, B.

141.422a Definitions; A, B.
Sec. 2a.
(1) "Administrative officer" means an individual employed or otherwise engaged by a local unit to supervise a budgetary center.
(2) "Allotment" means a portion of an appropriation which may be expended or encumbered during a certain period of time.
(3) "Appropriation" means an authorization granted by a legislative body to incur obligations and to expend public funds for a stated purpose.
(4) "Budget" means a plan of financial operation for a given period of time, including an estimate of all proposed expenditures from the funds of a local unit and the proposed means of financing the expenditures. Budget does not include any of the following:
(a) A fund for which the local unit acts as a trustee or agent.
(b) An internal service fund.
(c) An enterprise fund.
(d) A capital project fund.
(e) A debt service fund.
History:
Add. 1978, Act 621, Eff. Apr. 1, 1980 ;-- Am. 2000, Act 493, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.422c - Definitions; E to G.

141.422c Definitions; E to G.
Sec. 2c.
(1) "Expenditure" means the cost of goods delivered or services rendered, whether paid or unpaid, including expenses, debt retirement not reported as a liability of the fund from which retired, or capital outlay.
(2) "General appropriations act" means the budget as adopted by the legislative body or as otherwise given legal effect pursuant to a charter provision in effect on the effective date of this section.
History:
Add. 1978, Act 621, Eff. Apr. 1, 1980 ;-- Am. 2000, Act 493, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.422d - Definitions; D to S.

141.422d Definitions; D to S.
Sec. 2d.
(1) "Depository library" means a depository library designated under section 10 of the library of Michigan act, 1982 PA 540, MCL 397.20.
(2) "Legislative body" means any of the following:
(a) The council, commission, or other entity vested with the legislative power of a village.
(b) The council or other entity vested with the legislative power of a city.
(c) The board of education of a local school district.
(d) The board of education of an intermediate school district.
(e) The township board of a township.
(f) The county board of commissioners of a county.
(g) The board of county road commissioners of a county.
(h) The board of directors of a public school academy established under part 6a of the revised school code, 1976 PA 451, MCL 380.501 to 380.507.
(i) The official body to which is granted general governing powers over an authority or organization of government established by law that may expend funds of the authority or organization. As used in this act, legislative body does not include an intermunicipality committee established under 1957 PA 200, MCL 123.631 to 123.637.
(3) "Library of Michigan" means the library of Michigan created under section 3 of the library of Michigan act, 1982 PA 540, MCL 397.13.
(4) "Local unit" does not include an intermunicipality committee established under 1957 PA 200, MCL 123.631 to 123.637. Except as used in sections 14 to 20a, local unit means a village, city, or township or an authority or commission established by a county, village, city, or township resolution, motion, ordinance, or charter. As used in sections 14 to 20a, local unit means any of the following:
(a) A village.
(b) A city.
(c) A school district.
(d) An intermediate school district.
(e) A public school academy established under part 6a of the revised school code, 1976 PA 451, MCL 380.501 to 380.507.
(f) A township.
(g) A county.
(h) A county road commission.
(i) An authority or organization of government established by law that may expend funds of the authority or organization.
(5) "Revenue" means an addition to the assets of a fund that does not increase a liability, does not represent the recovery of an expenditure, does not represent the cancellation of a liability without a corresponding increase in any other liability or a decrease in assets, and does not represent a contribution of fund capital in enterprise or in internal service funds.
(6) "Surplus" means an excess of the assets of a fund over its liabilities and reserves.
History:
Add. 1978, Act 621, Eff. Apr. 1, 1980 ;-- Am. 1981, Act 78, Imd. Eff. June 30, 1981 ;-- Am. 1996, Act 401, Eff. Dec. 18, 1996 ;-- Am. 1999, Act 142, Imd. Eff. Oct. 22, 1999 ;-- Am. 2000, Act 493, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.423 - Publication; Hearings.

141.423 Publication; hearings.
Sec. 3.
The state treasurer, before the adoption of a uniform chart of accounts, shall provide for advance publication and for hearings thereon with an advisory committee selected by the state treasurer from the local units and from other interested or concerned groups. The uniform chart of accounts, when finally adopted, shall be published and made readily available to all interested persons.
History:
1968, Act 2, Imd. Eff. Feb. 20, 1968
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.424a - Failure of Local Unit to Report Investments in Derivative Instruments or Products.

141.424a Failure of local unit to report investments in derivative instruments or products.
Sec. 4a.
(1) If a local unit fails to report investments in derivative instruments or products as required by section 4, the state treasurer may determine that the local unit cannot report the investments without assistance, advice, or instruction from the state treasurer. The state treasurer shall submit a written statement of the findings and recommendations to the legislative body of the local unit. Within 90 days after receipt of this statement, the local unit shall retain a certified public accountant or the state treasurer to report the investments in the manner required in section 4 and shall notify, by resolution of the legislative body, the state treasurer of the action. Upon failure of the local unit to respond within the 90-day period, the state treasurer shall report the investments.
(2) The state treasurer shall charge reasonable and necessary expenses, including per diem and travel expenses, to the local unit for services performed pursuant to subsection (1) and the local unit shall pay the state treasurer for these expenses. For payment of the expenses, the state treasurer shall either execute a contract with the local unit or bill the local unit on a monthly basis.
History:
Add. 1996, Act 400, Eff. Dec. 18, 1996
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a) › Section 141.424b - Schedule of Derivative Instruments and Products; Filing Copies; Library of Michigan and Depository Libraries as Depositories; Retention of Annual Report by Local Unit.

141.424b Schedule of derivative instruments and products; filing copies; Library of Michigan and depository libraries as depositories; retention of annual report by local unit.
Sec. 4b.
(1) The state treasurer shall promptly file with the library of Michigan copies of a schedule of derivative instruments and products described in section 4(2)(c) or (e) and obtained under section 4 or section 4a. The treasurer shall file a sufficient number of copies to deposit 1 copy in the library of Michigan and 1 copy in each depository library.
(2) The library of Michigan and depository libraries shall serve as depositories for schedules of derivative instruments and products described in section 4(2)(c) or (e) in the manner required by sections 9 and 10 of the library of Michigan act, Act No. 540 of the Public Acts of 1982, being sections 397.19 and 397.20 of the Michigan Compiled Laws. The library of Michigan and each depository library shall promptly make a schedule of derivative instruments and products described in section 4(2)(c) or (e) available to the public.
(3) A local unit shall obtain and retain a copy of an annual financial report submitted under this act. A local unit or the state treasurer shall make an annual financial report prepared, owned, used, in the possession of, or retained by the local unit or state treasurer available for public inspection under the freedom of information act, Act No. 442 of the Public Acts of 1976, being sections 15.231 to 15.246 of the Michigan Compiled Laws.
History:
Add. 1996, Act 401, Eff. Dec. 18, 1996
Compiler's Notes:
For transfer of powers and duties of library of Michigan and state librarian, except pertaining to services for blind and physically handicapped and those related to census data functions, to department of education, see E.R.O. No. 2009-26, compiled at MCL 399.752.