reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.120c - Parking Revenue Bonds; Special Assessments on Benefited Properties.

141.120c Parking revenue bonds; special assessments on benefited properties.
Sec. 20c.
When a borrower has outstanding any parking revenue bonds issued under the provisions of this act, it may thereafter levy special assessments against properties specially benefited by the parking facilities originally financed by the bonds, but no assessment shall be made at large, and may issue special assessment bonds therefor in anticipation of the payment of the special assessments for the purpose of providing for the retirement of the outstanding bonds in whole or in part. The special assessment bonds may pledge the full faith and credit of the public corporation issuing them, as determined by the governing body of the public corporation. The special assessment bonds may be issued to include the amount of any premium to be paid upon the calling of the parking revenue bonds to be refunded or if such bonds are not callable, any premium necessary to be paid in order to secure the surrender of the bonds to be refunded; but the amount of the premium so included shall not exceed 5% of the principal amount of the bonds to be refunded. The procedures for levying the special assessments and for issuing the special assessment bonds shall be the same as that provided by charter or other applicable law. Nothing in this section shall be construed as providing for the refunding of noncallable unmatured bonds without the consent of the holders thereof.
History:
Add. 1959, Act 78, Imd. Eff. June 29, 1959
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.121a - Issuance of Notes; Requirement That Delinquent Tax Revenues Be Fixed and Sufficient; Statutory Lien.

141.121a Issuance of notes; requirement that delinquent tax revenues be fixed and sufficient; statutory lien.
Sec. 21a.
(1) Delinquent tax revenues shall be fixed before the issuance of the notes and shall be sufficient to provide for all of the following:
(a) The payment of the interest on and the principal of notes payable from the delinquent tax revenues when the notes become due and payable.
(b) The creation of any reserve for the notes as required in the order authorizing the issuance of those notes.
(2) The county treasurer shall covenant and agree in the order authorizing the issuance of the notes and on the face of each note to collect at all times the amounts pledged to repay the notes which shall be sufficient to provide for the amounts described in subsection (1). The amounts pledged that are fixed and established pursuant to the order shall not be subject to revision or change.
(3) Notes issued and sold under this section shall be secured by a statutory lien on the delinquent taxes and, to the extent held in the delinquent tax revolving fund, on all other property and assets and any revenues derived from the delinquent taxes and other property or assets. The lien shall automatically attach without further action or authorization by the county treasurer. The lien on the delinquent taxes and all other property and assets and any revenues derived from the delinquent taxes and other property or assets that are held in the delinquent tax revolving fund shall be valid and binding from the time the notes are executed and delivered. The lien shall automatically attach and be effective, binding, and enforceable against the county, the county treasurer, its successors, transferees, and creditors, and all others asserting rights in the secured property, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further act. In addition, the amounts collected which are subject to the lien shall be held in trust for the owners of the notes authorized by this section. Any property eligible to be conveyed and properly conveyed to a land bank fast track authority as tax reverted property, as defined by section 3(q) of the land bank fast track act, 2003 PA 258, MCL 124.753, or to this state or a person, city, village, township, or county pursuant to section 78m or 78r of the general property tax act, 1893 PA 206, MCL 211.78m and 211.78r, shall be released from any lien created under this section.
History:
Add. 2016, Act 83, Imd. Eff. Apr. 12, 2016
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.122 - Accounting of Revenues; Order of Priority; Disposition of Surplus.

141.122 Accounting of revenues; order of priority; disposition of surplus.
Sec. 22.
(1) In the authorizing ordinance the governing body of the borrower shall provide that the revenues of the public improvement be accounted for separately from the other funds and accounts of the borrower in the following order of recorded priority:
(a) After provision for the payment for the next succeeding period of all current expenses of administration and operation and the current expenses for that period for maintenance as may be necessary to preserve the public improvement in good repair and working order.
(b) There shall be next set aside a sum sufficient to provide for the payment of the principal of and the interest upon all bonds payable from those revenues, as and when the bonds become due and payable. This account shall be designated "bond and interest redemption account". In the event that the revenues of any operating year over and above those necessary for the operation and maintenance expenses shall be insufficient to pay the principal of and interest on the bonds maturing in any operating year, then an additional amount sufficient to pay the principal and interest shall be set aside out of the revenues of the next succeeding operating year, after provision for the expenses of operation and maintenance. In respect to the allocation and use of money in the bond and interest redemption account, due recognition shall be given as to priority rights, if any, between different issues or series of outstanding bonds. The public corporation may provide by ordinance that a reasonable excess amount shall be set aside in the bond and interest redemption account from time to time so as to produce and provide a reserve to meet any possible future deficiencies.
(c) Next there shall be set aside, in the manner and priority provided by the ordinance, the sum or sums necessary for the additional accounts as may be required.
(2) Revenues remaining, after satisfaction of subsection (1), at the end of any operating year shall be considered surplus and shall be disposed of by the governing body as provided in this act.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.122 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.122a - Delinquent Tax Revenues; Statutory Lien; Commingling; Designation of Note and Interest Redemption Account; Set Aside of Reasonable Excess Amount; Reserve; Transfer of Surplus to County General Fund.

