reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1054 - Michigan Municipal Bond Authority; Created; Powers; Funds.

141.1054 Michigan municipal bond authority; created; powers; funds.
Sec. 4.
The Michigan municipal bond authority is created as a body corporate, separate and distinct from the state. The authority may sue and be sued, plead and be impleaded, contract and be contracted with, have a corporate seal, and enjoy and carry out all powers granted it in this act. Funds of the authority shall be handled in the same manner and subject to the same provisions of law applicable to state funds or in such manner as is specified in a resolution of the authority authorizing the issuance of bonds or notes.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1055 - Board of Trustees; Appointment, Qualifications, and Terms of Members; Duties; Oath; Vacancy; Organization; Rules of Procedure; Conducting Business at Public Meetings; Notice; Quorum; Action of Board; Designation of Representative.

141.1055 Board of trustees; appointment, qualifications, and terms of members; duties; oath; vacancy; organization; rules of procedure; conducting business at public meetings; notice; quorum; action of board; designation of representative.
Sec. 5.
(1) The authority shall be governed by a board of trustees consisting of the state treasurer, 2 appointees of the governor to serve at the pleasure of the governor who shall be public officials or employees with expertise in the state's infrastructure needs, and through December 31, 2000, 5 residents of this state to be appointed by the governor with the advice and consent of the senate. Beginning January 1, 2001, the board shall have 4 residents of this state appointed by the governor with the advice and consent of the senate. Of the residents appointed by the governor, 1 shall be appointed from 1 or more nominees of the speaker of the house of representatives and 1 shall be appointed from 1 or more nominees of the majority leader of the senate. A trustee shall serve a term of 3 years. In appointing the initial resident members of the board, the governor shall designate 1 to serve for 3 years, 1 to serve for 2 years, and 2 to serve for 1 year.
(2) Upon appointment, a member of the board shall enter office and exercise the duties of office. A member of the board shall qualify by taking and filing the constitutional oath of office.
(3) Regardless of the cause of a vacancy, the governor shall fill a vacancy in the office of a member of the board by appointment with the advice and consent of the senate. A member of the board shall hold office until a successor has been appointed and has qualified.
(4) The board shall organize and make its own rules of procedure. The board shall conduct all business at public meetings held in compliance with the open meetings act, 1976 PA 267, MCL 15.261 to 15.275. Public notice of the time, date, and place of each meeting shall be given in the manner required by the open meetings act, 1976 PA 267, MCL 15.261 to 15.275. A majority of the members of the board appointed and serving shall constitute a quorum for the transaction of business. An action of the board shall require a concurring vote by a majority of the members present at the meeting. A state officer who is a member of the board may designate a representative from his or her department to serve instead of that state officer as a member of the board for 1 or more meetings.
History:
1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1056 - Chairperson; Employment, Qualifications, Duties, and Compensation of Personnel; Delegation of Powers and Duties; Exercise of Powers, Duties, and Functions; Budgeting, Procurement, and Related Functions; Costs; Report; Annual Audit.

141.1056 Chairperson; employment, qualifications, duties, and compensation of personnel; delegation of powers and duties; exercise of powers, duties, and functions; budgeting, procurement, and related functions; costs; report; annual audit.
Sec. 6.
(1) The state treasurer is the chairperson of the board. The authority may employ an executive director, legal and technical experts, and other officers, agents, or employees, permanent or temporary. The authority shall determine the qualifications, duties, and compensation of those it employs. The authority may delegate to 1 or more agents or employees any powers or duties as the authority considers proper.
(2) The authority shall be within the department of treasury and shall exercise the authority's prescribed statutory powers, duties, and functions independently of the state treasurer. However, the budgeting, procurement, and related functions of the authority shall be performed under the direction and supervision of the state treasurer. The costs of providing these and any other departmental services shall be paid for from authority revenues to the extent these services are not otherwise authorized by law.
(3) The authority shall annually make a written report available to the public on its activities. This report shall specify obligations of municipalities it has purchased, the amount of authority obligations outstanding, the amount of authority obligations issued, and a description of each issuance specifying the rate, term, and an analysis of market performance.
(4) The accounts of the authority shall be subject to annual audits by the state auditor general or a certified public accountant appointed by the auditor general.
History:
1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001
Compiler's Notes:
For consolidation of administrative staff of Michigan higher education assistance authority, Michigan higher education facilities authority, Michigan higher education student loan authority, Michigan municipal bond authority, and state hospital finance authority, and for transfer of certain functions to state treasurer, see E.R.O. No. 2002-8, compiled at MCL 12.193.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1060 - Retirement, Funding, or Refunding of Notes.

