reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.270 - Creation of Authority; Purpose as Public and Governmental; Property and Income Exempt From Tax; Interest.

129.270 Creation of authority; purpose as public and governmental; property and income exempt from tax; interest.
Sec. 10.
(1) It is determined that the creation of the authority and the carrying out of its authorized purposes is in all respects a public and governmental purpose for the benefit of the people of this state and for the improvement of their health, safety, welfare, comfort, and security, and that these purposes are public purposes and that the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this act.
(2) The property of the authority and its income and operations shall be exempt from taxation by this state and any political subdivision of this state.
(3) In the case of any bonds, the interest on which is intended to be exempt from federal income tax, the authority shall prescribe restrictions on the use of the proceeds of those bonds and related matters as are necessary to assure the exemption, and the recipients of proceeds of those bonds shall be bound thereby to the extent the restrictions shall be made applicable to them. Any recipient of the proceeds of bonds bearing interest that is intended to be exempt from federal income tax, including without limitation this state or any political subdivision of this state, is authorized to execute a tax regulatory agreement with the authority and, as to any political subdivision that is a recipient of the proceeds of bonds bearing interest that is intended to be exempt from federal income, this state. The execution of a tax regulatory agreement may be treated as a condition to receiving any proceeds of a bond issued under this act.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.272 - Effect of Bonds Issued Under Act.

129.272 Effect of bonds issued under act.
Sec. 12.
Notwithstanding any restriction contained in any other law, rule, regulation, or order to the contrary, this state and all political subdivisions of this state, their officers, boards, commissioners, departments or other agencies, governmental pension funds, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or investment business, and all executors, administrators, guardians, trustees and other fiduciaries, and all other persons whatsoever who now are or may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest any sinking funds, money or other funds, including capital, belonging to them or within their control, in any bond. Bonds issued by the authority under this act are hereby made bonds that may properly and legally be deposited with, and received by, any state municipal officers or agency of this state, for any purpose for which the deposit of bonds or other obligations of this state is now, or may be, authorized by law.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.273 - Dissolution of Authority.

129.273 Dissolution of authority.
Sec. 13.
The authority may be dissolved by act of the legislature on condition that the authority has no debts or obligations outstanding or that provision has been made for the payment or retirement of all debts or obligations. Upon any such dissolution of the authority, all property, funds, and assets of the authority shall be vested in this state.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.274 - Construction of Act.

129.274 Construction of act.
Sec. 14.
This act and all powers granted hereby shall be liberally construed to effectuate its intent and their purposes, without implied limitations on the powers of the authority, the state budget director, and the state treasurer. This act shall constitute full, complete, and additional authority for all things that are contemplated in this act to be done. All rights and powers granted in this act shall be cumulative with those derived from other sources and shall not, except as expressly stated in this act, be construed in limitation of those rights and powers. Insofar as the provisions of this act are inconsistent with the provisions of any other act, general or special, the provisions of this act shall be controlling. If any clause, paragraph, section, or part of this act is adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate the remainder of the clause, paragraph, section, or part but shall be applied in its operation to the clause, sentence, paragraph, section, or part directly involved in the controversy in which the judgment shall have been rendered.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.275 - Availability of Funds.

129.275 Availability of funds.
Sec. 15.
Subject to any agreements with bondholders, the authority has the power to use any funds available to purchase bonds of the authority at a price determined by the authority.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.276 - Report.

129.276 Report.
Sec. 16.
The authority shall submit an annual report no later than March 1 relating to its activities for the preceding calendar year to the governor, the speaker and minority leader of the house of representatives, and the majority and minority leaders of the senate.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.277 - Appropriation.

129.277 Appropriation.
Sec. 17.
(1) One million dollars is appropriated from the general fund to the authority for the fiscal year ending September 30, 2006 for all of the following purposes:
(a) Payment of operating expenses of the authority.
(b) Funding any reserve requirements.
(2) Money appropriated under this section that is not expended before the end of the state fiscal year ending September 30, 2006 shall not revert to the general fund and may be retained and used by the authority for the purposes authorized by subsection (1).
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.278 - Legal Jurisdiction.