141.122a Delinquent tax revenues; statutory lien; commingling; designation of note and interest redemption account; set aside of reasonable excess amount; reserve; transfer of surplus to county general fund.
Sec. 22a.
(1) In the authorizing order, the county treasurer shall also provide that the delinquent tax revenues of the delinquent tax system are all subject to a statutory lien and shall be kept separate from and shall not be commingled with any other money in the custody of the county treasurer. The delinquent tax revenues of the delinquent tax system shall be used to provide for the payment of the principal of and the interest upon all notes payable from those revenues, as and when the notes become due and payable. This account shall be designated note and interest redemption account and shall be subject to the statutory lien. In respect to the allocation and use of money in the note and interest redemption account, due recognition shall be given as to priority rights, if any, between different issues or series of outstanding notes. If authorized under a resolution adopted by the board of commissioners and, in a charter or unified county, the chief executive officer of the county in the manner authorized under the charter or by law, the county treasurer may provide by order that a reasonable excess amount shall be set aside in the note and interest redemption account from time to time so as to produce and provide a reserve to meet any possible future deficiencies, which reserve shall also be subject to the statutory lien.
(2) Revenues remaining, after satisfaction of subsection (1), at the end of any operating year shall be part of the surplus in the delinquent tax revolving fund which may be transferred to the county general fund as provided in section 87b(7) of the general property tax act, 1893 PA 206, MCL 211.87b.
History:
Add. 2016, Act 83, Imd. Eff. Apr. 12, 2016
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.123 - Appropriation and Use of Revenues for Payment of Operation and Maintenance Expenses; Appropriation and Use of Moneys Raised by Tax Levy.

141.123 Appropriation and use of revenues for payment of operation and maintenance expenses; appropriation and use of moneys raised by tax levy.
Sec. 23.
The borrower may appropriate and use, and may covenant to appropriate and use, any part of its available income or revenues derived from any source other than from the operation of the public improvement in paying any expenses of operation or maintenance of the public improvement, but nothing in this act shall be construed to require the borrower to do so. Where the borrower is an authority incorporated under Act No. 31 of the Public Acts of the First Extra Session of 1948, as amended, being sections 123.951 to 123.965 of the Michigan Compiled Laws, any public corporation to which the public improvement or other property is leased by the authority may appropriate and use, and may covenant to appropriate and use, any part of its available income or revenues derived from any source other than from the operation of the public improvement or other property in paying any expenses of operation or maintenance of the public improvement or other property, but this act shall not be construed to require the public corporation to do so. The provisions of this act requiring the production, setting aside, and use of revenues for payment of operation and maintenance expenses shall be deemed to refer to such expenses, if any, which are in excess of any income or revenue appropriated and used as authorized in this section. Moneys raised by levy of taxes without limitation as to rate or amount in fulfillment of the pledge by a public corporation of its full faith and credit shall be appropriated only to the bond and interest redemption fund, and used only to pay principal of and interest on bonds.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.123 ;-- Am. 1974, Act 27, Imd. Eff. Feb. 26, 1974
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.124 - Money in Several Accounts of Public Improvement; Separate Deposit Account; Investment.