141.1060 Retirement, funding, or refunding of notes.
Sec. 10.
The authority may from time to time issue its notes as provided in this act and pay and retire, fund, or refund those notes from proceeds of bonds or of other notes, or from any other funds or money of the authority available or to be made available for that purpose in accordance with a contract between the authority and the holders of the notes. Unless otherwise provided in a contract between the authority and the holders of notes, and unless the notes have been otherwise paid, funded, or refunded, the proceeds of bonds of the authority issued in whole or in part to fund those outstanding notes shall be held, used, and applied by the authority for the payment and retirement of the principal of those notes and the interest due and payable on those notes.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1061 - Bonds or Notes to Refund Bonds or Notes.

141.1061 Bonds or notes to refund bonds or notes.
Sec. 11.
(1) The authority may provide for the issuance of authority bonds or notes in the amounts the authority considers necessary for the purpose of refunding bonds or notes of the authority then outstanding, including the payment of any redemption premium and interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or maturity of these bonds or notes. In the discretion of the authority, the proceeds of bonds or notes issued for the purpose of refunding outstanding bonds or notes may be applied to the purchase or retirement at maturity or redemption of outstanding bonds or notes either on their earliest or subsequent redemption date, and pending such application, may be placed in escrow to be applied to the purchase or retirement at maturity or redemption on the date or dates determined by the authority. Pending such application and subject to agreements with noteholders or bondholders, the escrowed proceeds may be invested and reinvested in the manner the authority determines, maturing at the time or times as appropriate to assure the prompt payment of the principal, interest, and redemption premium, if any, on the outstanding bonds or notes to be refunded. After the terms of the escrow have been fully satisfied and carried out, the balance of the proceeds and interest, income, and profits, if any, earned or realized on the investment of the proceeds shall be returned to the authority for use by the authority in any lawful manner.
(2) In the resolution authorizing bonds or notes to refund bonds or notes, the authority may provide that the bonds or notes to be refunded shall be considered paid when there has been deposited in trust money or direct obligations of the United States, obligations the principal of and interest on which are fully guaranteed by the United States, or other obligations secured by the foregoing which will provide payments of principal and interest adequate to pay the principal and interest on the bonds to be refunded as that principal and interest becomes due whether by maturity or prior redemption and that, upon the deposit of the money or obligations, the obligations of the authority to the holders of the bonds or notes to be refunded are terminated except as to the rights to the money or obligations deposited in trust.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1062 - Security Transactions; Authorization and Approval.

141.1062 Security transactions; authorization and approval.
Sec. 12.
(1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to purchase notes or bonds, an agreement to remarket bonds or notes, and any other transaction to provide security to assure timely payment of a bond or note.
(2) The authority may authorize payment from the proceeds of the notes or bonds, or other funds available, of the cost of issuance including, but not limited to, fees for placement, charges for insurance, letters of credit, lines of credit, remarketing agreements, reimbursement agreements, or purchase or sales agreements or commitments, or agreements to provide security to assure timely payment of notes or bonds.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1063 - Authority of Member, Executive Director, or Other Personnel as to Notes, Bonds, and Investments.