129.278 Legal jurisdiction.
Sec. 18.
Except as otherwise provided in this section, any legal action against the authority shall be brought in the Michigan court of appeals, which shall have exclusive jurisdiction. However, any legal actions against the authority seeking money damages shall be brought in the Michigan court of claims, which shall have exclusive original jurisdiction with respect to actions against the authority seeking money damages.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.279 - Severability.

129.279 Severability.
Sec. 19.
This act is declared to be severable. If any portion of this act or the application of this act to any person or circumstances is found to be invalid by a court, the invalidity of that portion or application shall not affect the remaining portions or applications that can be given effect without the invalid portion or application, provided the remaining portions are not determined by the court to be inoperable.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.291 - Short Title.

129.291 Short title.
Sec. 1.
This act shall be known and may be cited as the "divestment from terror act".
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.293 - Scrutinized Companies; Identification by Fiduciary.

129.293 Scrutinized companies; identification by fiduciary.
Sec. 3.
Within 90 days after the effective date of this act, the fiduciary shall make its best efforts to identify all scrutinized companies in which the fiduciary has direct or indirect holdings or has a current option to have such holdings in the future. The efforts may include 1 or more of the following:
(a) Reviewing and relying, as appropriate in the fiduciary's judgment, on publicly available information regarding companies with business operations in a state sponsor of terror, including information provided by nonprofit organizations, research firms, international organizations, and government entities.
(b) Contacting asset managers contracted by the fiduciary that invest in companies with business operations in a state sponsor of terror.
(c) Contacting other institutional investors that have divested from or engaged with companies that have business operations in a state sponsor of terror.
(d) Reviewing the laws of the United States regarding the levels of business activity that would cause application of sanctions against companies conducting business or investing in countries that are designated state sponsors of terror.
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.295 - Internet Website; Collection and Publication of Information.

129.295 Internet website; collection and publication of information.
Sec. 5.
The department of treasury shall collect and publish the following information on the department's internet website no later than 1 year after the effective date of this act and shall periodically update the information at reasonable intervals:
(a) All investments sold, redeemed, divested, or withdrawn in compliance with this section.
(b) All prohibited investments made under this section.
(c) Any progress made under section 4(3)(g).
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.296 - Exemption From Conflicting Statutory or Common Law Obligations.

129.296 Exemption from conflicting statutory or common law obligations.
Sec. 6.
(1) With respect to actions taken in compliance with this act, including all good faith determinations regarding companies as required by this act, the fiduciary shall be exempt from any conflicting statutory or common law obligations, including any obligations in respect to choice of asset managers, investment funds, or investments for the fiduciary's securities portfolios.
(2) The fiduciary, members of an investment advisory committee, and any person with decision-making authority with regard to investments of the fiduciary shall not be held liable for any action undertaken for the purpose of complying with or executing the mandates required under this act.
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.297 - Severability.

129.297 Severability.
Sec. 7.
If any provision, section, subsection, sentence, clause, phrase, or word of this act or its application to any person or circumstance is found to be invalid, illegal, unenforceable, or unconstitutional, the same is hereby declared to be severable and the balance of this legislation shall remain effective and functional notwithstanding such invalidity, illegality, unenforceability, or unconstitutionality.
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.298 - Business With Sudan; Fiduciary Subject to Provisions of Public Employee Retirement System Investment Act.

129.298 Business with Sudan; fiduciary subject to provisions of public employee retirement system investment act.
Sec. 8.
If a scrutinized company does business with the government of Sudan and the fiduciary is subject to the divestment provisions of section 13c of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133c, for that period of time the fiduciary shall follow the divestment criteria contained in section 13c of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133c, and not the divestment provisions of this act.
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.299 - Business With Iran; Fiduciary Subject to Provisions of Public Employee Retirement System Investment Act.

129.299 Business with Iran; fiduciary subject to provisions of public employee retirement system investment act.
Sec. 9.
If a scrutinized company does business with the government of Iran and the fiduciary is subject to the divestment provisions of section 13d of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133d, for that period of time the fiduciary shall follow the divestment criteria contained in section 13d of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133d, and not the divestment provisions of this act.
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.300 - Applicability of Act; Dates; Extension.