141.124 Money in several accounts of public improvement; separate deposit account; investment.
Sec. 24.
(1) Money in the several accounts of the public improvement shall be deposited as designated by the governing body of the borrower. Money in the several accounts of the public improvement, except money in the bond and interest redemption account and money derived from the proceeds of sale of the bonds each of which shall be kept in a separate deposit account, may be kept in 1 deposit account. In that case the money in the combined deposit accounts shall be allocated on the books and records of the borrower to the various accounts in the manner provided in the authorizing ordinance. The governing body of the borrower may provide that the money in the several accounts of the public improvement may be kept in separate depository accounts. The money in the bond and interest redemption account shall be accounted for separately.
(2) Subject to the limitations and conditions provided in the authorizing ordinance, money in the several accounts of the public improvement may be invested in accordance with the public corporation's investment policy adopted by the legislative body or governing body of the public corporation under 1943 PA 20, MCL 129.91 to 129.96.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.124 ;-- Am. 1960, Act 91, Eff. Aug. 17, 1960 ;-- Am. 1963, Act 192, Eff. Sept. 6, 1963 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978 ;-- Am. 1985, Act 26, Imd. Eff. May 31, 1985 ;-- Am. 1987, Act 263, Imd. Eff. Dec. 28, 1987 ;-- Am. 1988, Act 228, Eff. Oct. 1, 1988 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.124a - Deposit Accounts.

141.124a Deposit accounts.
Sec. 24a.
Money in the several accounts of the delinquent tax system shall be deposited as designated by the county board of commissioners of the county. Money in the several accounts of the delinquent tax system, except money in the note and interest redemption account and money derived from the proceeds of sale of the notes each of which shall be kept in a separate deposit account, may be kept in 1 deposit account, provided, however, that only delinquent tax revenues of the delinquent tax systems shall be held in or credited to that deposit account and those funds and other property shall not be commingled with any other money of or in the custody of the county treasurer. In that case, the money in the combined deposit accounts shall be allocated on the books and records of the county treasurer to the various accounts in the manner provided in the authorizing order. The county treasurer of the county may provide that the money in the several accounts of the delinquent tax system be kept in separate depository accounts. The money in the note and interest redemption account shall be accounted for separately.
History:
Add. 2016, Act 83, Imd. Eff. Apr. 12, 2016
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.125 - Fixing Dates of Operating Year for Public Improvement.

141.125 Fixing dates of operating year for public improvement.
Sec. 25.
The ordinance authorizing the issuance of such bonds shall fix the dates of the beginning and ending of the operating year for such public improvement, subject to the right of the department of treasury to require that it correspond with the fiscal year of the borrower.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.125 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.126 - Receiving Fund Surplus; Deposit.

141.126 Receiving fund surplus; deposit.
Sec. 26.
Any money remaining in the accounts of the public improvement at the end of any operating year, which under the provisions of section 22 shall be considered surplus, may be transferred to other accounts of the public improvement or may be used for the purpose or purposes as the governing body may determine to be for the best interests of the borrower, unless some other disposition shall have been made in the ordinance authorizing the issuance of bonds under this act. In the event that money of the public improvement is insufficient to provide for the current expenses of the operation and maintenance account or the bond and interest redemption account, any money or securities in other accounts of the public improvement shall be transferred first to the operation and maintenance account and second to the bond and interest redemption account to the extent of any deficits in those accounts.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.126 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.127 - Issuance of Bonds by Public Corporation; Applicable Laws.

141.127 Issuance of bonds by public corporation; applicable laws.
Sec. 27.
A public corporation issuing bonds under this act is subject to all of the following:
(a) If the public corporation issuing the bonds meets the requirements of qualified status under section 303(3) of the revised municipal finance act, 2001 PA 34, MCL 141.2303, the public corporation complies with section 319(1) of the revised municipal finance act, 2001 PA 34, MCL 141.2319.
(b) If the public corporation issuing the bonds does not meet the requirements of qualified status under section 303(3) of the revised municipal finance act, 2001 PA 34, MCL 141.2303, the public corporation meets the requirements of section 303(7) and (8) and section 319(2) of the revised municipal finance act, 2001 PA 34, MCL 141.2303 and 141.2319.
(c) Section 321 of the revised municipal finance act, 2001 PA 34, MCL 141.2321.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.127 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;-- Am. 1985, Act 26, Imd. Eff. May 31, 1985 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.128 - Effect of Approval Permitting Issuance of Bonds.