141.1063 Authority of member, executive director, or other personnel as to notes, bonds, and investments.
Sec. 13.
Within limitations that are stated in the issuance or authorization resolution of the authority, the authority may authorize a member of the board, the executive director of the authority, or other personnel within the department of treasury staffing and assisting the authority and designated by the board to do 1 or more of the following:
(a) Sell and deliver, and receive payment for, notes or bonds.
(b) Refund notes or bonds by the delivery of new notes or bonds whether or not the notes or bonds to be refunded have matured or are subject to redemption.
(c) Deliver notes or bonds, partly to refund notes or bonds and partly for any other authorized purpose.
(d) Buy notes or bonds so issued and resell those notes or bonds.
(e) Approve interest rates or methods for fixing interest rates, prices, discounts, maturities, principal amounts, denominations, dates of issuance, interest payment dates, redemption rights at the option of the authority or the holder, the place of delivery and payment, and other matters and procedures necessary to complete the transactions authorized.
(f) Direct the investment of money of the authority that the authority has the power to invest.
(g) Create and manage investments on behalf of governmental units and the state water pollution control revolving fund established under section 16a and the state drinking water revolving fund established under section 16b.
History:
1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 1990, Act 281, Imd. Eff. Dec. 13, 1990 ;-- Am. 1996, Act 241, Imd. Eff. June 10, 1996 ;-- Am. 1997, Act 27, Imd. Eff. June 17, 1997 ;-- Am. 2012, Act 288, Imd. Eff. Aug. 1, 2012
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1065 - Pledge of Revenues or Other Money; Lien of Pledge; Payment Assigned or Pledged to Authority to Be Held in Trust for Payment of Principal and Interest; Payment Subject to Lien; Nature of Lien; Filing or Recordation Not Required.

141.1065 Pledge of revenues or other money; lien of pledge; payment assigned or pledged to authority to be held in trust for payment of principal and interest; payment subject to lien; nature of lien; filing or recordation not required.
Sec. 15.
(1) A pledge of revenues or other money made by the authority is valid and binding from the time when the pledge is made. The revenues or other money so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery of the revenues or money or further act. The lien of such a pledge is valid and binding against a party having a claim of any kind in tort, contract, or otherwise against the authority, irrespective of whether that party has notice of the pledge. Neither the resolution, trust indenture, nor any other instrument by which a pledge is created is required to be filed or recorded in order to establish and perfect a lien or security interest in the property so pledged.
(2) The state treasurer or a trustee shall hold the payment under this act that is assigned or pledged to the authority in trust for the payment of principal and interest on the obligation incurred with the authority in a separate account for each municipality. The payment under this act that is assigned or pledged to the authority and held by the state treasurer or a trustee shall be subject to a lien in favor of the authority. That lien shall be a statutory lien, paramount and superior to all other liens for the sole purpose of paying the principal of, and interest on, the obligation incurred with the authority. The payment under this act that is assigned or pledged to the authority under this act shall be exempt from being levied upon, taken, sequestered, or applied toward paying the debts or liabilities of the governmental unit other than for payment of the obligation incurred with the authority. The lien granted under this act to the authority shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise, against the governmental unit irrespective of whether the parties have notice. Neither the assignment, the pledge, nor any other instrument by which an assignment, lien, or pledge is created is required to be filed or recorded.
History:
1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1065a - Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.

141.1065a Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
Compiler's Notes:
The repealed section provided a limitation on outstanding bonds.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1066a - State Water Pollution Control Revolving Fund; Establishment; Compliance; Funding; Assistance to Governmental Unit; Loan Agreement; Determination of Eligible Projects; Maximum Amount of Municipal Obligation; Maximum Interest Rate.

141.1066a State water pollution control revolving fund; establishment; compliance; funding; assistance to governmental unit; loan agreement; determination of eligible projects; maximum amount of municipal obligation; maximum interest rate.
Sec. 16a.
The authority shall establish a state water pollution control revolving fund that complies with the requirements and objectives of the federal water pollution control act. The authority may fund the state water pollution control revolving fund through federal grants, revenues of the authority, or through any other means permitted under the federal water pollution control act and the rules promulgated under that act. The authority may provide assistance as that term is defined in the state clean water assistance act to a governmental unit for a project with proceeds of the state water pollution control revolving fund. If the assistance is in the form of a loan, the loan shall be made through a loan agreement in which a governmental unit agrees to make loan repayments to the authority or through the purchase or refinancing of municipal obligations in fully marketable form. Loan agreements with governmental units shall contain appropriate provisions relating to maturity or length of loan, repayment terms, state or local funding requirements, and other provisions as are necessary to comply with the provisions of the federal water pollution control act and any agreements entered into with the federal government for implementation of the federal water pollution control act. Projects eligible for assistance from the state water pollution control revolving fund shall be determined pursuant to the state clean water assistance act. The maximum amount of any municipal obligation purchased with proceeds of the state water pollution control revolving fund and the maximum interest rate on a loan or municipal obligation shall be determined pursuant to the state clean water assistance act.
History:
Add. 1988, Act 316, Eff. Sept. 1, 1988
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1066b - State Drinking Water Revolving Fund.