129.300 Applicability of act; dates; extension.
Sec. 10.
(1) If a state sponsor of terror is any of the following countries, then, except as provided in subsection (2), the provisions of this act begin to apply on the following dates:
(a) Syria, January 1, 2010.
(b) Cuba, January 1, 2011.
(c) Any other country, 12 months following the determination by the United States secretary of state.
(2) The state treasurer may extend, not more than 2 times, 1 or more of the dates in which the provisions of this act apply that are described in subsection (1) for 1 year if the state treasurer determines 1 or more of the following:
(a) The constitutionality of the divestment provisions of this act are in conflict with federal law.
(b) The department of treasury is not able to gather sufficient information to prepare an accurate scrutinized companies list.
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 234 of 2008 - Divestment From Terror Act (129.291 - 129.301) › Section 129.301 - Divestment of Funds; Recommendations of Department of Treasury.

129.301 Divestment of funds; recommendations of department of treasury.
Sec. 11.
Not later than October 1, 2010 and October 1, 2011, and not later than 9 months immediately following the determination of another country as a state sponsor of terror, the department of treasury shall make recommendations to each house of the legislature and to the standing committees of the senate and house of representatives having jurisdiction over issues pertaining to divestment of state funds on what statutory changes are needed to improve the effectiveness of this act and whether the department of treasury has extended or will extend 1 or more of the dates provided in section 10(1) and the reason for that extension as described in section 10(2).
History:
2008, Act 234, Imd. Eff. July 17, 2008
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 517 of 2012 - Iran Economic Sanctions Act (129.311 - 129.316) › Section 129.311 - Short Title.

129.311 Short title.
Sec. 1.
This act shall be known and may be cited as the "Iran economic sanctions act".
History:
2012, Act 517, Eff. Apr. 1, 2013
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 517 of 2012 - Iran Economic Sanctions Act (129.311 - 129.316) › Section 129.312 - Definitions.

129.312 Definitions.
Sec. 2.
As used in this act:
(a) "Energy sector of Iran" means activities to develop petroleum or natural gas resources or nuclear power in Iran.
(b) "Investment" means 1 or more of the following:
(i) A commitment or contribution of funds or property.
(ii) A loan or other extension of credit.
(iii) The entry into or renewal of a contract for goods or services.
(c) "Investment activity" means 1 or more of the following:
(i) A person who has an investment of $20,000,000.00 or more in the energy sector of Iran.
(ii) A financial institution that extends $20,000,000.00 or more in credit to another person, for 45 days or more, if that person will use the credit for investment in the energy sector of Iran.
(d) "Iran" means any agency or instrumentality of Iran.
(e) "Iran linked business" means either of the following:
(i) A person engaging in investment activities in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers or products used to construct or maintain pipelines used to transport oil or liquefied natural gas for the energy sector of Iran.
(ii) A financial institution that extends credit to another person, if that person will use the credit to engage in investment activities in the energy sector of Iran.
(f) "Person" means any of the following:
(i) An individual, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group.
(ii) Any governmental entity or instrumentality of a government, including a multilateral development institution, as defined in section 1701(c)(3) of the international financial institutional act, 22 USC 262r(c)(3).
(iii) Any successor, subunit, parent company, or subsidiary of, or company under common ownership or control with, any entity described in subparagraph (i) or (ii).
(g) "Public entity" means this state or an agency or authority of this state, school district, community college district, intermediate school district, city, village, township, county, public authority, or public airport authority.
History:
2012, Act 517, Eff. Apr. 1, 2013
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 517 of 2012 - Iran Economic Sanctions Act (129.311 - 129.316) › Section 129.313 - Ineligibility of Iran Linked Business to Submit Request for Proposal Bid; Certification.

