reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 187 of 2014 - Michigan Settlement Administration Authority Act (141.1601 - 141.1611) › Section 141.1609 - Public and Governmental Purpose.

141.1609 Public and governmental purpose.
Sec. 9.
It is determined that the creation of the authority, the appropriation made to the authority, and the carrying out of the authority's authorized purposes are 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.
History:
2014, Act 187, Imd. Eff. June 20, 2014
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 187 of 2014 - Michigan Settlement Administration Authority Act (141.1601 - 141.1611) › Section 141.1610 - State Contribution; Obligation.

141.1610 State contribution; obligation.
Sec. 10.
The obligation to make this state's contribution described in the contribution agreement is not a general obligation or indebtedness of this state or the authority and is subject to the fulfillment of the requirements of the contribution agreement, the plan for adjustment, and the order of a bankruptcy court.
History:
2014, Act 187, Imd. Eff. June 20, 2014
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 187 of 2014 - Michigan Settlement Administration Authority Act (141.1601 - 141.1611) › Section 141.1611 - Liability.

141.1611 Liability.
Sec. 11.
This state, a state official or state-related entity, as defined in the plan for adjustment, the state treasurer, the authority, a board member, an agent of the authority, and any other legal, financial, or other expert providing advice to the authority does not have any liability for the representations, warranties, covenants, determinations, agreements, or other obligations of this state or the authority, or under any of the certificates, notices, or agreements delivered pursuant to the contribution agreement, the plan for adjustment, or the order of a bankruptcy court confirming the plan for adjustment.
History:
2014, Act 187, Imd. Eff. June 20, 2014
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 181 of 2014 - Michigan Financial Review Commission Act (141.1631 - 141.1643) › Section 141.1631 - Short Title.

141.1631 Short title.
Sec. 1.
This act shall be known and may be cited as the "Michigan financial review commission act".
History:
2014, Act 181, Imd. Eff. June 20, 2014
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 181 of 2014 - Michigan Financial Review Commission Act (141.1631 - 141.1643) › Section 141.1633 - Definitions.

141.1633 Definitions.
Sec. 3.
As used in this act:
(a) "Applicable contract" means a contract for goods or services proposed or entered into by a qualified city or school district that either exceeds $750,000.00, or a higher amount as determined by the commission, or is for a term exceeding 2 years. Applicable contract also includes multiple contracts for less than $750,000.00, or the higher amount determined by the commission, with 1 entity that, in the aggregate, exceed $750,000.00, or a higher amount as determined by the commission, within a 12-month period.
(b) "Federal bankruptcy code" means the federal bankruptcy code, 11 USC 101 to 1532.
(c) "Financial review commission" or "commission" means a financial review commission created in section 4.
(d) "Operating expenses" means the reasonable operating expenses of the commission, including without limitation the cost of preparing accounting and other reports, costs of commission meetings or other required activities of the commission, counsel fees, including fees of the attorney general, and fees and expenses incurred for consultants and fiduciaries required to carry out the purposes of this act.
(e) "Person" means an individual, corporation, limited or general partnership, association, joint venture, limited liability company, a governmental entity, including this state.
(f) "Plan for adjustment" means the plan for the adjustment of debts of a qualified city approved and entered by a United States bankruptcy court under chapter 9 of title 11 of the United States Code, 11 USC 901 to 946.
(g) "Professional services" means services that require a high degree of intellectual skill, an advanced degree, or professional licensing or certification. Those providing the professional services are distinguished based on their specialized knowledge, experience, and expertise. Professional services include, but are not limited to, accounting, actuarial, appraisal, auditing, investment advisor, and legal services.
(h) "Qualified city" means a city with a population of more than 600,000 that is subject to a plan for adjustment.
(i) "Qualified school district" means a school district with the same boundaries as a city with a population of 600,000 or more.
(j) "State treasurer" means the treasurer of this state or his or her designee who shall be designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature shall have the same force and effect as the signature of the state treasurer for all purposes under this act.
History:
2014, Act 181, Imd. Eff. June 20, 2014 ;-- Am. 2016, Act 53, Imd. Eff. Mar. 29, 2016 ;-- Am. 2016, Act 195, Imd. Eff. June 21, 2016
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 181 of 2014 - Michigan Financial Review Commission Act (141.1631 - 141.1643) › Section 141.1634 - Financial Review Commission; Creation; Powers, Duties, Functions, and Responsibilities; Budgeting, Procurement, Personnel, and Related Management Functions; Qualified School District.