141.1066b State drinking water revolving fund.
Sec. 16b.
The authority shall establish a state drinking water revolving fund that complies with the requirements and objectives of the federal safe drinking water act. The authority shall establish accounts and subaccounts within the state drinking water revolving fund as it determines is necessary or appropriate to operate the state drinking water revolving fund. The accounts and subaccounts may include, but are not limited to, accounts or subaccounts established for any of the purposes authorized in section 5417(c) of part 54 (safe drinking water assistance) of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5417. At the close of a fiscal year, money in an account or subaccount established under this section shall remain in the account or subaccount, shall not lapse to the general fund, and shall be carried forward to the following year as permitted in the federal safe drinking water act. The authority may fund the state drinking water revolving fund through federal grants, revenues of the authority, or through any other means permitted under the federal safe drinking water act and the rules promulgated under that act. The authority may provide assistance as that term is defined in part 54 (safe drinking water assistance) of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5401 to 324.5418, to a governmental unit for a community water supply or a noncommunity water supply with proceeds of the state drinking water revolving fund. If the assistance is in the form of a loan, the loan shall be made through a loan agreement in which a governmental unit agrees to make loan repayments to the authority or through the purchase or refinancing of municipal obligations in fully marketable form. Loan agreements with governmental units shall contain appropriate provisions relating to maturity or length of loan, repayment terms, state or local funding requirements, and other provisions as are necessary to comply with the provisions of the federal safe drinking water act and any agreements entered into with the federal government for implementation of the federal safe drinking water act. Community water supplies and noncommunity water supplies eligible for assistance from the state drinking water revolving fund shall be determined pursuant to part 54 (safe drinking water assistance) of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5401 to 324.5418. The maximum amount of any municipal obligation purchased with proceeds of the state drinking water revolving fund and the maximum interest rate on a loan or municipal obligation shall be determined pursuant to part 54 (safe drinking water assistance) of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5401 to 324.5418.
History:
Add. 1997, Act 27, Imd. Eff. June 17, 1997
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1066c - School Loan Revolving Fund.

141.1066c School loan revolving fund.
Sec. 16c.
The authority shall establish a school loan revolving fund and shall establish accounts and subaccounts with the school loan revolving fund as it determines is necessary or appropriate to operate the school loan revolving fund. The authority may fund the school loan revolving fund with proceeds of bonds or notes issued by the authority, revenues of the authority, contributions from this state including contributions resulting from the assignment of the right to receive loan repayments on qualified loans made or authorized by this state under a school loan act, or repayments of loans made from the school loan revolving fund. Funds deposited in the school loan revolving fund may be used only by the authority to make qualified loans to school districts at the times and in the amounts approved by this state under the provisions of a school loan act, for the purpose of funding a reserve fund established by the authority, for the purpose of securing bonds or notes issued by the authority to provide funds for the school loan revolving fund, for the purpose of acting as a surety for the payment of bonds or notes that provide direct or indirect state sponsorship or support to a school district, and for the purpose of paying the costs of the authority to administer the fund. Loans to school districts from the school loan revolving fund with respect to qualified bonds as defined in a school loan act shall be treated as state loans as described in section 16 of article IX of the state constitution of 1963.
History:
Add. 2005, Act 93, Imd. Eff. July 20, 2005
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1066d - Grant Agreements Entered Under MCL 324.5204a.