129.313 Ineligibility of Iran linked business to submit request for proposal bid; certification.
Sec. 3.
(1) Beginning April 1, 2013, an Iran linked business is not eligible to submit a bid on a request for proposal with a public entity.
(2) Beginning April 1, 2013, a public entity shall require a person that submits a bid on a request for proposal with the public entity to certify that it is not an Iran linked business.
History:
2012, Act 517, Eff. Apr. 1, 2013
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 517 of 2012 - Iran Economic Sanctions Act (129.311 - 129.316) › Section 129.314 - Effect of False Certification.

129.314 Effect of false certification.
Sec. 4.
If a public entity determines, using credible information available to the public, that a person has submitted a false certification under section 3(2), the public entity shall provide the person with written notice of its determination and of the intent not to enter into or renew a contract with the person. The notice shall include information on how to contest the determination and specify that the person may become eligible for a future contract with the public entity if the person ceases the activities that cause it to be an Iran linked business. The person shall have 90 days following receipt of the notice to respond in writing and to demonstrate that the determination of false certification was made in error. If a person does not make that demonstration within 90 days after receipt of the notice, the public entity may terminate any existing contract and shall report the name of the person to the attorney general together with information supporting the determination.
History:
2012, Act 517, Eff. Apr. 1, 2013
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 517 of 2012 - Iran Economic Sanctions Act (129.311 - 129.316) › Section 129.315 - Civil Action; Penalty.

129.315 Civil action; penalty.
Sec. 5.
The attorney general may bring a civil action against any person reported under section 4. If a civil action results in a finding that the person submitted a false certification, the person is responsible for a civil penalty of not more than $250,000.00 or 2 times the amount of the contract or proposed contract for which the false certification was made, whichever is greater, the cost of the public entity's investigation, and reasonable attorney fees, in addition to the fine. A person who submitted a false certification shall be ineligible to bid on a request for proposal for 3 years from the date the public entity determines that the person has submitted the false certification.
History:
2012, Act 517, Eff. Apr. 1, 2013
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 517 of 2012 - Iran Economic Sanctions Act (129.311 - 129.316) › Section 129.316 - Conditional Effect.

129.316 Conditional effect.
Sec. 6.
The provisions of this act are effective only if Iran is a state sponsor of terror as defined under section 2 of the divestment from terror act, 2008 PA 234, MCL 129.292.
History:
2012, Act 517, Eff. Apr. 1, 2013
2023 Michigan Compiled Laws › Chapters 131 - 139 - Municipal Finance Act › Repealed - Act 202 of 1943 - Municipal Finance Act (131.1 - 139.3)

MUNICIPAL FINANCE ACT
Act 202 of 1943
131.1-139.3 Repealed. 1951, Act 39, Eff. Sept. 28, 1951;—1975, Act 334, Imd. Eff. Jan. 12, 1976;—1982, Act 469, Imd. Eff. Dec. 30, 1982;—1988, Act 498, Imd. Eff. Dec. 29, 1988;—2001, Act 34, Eff. Mar. 1, 2002;—2001, Act 34, Eff. Apr. 30, 2002.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Repealed - Act 369 of 1925 - Funding of Floating Indebtedness (141.1 - 141.4)

FUNDING OF FLOATING INDEBTEDNESS
Act 369 of 1925
141.1-141.4 Repealed. 1980, Act 180, Imd. Eff. July 2, 1980.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.11 - County Sinking Fund Commissioners.

141.11 County sinking fund commissioners.
Sec. 1.
The county treasurer, the register of deeds, the county clerk, the chairman of the board of supervisors and the chairman of the finance committee of the board of supervisors of the several counties of this state, shall constitute and be a board of county sinking fund commissioners.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2386 ;-- CL 1929, 1235 ;-- CL 1948, 141.11
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.12 - County Sinking Fund Commissioners; Handling of Fund, Investment.

141.12 County sinking fund commissioners; handling of fund, investment.
Sec. 2.
The said board of sinking fund commissioners shall from time to time upon the best terms it can make, purchase or pay the outstanding bonded debt of the county, or such part thereof as it may be able to purchase or pay, until the full amount thereof be fully purchased or paid. Whenever it cannot arrange for the purchasing or paying of said debt, or any part thereof, it shall temporarily and until it can so arrange, invest the moneys belonging to the sinking fund in such interest bearing securities as it may deem advisable; and all matured bonds or evidences of debt so purchased shall be delivered to the county treasurer and shall become and be the property of the county, held and controlled by said board of sinking fund commissioners, and the interest thereon as it thereafter becomes due shall be credited and belong to the sinking fund.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2387 ;-- CL 1929, 1236 ;-- CL 1948, 141.12
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.13 - County Sinking Fund Commissioners; Control of Fund, Application.