141.1634 Financial review commission; creation; powers, duties, functions, and responsibilities; budgeting, procurement, personnel, and related management functions; qualified school district.
Sec. 4.
(1) Except as provided in subsection (2), a financial review commission is created within the department of treasury for each qualified city and each qualified school district. Except as otherwise provided in this act, a commission shall exercise its powers, duties, functions, and responsibilities under this act independently of the state treasurer. The budgeting, procurement, personnel, and related management functions of a commission shall be performed under the direction and supervision of the state treasurer.
(2) If a qualified school district is located within the geographic boundaries of a qualified city for which a financial review commission is operating under this act, beginning on the date that school district becomes a qualified school district, the financial review commission for that qualified city also shall be the financial review commission for that qualified school district, and no separate or additional financial review commission for that qualified school district is created under this act.
History:
2014, Act 181, Imd. Eff. June 20, 2014 ;-- Am. 2016, Act 53, Imd. Eff. Mar. 29, 2016
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 181 of 2014 - Michigan Financial Review Commission Act (141.1631 - 141.1643) › Section 141.1640 - Commission as Public and Governmental Purpose.

141.1640 Commission as public and governmental purpose.
Sec. 10.
Each commission, and the carrying out of its authorized purposes under this act, 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. These purposes are public purposes, and the commission will be performing an essential governmental function in the exercise of the powers provided by this act.
History:
2014, Act 181, Imd. Eff. June 20, 2014
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 181 of 2014 - Michigan Financial Review Commission Act (141.1631 - 141.1643) › Section 141.1641 - Appropriation.

141.1641 Appropriation.
Sec. 11.
For the fiscal year ending September 30, 2014, $900,000.00 is appropriated from the general fund/general purpose to the department of treasury to be expended to provide commissions with the resources to exercise its powers, duties, and responsibilities under this act and as required by this state to enforce this act and the plan for adjustment; to secure professional services to assist in the implementation of this act; and for any other purposes that a commission determines in its discretion are necessary or implied to implement this act.
History:
2014, Act 181, Imd. Eff. June 20, 2014
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 181 of 2014 - Michigan Financial Review Commission Act (141.1631 - 141.1643) › Section 141.1642 - Dissolution; Release of Qualified City or Qualified School District From Oversight; Qualified School District Subject to Emergency Manager.

141.1642 Dissolution; release of qualified city or qualified school district from oversight; qualified school district subject to emergency manager.
Sec. 12.
(1) Subject to subsections (2) and (3), if a commission has waived the requirements of sections 6 and 7 under section 8 each year for the immediately preceding 10 consecutive fiscal years, and the plan for adjustment, if applicable, has expired, the commission shall, by resolution, dissolve itself. All property, funds, and assets of the commission, if any, shall be transferred to and vested in this state.
(2) The commission for a qualified school district shall not dissolve itself until the state treasurer certifies that all outstanding debts of that qualified school district are paid in full.
(3) If a commission is in place for both a qualified city and a qualified school district and the requirements of subsection (1) have been met for a qualified city or the requirements of subsections (1) and (2) have been met for a qualified school district, that qualified city or that qualified school district shall be released from oversight by the commission under this act.
(4) Notwithstanding any other provision of this act, if a qualified school district is subject to an emergency manager under the local financial stability and choice act, 2012 PA 436, MCL 141.1541 to 141.1575, then, for the period of time that the qualified school district is subject to an emergency manager, that qualified school district is not subject to oversight by the commission under this act.
History:
2014, Act 181, Imd. Eff. June 20, 2014 ;-- Am. 2016, Act 53, Imd. Eff. Mar. 29, 2016
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 181 of 2014 - Michigan Financial Review Commission Act (141.1631 - 141.1643) › Section 141.1643 - Court of Claims; Jurisdiction.

141.1643 Court of claims; jurisdiction.
Sec. 13.
Each commission is a state commission, and the members are state officers for the purposes of section 6419 of the revised judicature act of 1961, 1961 PA 236, MCL 600.6419. The court of claims shall have exclusive jurisdiction over any and all actions challenging the validity of this act.
History:
2014, Act 181, Imd. Eff. June 20, 2014
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-I - Part I Definitions (141.2101...141.2105) › Section 141.2101 - Short Title.

141.2101 Short title.
Sec. 101.
This act shall be known and may be cited as the "revised municipal finance act".
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-I - Part I Definitions (141.2101...141.2105) › Section 141.2105 - Municipal Security; Limitations.