141.1066d Grant agreements entered under MCL 324.5204a.
Sec. 16d.
(1) In addition to any other authority granted under law, each governmental unit may enter into grant agreements under section 5204a of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5204a, and may pledge its limited taxing power as security for any repayment obligation of the governmental unit. The grant agreements are not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. Repayment obligations of a governmental unit under a grant agreement are not a general obligation or debt of the governmental unit within the meaning of any constitutional or statutory debt limitation and are not subject to any notice or referendum requirement.
(2) Grant agreements under section 5204a of the natural resources and environmental protection act, 1994 PA 451, MCL 324.5204a, may be entered into by the authority and are not required to be in fully marketable form.
History:
Add. 2005, Act 252, Imd. Eff. Dec. 1, 2005
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1067 - Default or Noncompliance by Authority.

141.1067 Default or noncompliance by authority.
Sec. 17.
(1) If the authority defaults in the payment of principal of or interest on an issue of bonds or notes issued under this act after the bonds or notes become due, whether at maturity or upon call for redemption, or in the event that the authority fails or refuses to comply with the provisions of this act or defaults in an agreement made with the holders of an issue of bonds or notes, the holders of 51% or more in aggregate principal amount of the notes or bonds of that issue then outstanding, by instrument or instruments filed in the Ingham county clerk's office, may appoint, subject to agreement as contained in the resolution of the authority authorizing such bonds or notes, a trustee to represent the holders of those notes or bonds for the purposes provided in this section.
(2) The trustee may, and upon written request of the holders of 51% or more in aggregate principal amount of the notes or bonds of that issue then outstanding shall, in the trustee's own name do all of the following:
(a) By mandamus or other suit, action, or proceeding at law or in equity, enforce the rights of the bondholders or noteholders, and require the authority to carry out any other agreements with the holders of those notes or bonds and to perform the authority's duties under this act.
(b) Bring suit upon the notes or bonds.
(c) By action or suit, require the authority to account as if it were the trustee of an express trust for the holders of the notes or bonds.
(d) By action or suit in equity, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of the notes or bonds.
(e) If so provided in the resolution authorizing the bonds or notes, declare the notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of 51% or more of the aggregate principal amount of those notes or bonds then outstanding, to annul that declaration and its consequences.
(3) In addition to the provisions of subsection (2), the trustee has all of the powers necessary or appropriate for the exercise of any function specifically set forth in this section or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.
(4) Before declaring the principal of notes or bonds due and payable, the trustee shall give 30 days' notice in writing to the governor, to the authority, to the state treasurer, and to the attorney general.
History:
1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1068 - Liability on Bonds or Notes.

141.1068 Liability on bonds or notes.
Sec. 18.
Neither the members of the authority nor any person executing bonds or notes issued under this act shall be liable personally on the bonds or notes by reason of their issuance.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1069 - Purchasing, Holding, Canceling, or Reselling Bonds or Notes of Authority.

141.1069 Purchasing, holding, canceling, or reselling bonds or notes of authority.
Sec. 19.
The authority may purchase bonds or notes of the authority out of funds or money of the authority available for that purpose. The authority may hold, cancel, or resell authority bonds or notes subject to or in accordance with an agreement with holders of authority bonds or notes.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1070 - State Pledge to and Agreement With Holders of Bonds or Notes.

141.1070 State pledge to and agreement with holders of bonds or notes.
Sec. 20.
This state pledges to and agrees with the holders of bonds or notes issued under this act that this state shall not limit or restrict the rights vested in the authority by this act to do any 1 or more of the following:
(a) Purchase, acquire, hold, sell, or dispose of municipal obligations or other investments.
(b) Make loans to a governmental unit.
(c) Establish and collect fees or other charges as are convenient or necessary to produce sufficient revenues to meet the expenses of operation of the authority.
(d) Fulfill the terms of an agreement made with the holders of authority bonds or notes, or in any way impair the rights or remedies of the holders of authority bonds or notes until the bonds and notes, together with interest on the bonds or notes and interest on any unpaid installments of interest, and all costs and expenses in connection with an action or proceedings by or on behalf of those holders are fully met, paid, and discharged.
History:
1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1071 - Investment of Sinking Fund, Money, or Other Fund by Banking Business, Insurance Business, or Fiduciary in Bonds or Notes; Bonds or Notes as Security for Public Deposits.