141.13 County sinking fund commissioners; control of fund, application.
Sec. 3.
Said board of sinking fund commissioners shall have exclusive control of the money of the sinking fund, and shall faithfully apply the same whenever possible, or it may appear to the county's interests, to the payment of the principal and interest of the bonded indebtedness of the county, and to no other purpose whatever, excepting as herein otherwise provided.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2388 ;-- CL 1929, 1237 ;-- CL 1948, 141.13
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.14 - Board of Sinking Fund Commissioners; Annual Meeting; Transaction of Business; Rules; Quorum; Payment of Outstanding Debt; Investment of Money; Presiding Officer; Clerk; Record; Conducting Business at Public Meeting; Notice of Meeting; Availability of Certain Writings to Public.

141.14 Board of sinking fund commissioners; annual meeting; transaction of business; rules; quorum; payment of outstanding debt; investment of money; presiding officer; clerk; record; conducting business at public meeting; notice of meeting; availability of certain writings to public.
Sec. 4.
(1) The annual meeting of the board of sinking fund commissioners shall be held on the first Tuesday in September of each year. The board of sinking fund commissioners may meet from time to time for the transaction of business, and may adopt rules of proceeding for its meeting. A majority of the whole board shall constitute a quorum for the transaction of business, but shall not purchase or pay the outstanding debt of the county or invest money belonging to the sinking fund as provided in this act, except under a resolution for that purpose passed and approved by a 2/3 vote of the whole board by ayes and nays to be entered on the record at a regular meeting or a special meeting called for that purpose. The chairperson of the county board of commissioners, or in case of his or her absence, some member to be designated by those present, shall preside at the meeting of the board. The county clerk shall be the clerk of the board of sinking fund commissioners, and it shall be the clerks duty to keep a true record of all meetings of the board. The record shall be kept on file in and be a part of the records of the office of the county clerk.
(2) The business which the board of sinking fund commissioners may perform shall be conducted at a public meeting of the board held in compliance with Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976.
(3) A writing prepared, owned, used, in the possession of, or retained by the board of sinking fund commissioners in the performance of an official function shall be made available to the public in compliance with Act No. 442 of the Public Acts of 1976, being sections 15.231 to 15.246 of the Michigan Compiled Laws.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2389 ;-- CL 1929, 1238 ;-- CL 1948, 141.14 ;-- Am. 1977, Act 194, Imd. Eff. Nov. 17, 1977
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.15 - County Treasurer; Duties as Custodian, Bond.

141.15 County treasurer; duties as custodian, bond.
Sec. 5.
The county treasurer shall have custody of all moneys, securities and evidences of debt belonging to or pertaining to said sinking fund, and he shall pay out the moneys of said fund only by order of the board of sinking fund commissioners by a 2/3 vote of the members thereof as aforesaid, and upon the warrant of the chairman of the board of supervisors, countersigned by the clerk. The official bond of the county treasurer shall cover any and all funds in his hands belonging to the sinking fund.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2390 ;-- CL 1929, 1239 ;-- CL 1948, 141.15
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.16 - Condition Reports to Supervisors; Tax Recommendations.

141.16 Condition reports to supervisors; tax recommendations.
Sec. 6.
Said board of sinking fund commissioners shall from time to time, but at least annually, and whenever requested by the board of supervisors, make report of the condition of the sinking fund, which report shall be made to the board of supervisors and then referred to and filed with the county clerk and be recorded by him. It shall recommend to the board of supervisors the sum of money that in its judgment should be raised by direct taxation for the benefit of the sinking fund.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2391 ;-- CL 1929, 1240 ;-- CL 1948, 141.16
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.17 - Tax Levy; Bond Sale Proceeds, Interest, Deposit.