141.128 Effect of approval permitting issuance of bonds.
Sec. 28.
Qualification or approval to issue obligations under the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, that permits the issuance of bonds under this act shall not be considered an approval of the legality of issuing bonds under this act.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.128 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.129 - Service Rates Not Subject to Supervision by State Agency.

141.129 Service rates not subject to supervision by state agency.
Sec. 29.
Rates charged for the services furnished by any public improvement purchased, acquired, constructed, improved, enlarged, extended and/or repaired under the provisions of this act shall not be subject to supervision or regulation by any state bureau, board, commission or other like instrumentality or agency thereof.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1937, Act 246, Imd. Eff. July 21, 1937 ;-- Am. 1939, Act 34, Eff. Sept. 29, 1939 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.129
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.130 - Books of Record and Account; Annual Audit Report.

141.130 Books of record and account; annual audit report.
Sec. 30.
(1) Any borrower issuing revenue bonds under this act shall install, maintain, and keep proper books of record and account, separate from other records and accounts of such borrower, in which full and correct entries shall be made of all dealings or transactions of or in relation to the properties, business, and affairs of the public improvement.
(2) Each public corporation shall file an audit report annually with the department of treasury within 6 months from the end of its fiscal year or as otherwise provided in the uniform budgeting and accounting act, 1968 PA 2, MCL 141.421 to 141.440a.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1941, Act 210, Imd. Eff. June 16, 1941 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.130 ;-- Am. 1963, Act 192, Eff. Sept. 6, 1963 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.131 - Redemption of Bonds Before Maturity.

141.131 Redemption of bonds before maturity.
Sec. 31.
The governing body of the borrower authorizing bonds under this act may make provisions in the authorizing ordinance for the redemption before maturity of the bonds or a part of the bonds. In case of refunding, bonds of an issue less than all the outstanding bonds of the issue, shall not be called for redemption unless the borrower has on hand in its bond and interest redemption fund sufficient money to refund the bonds not otherwise appropriated or pledged, in excess of the amount of interest and principal maturing within the next 12 months from the redemption date.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1941, Act 210, Imd. Eff. June 16, 1941 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.131 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.132 - Breach of Contract Not Authorized; Pledging of Revenues; Disconnection of Lands Not to Affect Liability Under Bond Issue.

141.132 Breach of contract not authorized; pledging of revenues; disconnection of lands not to affect liability under bond issue.
Sec. 32.
Nothing in this act shall be construed as authorizing any borrower to impair or commit a breach of the obligation of any valid lien or contract created or entered into by it, the intention hereof being to authorize the pledging, setting aside and segregation of gross revenues only where consistent with outstanding obligations of such borrower. The severance of any lands from the jurisdiction of the borrower subsequent to the issuance of bonds under this act, shall be subject to the obligations created by the issuance of such bonds.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1941, Act 210, Imd. Eff. June 16, 1941 ;-- CL 1948, 141.132
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.133a - Validation of Bonds Heretofore Issued.

141.133a Validation of bonds heretofore issued.
Sec. 33a.
All bonds heretofore issued under this act as originally adopted or subsequently amended are hereby validated. A public corporation shall not contest the validity of any such bonds after the bonds have been sold and delivered and the public corporation has received the consideration therefor.
History:
Add. 1974, Act 27, Imd. Eff. Feb. 26, 1974
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.133b - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.

141.133b Violation of MCL 168.1 to 168.992 applicable to petitions; penalties.
Sec. 33b.
A petition under section 33, including the circulation and signing of the petition, is subject to section 488 of the Michigan election law, 1954 PA 116, MCL 168.488. A person who violates a provision of the Michigan election law, 1954 PA 116, MCL 168.1 to 168.992, applicable to a petition described in this section is subject to the penalties prescribed for that violation in the Michigan election law, 1954 PA 116, MCL 168.1 to 168.992.
History:
Add. 1998, Act 196, Eff. Mar. 23, 1999
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.134 - Liberal Construction of Act.

141.134 Liberal construction of act.
Sec. 34.
This act, being necessary for and to secure the public health, safety, convenience and welfare of the counties, cities, incorporated villages, townships, school districts, port districts, and metropolitan districts of the state of Michigan, shall be liberally construed to effect the purposes hereof.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- CL 1948, 141.134
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.136 - Immediate Necessity.