141.1071 Investment of sinking fund, money, or other fund by banking business, insurance business, or fiduciary in bonds or notes; bonds or notes as security for public deposits.
Sec. 21.
Notwithstanding any restriction contained in any other law, the state and a public officer, governmental unit, or agencies of the state or governmental unit; a bank, trust company, savings bank and institution, savings and loan association, investment company, or other person carrying on a banking business; an insurance company, insurance association, or other person carrying on an insurance business; or an executor, administrator, guardian, trustee, or other fiduciary may legally invest a sinking fund, money, or other fund belonging to them or within their control in bonds or notes issued under this act, and authority bonds or notes shall be authorized security for public deposits.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1072 - Property and Income of Authority; Public Property; Public Purpose; Exemptions From Taxes and Special Assessments.

141.1072 Property and income of authority; public property; public purpose; exemptions from taxes and special assessments.
Sec. 22.
Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to be for a public purpose. The property of the authority and its income and operation are exempt from all taxes and special assessments of the state or a subdivision of the state. Bonds or notes issued by the authority, and the interest on and income from those bonds and notes, is exempt from all taxation of the state or a subdivision of the state.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1074 - Agreement by Governmental Unit Upon Sale or Issuance of Municipal Obligations; Additional Powers of Authority.

141.1074 Agreement by governmental unit upon sale or issuance of municipal obligations; additional powers of authority.
Sec. 24.
(1) Upon the sale and issuance of municipal obligations to the authority by a governmental unit, that governmental unit shall be held and considered to have agreed to all of the following if the governmental unit fails to pay the interest on or the principal of the municipal obligations held or owned by the authority as and when due and payable:
(a) That the governmental unit waives all and any defenses to the nonpayment and the authority upon the nonpayment shall constitute a holder or owner of the municipal obligations as being in default.
(b) That, notwithstanding the provisions of any other law as to time or duration of default or percentage of holders or owners of municipal obligations entitled to exercise rights of holders or owners of municipal obligations in default, or entitled to invoke any remedies or powers of holders or owners of or of a trustee in connection with or of a board, body, agency, or commission of the state having jurisdiction in the matter or circumstances of municipal obligations in default, the authority may immediately avail itself of all other remedies, rights, and provisions of law applicable in such a circumstance.
(c) That the failure to exercise or exert any rights or remedies within any time or period provided by law shall not be raised as a defense by that governmental unit.
(d) That all of the obligations of the issue of municipal obligations of that governmental unit as to which there has been such a nonpayment shall for all of the purposes of this section be held and considered to have become due and payable and to be unpaid.
(2) The authority may carry out the provisions of this section and exercise all of the rights and remedies and provisions of law provided or referred to in this section.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1075 - Construction of Act.

141.1075 Construction of act.
Sec. 25.
(1) This act shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authority for the performance of each and every act and thing authorized by this act and all powers granted shall be broadly interpreted to effectuate the intent and purposes and not as a limitation of powers.
(2) This act shall be construed liberally to assure compliance with the federal water pollution control act and with any applicable rules promulgated under that act, and with the federal safe drinking water act and with any applicable rules promulgated under that act.
History:
1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 1997, Act 27, Imd. Eff. June 17, 1997
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1076 - Severability.

141.1076 Severability.
Sec. 26.
If a section, subsection, subdivision, clause, or provision of this act is adjudged unconstitutional or is ineffective, the remainder of this act shall be valid and effective. Any other section, subsection, subdivision, clause, or provision of this act shall not on account of that judgment be considered invalid or ineffective and the inapplicability or invalidity of a section, subsection, subdivision, clause, or provision of this act in 1 or more instances or under 1 or more circumstances shall not be taken to affect or prejudice in any way its applicability or validity in any other instance or under any other circumstance.
History:
1985, Act 227, Eff. Mar. 31, 1986
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1077 - Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.