141.17 Tax levy; bond sale proceeds, interest, deposit.
Sec. 7.
The board of supervisors shall in each year levy and collect a tax for the benefit of the sinking fund. Whenever any bonds of the county shall be sold for more than par value all of the premium or amount received on such sale more than the par face value of the bonds sold, not including interest accrued upon said bonds that may be paid by the purchaser, shall be credited and belong to the sinking fund. All of the interest paid to the county on the securities held by the county shall belong to and be placed in the sinking fund.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2392 ;-- CL 1929, 1241 ;-- CL 1948, 141.17
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.18 - Per Diem; Expenses; County Charge.

141.18 Per diem; expenses; county charge.
Sec. 8.
The necessary expenses of the board of sinking fund commissioners incurred in the performing of any of their duties imposed upon them by this act shall be a proper charge against said county to be paid from the general fund. The chairman of the board of supervisors and the chairman of the finance committee shall receive as compensation the sum of 3 dollars per day for each and every day they shall actually attend any regular or special meeting of said board of sinking fund commissioners, and they shall also receive their traveling expenses at the rate of 10 cents a mile 1 way figuring over the usual traveled route from their residence to the place of meetings of said board.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2393 ;-- CL 1929, 1242 ;-- CL 1948, 141.18
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.19 - Commissioner's Rules.

141.19 Commissioner's rules.
Sec. 9.
Said board of sinking fund commissioners is authorized to adopt rules not in conflict herewith for the government of its actions, and shall be authorized for the purpose of enforcing the collection of any bonds or securities taken by it to bring suit in the name of the county board of sinking fund commissioners.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2394 ;-- CL 1929, 1243 ;-- CL 1948, 141.19
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 42 of 1913 - County Sinking Fund Commission (141.11 - 141.20) › Section 141.20 - Approval of Act by Supervisors.

141.20 Approval of act by supervisors.
Sec. 10.
Before this act shall be operative in any county in this state it shall be adopted by a 2/3 vote of the board of supervisors regularly convened at any regular, adjourned or special meeting of said board of supervisors for that particular county.
History:
1913, Act 42, Eff. Aug. 14, 1913 ;-- CL 1915, 2395 ;-- CL 1929, 1244 ;-- CL 1948, 141.20
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.31 - Bond Issues; Requisite Sinking Funds.

141.31 Bond issues; requisite sinking funds.
Sec. 1.
That from and after the passage of this act, before any county in the state of Michigan shall issue any bonds except serial bonds and bonds having a special security, the legislative body of such county shall pass a resolution providing for the levying and assessment in each year during the life of the bonds to be issued of a tax which shall raise annually a sufficient sum to pay the interest on said bonds as the same shall accrue and to pay the principal of said bonds at maturity. Said resolution may contain a proviso that the amount levied and assessed in any 1 year under the provisions of the resolution may be reduced by the amount of money earned by the sinking fund during the immediately preceding year. The county treasurer shall keep a separate and distinct account for each item of the sinking fund set aside and pledged to the retirement of each issue of county bonds.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1246 ;-- CL 1948, 141.31
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.32 - Sinking Fund Commissioners.

141.32 Sinking fund commissioners.
Sec. 2.
The county treasurer, the county clerk, the register of deeds, the chairman of the board of supervisors and the chairman of the finance committee of the board of supervisors of the several counties of this state shall constitute and be a board of sinking fund commissioners: Provided, however, That in counties having a board of auditors, the board of sinking fund commissioners shall consist of the county treasurer, the county clerk, chairman of the board of supervisors and the chairman of the board of county auditors.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1247 ;-- CL 1948, 141.32
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.33 - Sinking Fund Commissioners; Control of Fund, Application; Payment, Manner.