141.136 Immediate necessity.
Sec. 36.
This act, being necessary for and to secure the public health, safety, convenience and welfare of the counties, cities, incorporated villages, townships, school districts, port districts, and metropolitan districts of the state of Michigan, shall be given immediate effect.
History:
1933, Act 94, Imd. Eff. May 26, 1933 ;-- CL 1948, 141.136
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.137 - Condemnation of Property.

141.137 Condemnation of property.
Sec. 37.
Public corporations shall have the right and power to condemn property for public improvements. In the condemnation of property, public corporations may proceed under any act applicable thereto, or they may invoke and proceed under the provisions of Act No. 149 of the Public Acts of 1911, as the same may from time to time exist, and in so doing shall have all the rights, powers and privileges granted to "public corporation" as defined in that act.
History:
Add. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.137
Compiler's Notes:
For provisions of Act 149 of 1911, referred to in this section, see MCL 213.21 et seq.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.138 - Trustee; Appointment; Powers and Duties; Pledging of Trust Funds.

141.138 Trustee; appointment; powers and duties; pledging of trust funds.
Sec. 38.
An ordinance authorizing the issuance of bonds under this act may provide for the appointment of a trustee with the powers and duties prescribed in the ordinance in respect to the bonds and the payment and security of the bonds including provision that funds, including the proceeds of bonds, which are trust funds under the ordinance, may be held in trust by the trustee for the primary benefit and payment of the holders of the bonds. These trust funds may also be pledged by the trustee pursuant to the ordinance to an entity providing additional security for the bonds pursuant to section 7a(1)(a).
History:
Add. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.138 ;-- Am. 1985, Act 26, Imd. Eff. May 31, 1985
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.139 - Water Pollution; Prevention or Abatement; Public Corporation May Accept Grants or Aid From u.s. Government.

141.139 Water pollution; prevention or abatement; public corporation may accept grants or aid from U.S. government.
Sec. 39.
Any public corporation is hereby authorized to apply for and accept grants or any other aid which the United States government or any agency thereof has authorized or may hereafter authorize to be given or made to the several states of the United States or to any political subdivisions or agencies thereof within the states for the construction of public improvements, including all necessary action preliminary thereto, the purpose of which is to aid in the prevention or abatement of water pollution.
History:
Add. 1949, Act 244, Eff. Sept. 23, 1949
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140) › Section 141.140 - Allocation System for Private Activity Bonds; Establishment; Purpose; Applicability; Ratification of Prior Allocations; Revocation of Allocation; Applicability of Subsection (1).

***** 141.140 SUBSECTION (1) SHALL NOT APPLY AFTER DECEMBER 31, 1988: See (4) of 141.140 *****
141.140 Allocation system for private activity bonds; establishment; purpose; applicability; ratification of prior allocations; revocation of allocation; applicability of subsection (1).
Sec. 40.
(1) Until otherwise provided by law, the state treasurer may establish and maintain an allocation system for private activity bonds, which system shall be considered to provide, pursuant to the authority granted by section 146(e) of the internal revenue code, a different formula for allocating the state ceiling among governmental units of the state having the authority to issue bonds from the formula provided in the internal revenue code. The allocation system established by the state treasurer shall apply to allocations made against the unified volume limitation per calendar year 1988 and each year thereafter and for bonds issued after December 31, 1987, that have allocations ratified by subsection (2).
(2) An allocation made under executive orders 1984-11, 1985-7, 1986-6, and 1986-18 for bonds issued on or after January 1, 1988, shall be considered ratified and issued with an allocation authorized by this section unless the allocation issued pursuant to an executive order was a carryforward allocation for the state volume cap for any calendar year prior to 1986.
(3) An allocation made other than through orders issued pursuant to this section or executive orders 1984-11, 1985-7, 1986-6 and 1986-18 is revoked.
(4) Subsection (1) shall not apply after December 31, 1988.
History:
Add. 1987, Act 263, Imd. Eff. Dec. 28, 1987
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 342 of 1969 - Interest Rates for Public Corporations (141.151 - 141.153) › Section 141.151 - Definitions.