141.1077 Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
Compiler's Notes:
The repealed section pertained to the issuance of new bonds or notes after December 31, 2000.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078) › Section 141.1078 - Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.

141.1078 Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.
Compiler's Notes:
The repealed section pertained to contracts to invest governmental unit's money.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 101 of 1988 - Local Government Fiscal Responsibility Act (141.1101 - 141.1118)

LOCAL GOVERNMENT FISCAL RESPONSIBILITY ACT
Act 101 of 1988
141.1101-141.1118 Repealed. 1990, Act 72, Imd. Eff. May 15, 1990.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1151 - Short Title.

141.1151 Short title.
Sec. 1.
This act shall be known and may be cited as the "city utility users tax act".
History:
1990, Act 100, Imd. Eff. June 13, 1990
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1153 - Uniform Rules Governing Appeal.

141.1153 Uniform rules governing appeal.
Sec. 3.
The state commissioner of revenue shall publish uniform rules in accordance with and subject to Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, governing the form and manner of appeal from a final determination by a city affecting a utility, resale customer, utility user, or other person and purporting to be made under or in administration of the uniform city utility users tax ordinance. The rules shall provide for at least 30 days after notice of a final assessment, denial of claim for refund, or special ruling in which the appeal may be filed. They shall provide to the utility, resale customer, utility user, or other person or his or her duly authorized representative and to the city an opportunity to present evidence and argument and to examine witnesses relating to the matter under appeal. Promptly after completion of the hearing, the commissioner shall affirm, reverse or modify by written order the action of the city which is the subject matter of the appeal, and shall furnish a copy of his or her order and opinion thereon to the utility, resale customer, utility user, or other person and to the duly authorized official of the city.
History:
1990, Act 100, Imd. Eff. June 13, 1990
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1154 - Compliance With Order; Grievance; Appeal; Recovery; Payment.

141.1154 Compliance with order; grievance; appeal; recovery; payment.
Sec. 4.
(1) The parties, within 30 days after receipt of the order of the state commissioner of revenue, shall fully comply with all directions and requirements of the order unless theretofore excused therefrom during or as a result of a final determination pursuant to an appeal from the order of the commissioner as hereinafter provided. If the utility, resale customer, utility user, or other person or the city is aggrieved by any such order of the commissioner, he or she may appeal within 90 days after receipt of notice of the order to the circuit court for the county in which the taxing jurisdiction is located.
(2) If a utility, resale customer, utility user, or other person, as the result of an appeal, is found entitled to recover any sums paid, they shall be paid from the general fund of the city. The city shall promptly and uniformly comply with a final order upon appeal hereunder affecting the interpretation, administration, or application of the ordinance.
History:
1990, Act 100, Imd. Eff. June 13, 1990
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1156 - Ordinance Set Forth in Chapter 2.

141.1156 Ordinance set forth in chapter 2.
Sec. 6.
The uniform city utility users tax ordinance is as set forth in chapter 2.
History:
1990, Act 100, Imd. Eff. June 13, 1990
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1157 - Retroactive Application.

141.1157 Retroactive application.
Sec. 7.
This act shall be applied retroactively beginning July 1, 1988. The authority of a city to impose, collect, and enforce a utility users tax prior to and up to the date this act is signed into law is validated and ratified.
History:
1990, Act 100, Imd. Eff. June 13, 1990
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1158 - Legislative Intent.