141.33 Sinking fund commissioners; control of fund, application; payment, manner.
Sec. 3.
The said board of sinking fund commissioners shall have exclusive control of the money of the sinking fund and shall faithfully apply the same whenever possible, or it may appear to the county's interests, to the payment of the principal and interest of the bonded indebtedness of the county, and to no other purpose whatever, excepting as herein otherwise provided. The moneys in the sinking fund and the various accounts thereof shall be held by the county treasurer but no warrant shall be paid from said fund except in compliance with the resolution duly passed by said board of sinking fund commissioners, appearing upon the minutes of said board, and upon a warrant countersigned by the chairman of the board of sinking fund commissioners: Provided, however, That the countersigning of any warrant by the chairman of the board of sinking fund commissioners shall be invalid unless the signature include the designation "chairman of the board of sinking fund commissioners."
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1248 ;-- CL 1948, 141.33
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.34 - Sinking Fund Commissioners; Handling of Funds, Investment; Bonded Debt.

141.34 Sinking fund commissioners; handling of funds, investment; bonded debt.
Sec. 4.
The said board of sinking fund commissioners shall from time to time, as it shall deem expedient, purchase or pay the outstanding bonded debt of the county or such part thereof as it may be able to purchase or pay until the full amount thereof be fully purchased or paid. Whenever the board of sinking fund commissioners cannot arrange for the purchasing or paying of said debt or any part thereof, it shall temporarily, or until it can so arrange, invest the moneys belonging to the sinking fund in such interest bearing securities issued by the state of Michigan or by any municipal subdivision thereof or by the United States government as it may deem advisable; and all matured bonds or evidences of debt so purchased shall be delivered to the county treasurer and shall become and be the property of the county, held and controlled by said board of sinking fund commissioners, and the interest thereon as it thereafter becomes due shall be credited and belong to the sinking fund.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1249 ;-- CL 1948, 141.34
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.35 - Sinking Fund Commissioners; Annual Meeting, Procedure; Rules; Authorizing Vote; Clerk, Records.

141.35 Sinking fund commissioners; annual meeting, procedure; rules; authorizing vote; clerk, records.
Sec. 5.
The annual meeting of the said board of sinking fund commissioners shall be held on the first Tuesday of each year. Said board may, however, meet from time to time for the transaction of business and may adopt rules of procedure for its meetings. A majority of the whole board shall constitute a quorum for the transaction of business but they shall not purchase or pay the outstanding debt of said county, or invest any of the money belonging to the sinking fund as above provided, unless by affirmative vote taken by yeas and nays, entered upon the record, showing a 3/5 vote of all the members-elect at a regular meeting or a special meeting called for such purpose. The county clerk shall be clerk of the board of sinking fund commissioners and the chairman shall be either the chairman of the board of supervisors or the chairman of the board of county auditors as the case may be. The records of the sinking fund commission shall be kept on file in the office of the county clerk as part of his official records.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1250 ;-- CL 1948, 141.35
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.36 - Sinking Fund Commissioners; Condition Reports to Board; Tax Recommendations.

141.36 Sinking fund commissioners; condition reports to board; tax recommendations.
Sec. 6.
The board of sinking fund commissioners shall from time to time, but at least annually, and whenever requested by the board of supervisors, make report of the condition of the sinking fund, which report shall be made to the board of supervisors and then referred to and filed with the county clerk and be recorded by him. It shall recommend to the board of supervisors the sum of money that in its judgment should be raised by direct taxation for the benefit of the sinking fund.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1251 ;-- CL 1948, 141.36
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.37 - Bond Sale; Interest, Credit; Expenses of Commissioners.

141.37 Bond sale; interest, credit; expenses of commissioners.
Sec. 7.
Whenever any issue of the bonds of the county shall be sold for more than par value all the premium and accrued interest shall be credited and belong to the sinking fund. All the interest paid to the county on securities held by the county shall belong to and be placed in the sinking fund. The board of sinking fund commissioners shall receive their actual expenses incurred in the performance of their duties which shall be a proper charge against the county to be paid from the general fund.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1252 ;-- CL 1948, 141.37
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.38 - Suit on Securities.

141.38 Suit on securities.
Sec. 8.
The said board of sinking fund commissioners shall have power and authority to bring suit for the purpose of enforcing the collection of any bonds or securities taken by it for the benefit of the sinking fund or for any purpose within the scope of their duties, but said suits shall be instituted and carried on in the name of the county.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1253 ;-- CL 1948, 141.38
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.39 - Saving Clause; Construction of Act.