141.151 Definitions.
Sec. 1.
As used in this act:
(a) "Public corporation" means any body corporate organized by or pursuant to the laws of this state to carry out a public governmental or propriety function, including, without limitation on the foregoing, the state or any school district, city, village, township, county, district, commission, authority, university, college, or any combination thereof, which is a corporate entity.
(b) "Bonds or other evidences of indebtedness" means any instrument providing for the payment of money, executed by or on behalf of a public corporation or which a public corporation has assumed and agreed to pay, including, without limitation on the foregoing bonds, notes, contracts, leases and certificates, but shall not include bonds or other evidences of indebtedness issued pursuant to Act No. 346 of the Public Acts of 1966, as amended.
History:
1969, Act 342, Imd. Eff. Dec. 26, 1969 ;-- Am. 1971, Act 40, Imd. Eff. June 17, 1971
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 342 of 1969 - Interest Rates for Public Corporations (141.151 - 141.153) › Section 141.152 - Maximum Interest Rate on Certain Bonds and Evidences of Indebtedness.

141.152 Maximum interest rate on certain bonds and evidences of indebtedness.
Sec. 2.
Notwithstanding the provisions of any other law, charter provision, ordinance, ballot or other proceedings to the contrary, any public corporation may agree or contract to pay interest on bonds or other evidences of indebtedness issued by it pursuant to law, subject where required by law to the prior permission of the municipal finance commission, at an interest rate or rates not greater than 8% per annum on bonds or other evidences of indebtedness issued after the effective date of this act but before July 1, 1973.
History:
1969, Act 342, Imd. Eff. Dec. 26, 1969 ;-- Am. 1971, Act 40, Imd. Eff. June 17, 1971
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 342 of 1969 - Interest Rates for Public Corporations (141.151 - 141.153) › Section 141.153 - Maximum Interest Rate on Assessments or Certain Contract Obligations; Adjustment.

141.153 Maximum interest rate on assessments or certain contract obligations; adjustment.
Sec. 3.
Notwithstanding the provisions of any other law, charter provision or ordinance to the contrary, any assessment made by a public corporation against any corporation, public or private, or any firm or person, or any contract obligation incurred by a public corporation, in anticipation of which bonds are to be issued, may bear any rate of interest, not exceeding 1 percentage point over the maximum rate at which the bonds or other evidences of indebtedness are to be offered for sale, determined by the governing body of the assessing or contracting public corporation at the time of assessment or contract obligation. If bonds or other evidences of indebtedness are subsequently issued in anticipation of the assessment or contract obligation, the rate of interest payable on the assessment or contract obligation shall be adjusted after the issuance to the rate required to produce an amount sufficient to pay the interest on the bonds or other evidences of indebtedness as they mature, but not exceeding 1 percentage point over the average rate of interest borne by the bonds or other evidences of indebtedness.
History:
1969, Act 342, Imd. Eff. Dec. 26, 1969 ;-- Am. 1971, Act 40, Imd. Eff. June 17, 1971
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.161 - Short Title.

141.161 Short title.
Sec. 1.
This act shall be known and may be cited as "the unlimited tax election act".
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
Compiler's Notes:
Former MCL 141.161, pertaining to acquisition and financing of city parking facilities, was repealed by Act 71 of 1957.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.162 - Definitions.

141.162 Definitions.
Sec. 2.
As used in this act, except when otherwise indicated by the context:
(a) "Legislative body" means the board, council, commission, or other body having legislative or general governing power of a public corporation.
(b) "Public corporation" means a county, city, village, township, charter township, port authority, metropolitan district, or authority of this state, or a combination of these entities when authorized by law to act jointly.
(c) "Tax obligation" means a bond, note, contract obligation, assessment, or other evidence of indebtedness payable primarily or secondarily from ad valorem taxes as a general or full faith and credit obligation of a public corporation.
(d) "Unlimited tax pledge" means an undertaking by a public corporation to secure and pay a tax obligation from ad valorem taxes to be levied on all taxable property within the boundaries of the public corporation without limitation as to rate or amount and in addition to other taxes which the public corporation may be authorized to levy.
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
Compiler's Notes:
Former MCL 141.162, pertaining to acquisition and financing of city parking facilities, was repealed by Act 71 of 1957.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.163 - Purpose.

141.163 Purpose.
Sec. 3.
This act creates full and complete additional and alternative methods for the exercise of the powers granted in this act.
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
Compiler's Notes:
Former MCL 141.163, pertaining to acquisition and financing of city parking facilities, was repealed by Act 71 of 1957.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.164 - Unlimited Tax Pledges for Payment of Tax Obligations; Resolution Submitting Question to Vote of Electors; Election; Approval; Binding Unlimited Tax Pledges; Tax Levy.