141.1158 Legislative intent.
Sec. 8.
This act is intended to eliminate the confusion surrounding the legal status of Act No. 198 of the Public Acts of 1970 resulting from an opinion of the attorney general regarding the validity of enactment of various public acts, OAG, 1987-1988, No 6438, p 80 (May 21, 1987) and a circuit court decision in the matter of Ace Tex Corp v Detroit rendered on February 2, 1990 (Wayne County Circuit Court Case No. 88-807858-CZ), as to which an appeal is pending, and to resolve legislatively the issues raised by the appeal. Before that circuit court decision, the legislature had been advised by the attorney general's office in May 1987 that legislative action was not necessary to authorize the collection of the city utility users tax after July 1, 1988 under Act No. 198 of the Public Acts of 1970. In light of the circuit court decision of February 2, 1990, which is presently on appeal, it appears that legislative action is advisable to clarify the authorization for and to ratify the collection of the tax from July 1, 1988, to authorize the continued collection of the tax, and to resolve legislatively the issues raised by appeal. The legislature by enactment of this act intends to validate, ratify, and revive effective from July 1, 1988 a city utility users tax. This act is remedial and curative and is intended to revive and assure an uninterrupted continuation of the authority to collect a city utility users tax. The legislature finds the city utility users tax was authorized by law on the date when section 31 of article IX of the state constitution of 1963 was ratified.
History:
1990, Act 100, Imd. Eff. June 13, 1990
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1158a - Contract With Lighting Authority.

141.1158a Contract with lighting authority.
Sec. 8a.
Notwithstanding any ordinance of a city levying a tax authorized by this act, if a city levying the tax authorized by this act enters into a contract with a lighting authority, all of the following shall apply:
(a) The city shall send notice to each public utility and resale customer to remit taxes collected under this act to a trustee until notified by that trustee to return the funds to the city.
(b) After receiving a notice described in subdivision (a), each public utility and resale customer so notified shall remit taxes as directed by the notice to the trustee until notified by the trustee to remit taxes to the city.
(c) The trustee shall notify each public utility and resale customer to remit taxes collected under this act to the city within 45 days of the retirement of debt service on the bonds issued by a lighting authority.
History:
Add. 2012, Act 393, Imd. Eff. Dec. 19, 2012
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-1 - Chapter 1 City Utility Users Tax (141.1151...141.1158b) › Section 141.1158b - Amount Held in Trust.

141.1158b Amount held in trust.
Sec. 8b.
Notwithstanding any ordinance of a city levying the tax or any other provision of this act, any utility, resale customer, other entity, or person that collects a tax or any money represented to be a tax authorized under this act holds the amount so collected in trust for the benefit of the city, or for bondholders secured by a pledge with a lighting authority.
History:
Add. 2012, Act 393, Imd. Eff. Dec. 19, 2012
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-2 - Chapter 2 Uniform City Utility Users Tax Ordinance (141.1161...141.1177) › Section 141.1161 - Short Title.

141.1161 Short title.
Sec. 1.
This ordinance shall be known and may be cited as the "uniform city utility users tax ordinance".
History:
1990, Act 100, Imd. Eff. June 13, 1990
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 100 of 1990 - City Utility Users Tax Act (141.1151 - 141.1177) › 100-1990-2 - Chapter 2 Uniform City Utility Users Tax Ordinance (141.1161...141.1177) › Section 141.1162 - Definitions.

141.1162 Definitions.
Sec. 2.
For the purposes of this ordinance:
(1) The words, terms and phrases set forth below and their derivations have the meanings given therein. When not inconsistent with the context, words used in the present tense include the future, words in the plural number include the singular number, and in the singular number include the plural. "Shall" is always mandatory and not merely directory. "May" is always directory.
(2) "Administrator" means the official designated by the city to administer the provisions of this ordinance.
(3) "Billed or ordinarily billable to locations within the taxing city" means the location of the premises of the user for the usage of the public utility services.
(4) "Month" means a calendar month.
(5) "Person" means a natural person, partnership, fiduciary, association, corporation, or other entity. When used in any provision imposing a criminal penalty, "person" as applied to an association means the parties or members thereof, and as applied to a corporation, the officers thereof.
(6) "Public utility services" means the providing, performing or rendering of public service of a telephone, electric, steam, or gas nature, the rates or other charges for which are subjected to regulation by state public utility regulatory bodies, federal public utility or regulatory bodies or both, or the rendering of public service of an electric or gas nature by a government owned facility.
(7) "Public utility" means a person who provides public utility services.
(8) "Resale customer" means a person that purchases utility services or property from a public utility for resale to a utility user.
(9) "Utility user" or "user" means a person required to pay a tax imposed under the provisions of this ordinance.
History:
1990, Act 100, Imd. Eff. June 13, 1990