141.39 Saving clause; construction of act.
Sec. 9.
In any county within the state of Michigan, which may have elected to act under the provisions of Act No. 42 of the Public Acts of 1913, the provisions of said act shall continue in force in said county until said county shall by referendum elect to operate under the provisions of this act. This act shall not be construed to supersede the provisions of any local or special act relating to the establishment or maintenance of a county sinking fund effective in any county of the state of Michigan until such county by referendum shall elect to come under the provisions of this act. Such referendum may be had by resolution of the board of supervisors, either of its own motion or upon the petition of 10 per centum of the electors of the county.
History:
1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1254 ;-- CL 1948, 141.39
Compiler's Notes:
For provisions of Act 42 of 1913, referred to in this section, see MCL 141.11 et seq.
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40) › Section 141.40 - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.

141.40 Violation of MCL 168.1 to 168.992 applicable to petitions; penalties.
Sec. 10.
A petition under section 9, 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 163, Eff. Mar. 23, 1999
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 14 of 1926 (Ex. Sess.) - Sinking Fund for Public Buildings (141.51 - 141.55) › Section 141.51 - Creation of Sinking Fund for Public Buildings and Sites; Tax Referendum.

141.51 Creation of sinking fund for public buildings and sites; tax referendum.
Sec. 1.
The board of supervisors of any county are hereby authorized to levy a tax of not to exceed 2 mills on the assessed valuation of said county each year for a period of not to exceed 10 years, for the purpose of creating a sinking fund to be used for the purchase of real estate for sites for, and the construction or repair of public buildings; provided the proposition of levying such tax to create such sinking fund shall be submitted to the electors of the county and approved by a majority of those voting thereon in the manner provided in this act.
History:
1926, Ex. Sess., Act 14, Imd. Eff. Mar. 13, 1926 ;-- CL 1929, 1256 ;-- CL 1948, 141.51
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 14 of 1926 (Ex. Sess.) - Sinking Fund for Public Buildings (141.51 - 141.55) › Section 141.52 - Tax Referendum Procedure.

141.52 Tax referendum procedure.
Sec. 2.
Whenever the board of supervisors of any county shall by resolution vote in favor of levying a tax to create a sinking fund as provided in section 1 of this act, the question of levying such tax shall be submitted to the electors of the county at the general November election, the annual spring election, or at any special election called for that purpose, subsequent to the passage of such resolution by the board of supervisors. A copy of such resolution shall be served upon the sheriff of the county by the county clerk. It shall be the duty of the sheriff at least 20 days prior to the date of the election, at which such question shall be submitted to the electors, to cause to be delivered to the township clerk in each township, and to the city clerk in each city in his county, a notice in writing that at such election there will be submitted to the electors of such county the question of raising the amount prescribed in the resolution passed by the board of supervisors, and to cause the same to be published in 1 or more newspapers printed and circulating in said county, if one be printed and circulated therein, at least once during each of 2 consecutive weeks before said election.
History:
1926, Ex. Sess., Act 14, Imd. Eff. Mar. 13, 1926 ;-- Am. 1927, Act 184, Eff. Sept. 5, 1927 ;-- CL 1929, 1257 ;-- CL 1948, 141.52
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 14 of 1926 (Ex. Sess.) - Sinking Fund for Public Buildings (141.51 - 141.55) › Section 141.53 - Requisite Notices.

141.53 Requisite notices.
Sec. 3.
It shall be the duty of the township clerk or city clerk upon receipt of the notice herein required, to give notice in writing under his hand of the time and place when such question will be submitted to the electors. Such township clerk or city clerk shall cause such notice to be posted up in at least 5 of the most public places in the said township or in 5 of the most public places in each ward of said city at least 10 days before said election.
History:
1926, Ex. Sess., Act 14, Imd. Eff. Mar. 13, 1926 ;-- Am. 1927, Act 184, Eff. Sept. 5, 1927 ;-- CL 1929, 1258 ;-- CL 1948, 141.53