141.164 Unlimited tax pledges for payment of tax obligations; resolution submitting question to vote of electors; election; approval; binding unlimited tax pledges; tax levy.
Sec. 4.
(1) If a public corporation is authorized by statute or charter to issue or incur tax obligations which under the terms of section 6 of article 9 of the state constitution of 1963 may be secured by unlimited tax pledges of the public corporation if approved by its electors, the legislative body of the public corporation may by resolution submit the question of making 1 or more unlimited tax pledges in support of 1 or more tax obligations to a vote of its electors at a regularly scheduled election to be held in the public corporation or at a special election which may be called for this purpose by the legislative body.
(2) An election authorized under this section shall be called and conducted pursuant to Act No. 116 of the Public Acts of 1954, as amended, being sections 168.1 to 168.992 of the Michigan Compiled Laws.
(3) Upon the approving vote of a majority of the qualified electors of the public corporation voting on the question, the public corporation may make 1 or more binding unlimited tax pledges for the payment of 1 or more tax obligations referred to in the ballot. After this vote of approval the public corporation may levy, for payment of these obligations, ad valorem taxes on all taxable property within its boundaries without regard to a charter, statutory, or constitutional tax limitation, and in addition to other taxes which the public corporation may be authorized to levy. However, the tax which may be levied shall not be excess of a rate or amount sufficient for payment of the obligations.
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.165 - Different Tax Obligations as Single Ballot Proposition; Contents of Ballot Question and Notice of Election; New Authority Not Granted.

141.165 Different tax obligations as single ballot proposition; contents of ballot question and notice of election; new authority not granted.
Sec. 5.
(1) Even though the tax obligations may be for different purposes and may be issued or incurred individually over a period of time, a public corporation may submit the question of making 1 or more unlimited tax pledges in support of 1 or more tax obligations as a single ballot proposition.
(2) The ballot question shall set forth the maximum principal amount of each tax obligation to be secured by the unlimited tax pledge or pledges.
(3) The notice of election shall set forth a brief general description of the purpose of each unlimited tax pledge, a statement of the estimated period of time over which each tax obligation is expected to be issued or incurred, and other information as the legislative body of the public corporation determines to be necessary to adequately inform the electors concerning the question. The statement of estimated period of time shall be considered to be for informational purposes and shall not be binding upon the public corporation if the legislative body of the public corporation later determines that changed circumstances have rendered the estimate impossible or impractical to comply with.
(4) This act shall not grant a public corporation new authority to combine questions of issuing or incurring a number of different tax obligations in a single ballot proposition, require a public corporation to secure approval of its electors to issue or incur tax obligations if not otherwise required by law, or require a public corporation to submit the question of making an unlimited tax pledge in support of a tax obligation which has been approved by its electors.
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.166 - Time of Making Unlimited Tax Pledge in Support of Tax Obligation.

141.166 Time of making unlimited tax pledge in support of tax obligation.
Sec. 6.
A public corporation shall not be required to have issued or incurred 1 or more tax obligations to be supported by 1 or more unlimited tax pledges before the election at which the question of making the pledges is submitted, and a public corporation may conduct the election either before, concurrently with, or after issuing or incurring a tax obligation. A public corporation may make an unlimited tax pledge in support of a tax obligation before the election to approve the pledge, but a pledge shall not be binding on the public corporation until the question of making the pledge has been approved by the electors of the public corporation as provided in section 4.
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.167 - Validation of Prior Elections.

141.167 Validation of prior elections.
Sec. 7.
Elections held in substantial compliance with and before the effective date of this act shall be considered to have secured voter approval of an unlimited tax pledge and are hereby validated.
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 189 of 1979 - The Unlimited Tax Election Act (141.161 - 141.168) › Section 141.168 - Liberal Construction.

141.168 Liberal construction.
Sec. 8.
This act shall be liberally construed to effect its purposes.
History:
1979, Act 189, Imd. Eff. Dec. 21, 1979
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 219 of 1952 - Township Parking Facilities (141.171 - 141.173) › Section 141.171 - Automobile Parking Facilities; Leasing Space, Limitation.

141.171 Automobile parking facilities; leasing space, limitation.
Sec. 1.
Any township may acquire, improve, enlarge, extend and operate automobile parking facilities for the use of the public and may finance the same by the issuance of revenue bonds, all as provided in Act No. 94 of the Public Acts of 1933, as now or hereafter amended, being sections 141.101 to 141.139, inclusive, of the Compiled Laws of 1948. Such facilities at any 1 location may be operated independently or jointly with those at 1 or more other locations. For the purpose of such acquirement a township may purchase, construct and/or condemn property. Such facilities may be acquired and operated by a township after first securing the approval of the electors thereof, and shall be open to the use of the public in general on the same terms as may be prescribed by the township board. The township board shall submit such proposition to the electors of the township at any general or special election called for that purpose, and if a majority vote of the electors voting thereon shall vote in favor thereof, the township board shall be authorized to acquire and operate automobile parking facilities, as provided under the provisions of this act. Automobile parking facilities owned by a township and for the use of which a fee is charged shall not be exempt from taxation.
History:
1952, Act 219, Eff. Sept. 18, 1952
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 219 of 1952 - Township Parking Facilities (141.171 - 141.173) › Section 141.172 - Automobile Parking Facilities; Leasing of Ground and Basement Floor Space by Township for Purposes Other Than Parking of Automobiles.

141.172 Automobile parking facilities; leasing of ground and basement floor space by township for purposes other than parking of automobiles.
Sec. 2.
The township board of the township may lease for purposes other than the parking of automobiles, upon such terms and for such periods as it shall deem advisable, any portion of the ground and basement floor space in any structure acquired hereunder, but not to exceed 25 per centum of the total floor area of the entire structure, if it shall deem such leasing to be beneficial in connection with the acquirement and/or operation of such facilities. If a structure is designed for the parking of automobiles on the roof, such roof area shall be considered as a part of the floor area of the structure. The income from any such lease shall be deemed a part of the revenues of the facilities: Provided, however, That no business involving the servicing, repairing or the furnishing of supplies for motor vehicles other than the parking of such vehicles and the delivery thereof shall be dispensed or furnished at or in connection with any township parking facility.
History:
1952, Act 219, Eff. Sept. 18, 1952
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 219 of 1952 - Township Parking Facilities (141.171 - 141.173) › Section 141.173 - Scope of Act.

141.173 Scope of act.
Sec. 3.
This act shall not be deemed to repeal or limit the powers granted in any other act but shall be construed as cumulative authority for the exercise of the powers herein granted.
History:
1952, Act 219, Eff. Sept. 18, 1952
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 151 of 1933 - Compromise of Municipal Indebtedness (141.191 - 141.192)

COMPROMISE OF MUNICIPAL INDEBTEDNESS
Act 151 of 1933
141.191,141.192 Repealed. 1983, Act 35, Imd. Eff. May 10, 1983.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 204 of 1933 - Defaulted Municipal Bonds (141.211 - 141.214) › Section 141.211 - Defaulted Municipal Bonds.

141.211 Defaulted municipal bonds.
Sec. 1.
Any county, city, township, village, or school district in this state is hereby authorized to call for tenders of, and accept defaulted bonds of such municipality by complying with the following terms and conditions.
History:
1933, Act 204, Imd. Eff. June 28, 1933 ;-- CL 1948, 141.211
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 204 of 1933 - Defaulted Municipal Bonds (141.211 - 141.214) › Section 141.212 - Defaulted Municipal Bonds; Call for Tenders.

141.212 Defaulted municipal bonds; call for tenders.
Sec. 2.
Whenever any bonds of any special assessment district or improvement district of any county, city, township, village, or school district of the state of Michigan shall have been or have remained in default as to principal or interest for a period of longer than 6 months and there shall not be, or have been within said period of default, sufficient sums of money on hand belonging to said special assessment district or improvement district to pay the principal and interest of said bonds so in default, the governing body of such municipality may by resolution call for tenders of such defaulted bonds and advertise such call for tenders of bonds at least once, in a newspaper having general circulation in such municipality. Such advertisement shall be published at least 10 days prior to the time for presentation of such tenders of bonds.
History:
1933, Act 204, Imd. Eff. June 28, 1933 ;-- CL 1948, 141.212