141.2105 Municipal security; limitations.
Sec. 105.
A municipal security does not include any of the following:
(a) A contract for the purchase of real or personal property.
(b) A contract for the lease of real or personal property with or without an option to purchase.
(c) A contract, lease, note, or other security given in connection with a contract described in subdivision (a) or (b).
(d) A security that is evidence of an emergency loan under section 1 of 1855 PA 105, MCL 21.141, in conjunction with the emergency municipal loan act, 1980 PA 243, MCL 141.931 to 141.942, or qualified agricultural loans under section 2a of 1855 PA 105, MCL 21.142a.
(e) A mortgage secured by real property and its corresponding security to the extent secured by the mortgage.
(f) A contract between 1 or more municipalities under whose terms 1 or more municipalities pledge their revenues or full faith and credit to secure payment of a proposed municipal security issued by 1 of the municipalities.
(g) A loan from the state infrastructure bank as described in section 18m of 1951 PA 51, MCL 247.668m.
History:
2001, Act 34, Eff. Mar. 1, 2002 ;-- Am. 2002, Act 541, Imd. Eff. July 26, 2002 ;-- Am. 2018, Act 508, Eff. Mar. 29, 2019
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-II - Part II Powers (141.2201...141.2203) › Section 141.2203 - Appeal of Department Determination.

141.2203 Appeal of department determination.
Sec. 203.
If a municipality feels aggrieved by a determination of the department, it may notify the department and appeal the determination of the department as a contested case pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. This section does not permit the issuance, amendment, or modification of any order or determination of the department in respect to the issuance of a municipal security, after the municipal security has been issued, if that action would affect the municipal security interests of the holders of the municipal security adversely.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2301 - Issuance of Municipal Security.

141.2301 Issuance of municipal security.
Sec. 301.
A municipality shall not issue a municipal security except in accordance with this act.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2304 - Issuance of Municipal Security; Provisions Applicable to Contracting Municipalities.

141.2304 Issuance of municipal security; provisions applicable to contracting municipalities.
Sec. 304.
If a municipality issues a municipal security subject to this act and the principal and interest for that municipal security will be paid by 1 or more municipalities not issuing the municipal security under a contract, then 1 of the following applies:
(a) If all of the municipalities contracting to pay the municipal security have been granted qualified status, then the issuance of the municipal security is subject to section 303(2).
(b) Except as provided in subdivision (c), if 1 or more of the municipalities contracting to pay the municipal security have not been granted qualified status, then the issuance of the municipal security is subject to section 303(7).
(c) If 1 or more of the municipalities contracting to pay the municipal security have not been granted qualified status and the other municipalities representing over 50% of the contractual obligation have been granted qualified status and the municipality that issues the municipal security has been granted qualified status and pledges its full faith and credit on the municipal security, then the issuance of the municipal security is subject to section 303(2).
History:
Add. 2002, Act 541, Imd. Eff. July 26, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2307 - Proposed Bulletin; Public Comment Period.

141.2307 Proposed bulletin; public comment period.
Sec. 307.
Before any bulletin issued by the department can take effect that addresses the filings, approvals, or determinations under section 303, or any modification of an existing bulletin that addresses the filings, approvals, or determinations under section 303, the department shall issue the bulletin or modification as a proposed bulletin with not less than a 30-day public comment period.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2308 - Limited Tax Full Faith and Credit Pledge; Notice.

141.2308 Limited tax full faith and credit pledge; notice.
Sec. 308.
If a municipality issues a municipal security that contains the limited tax full faith and credit pledge of the municipality after October 1, 2002, a notice of at least 1 meeting at which a decision will be made or discussed with respect to the issuance of the municipal security shall contain a statement that the proposed municipal security will contain a limited tax full faith and credit pledge of the municipality. This section does not apply to a refunding security, short-term municipal security issued under part 4, or a municipal security for which the municipality is required to provide a notice of the right of referendum by law or charter.
History:
Add. 2002, Act 541, Imd. Eff. July 26, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2309 - Sale of Municipal Security at Competitive or Negotiated Sale; Requirements.

141.2309 Sale of municipal security at competitive or negotiated sale; requirements.
Sec. 309.
(1) A municipality may sell an authorized municipal security at a competitive sale or a negotiated sale as determined in the authorizing resolution. If a municipality determines to sell a municipal security at a negotiated sale, the governing body shall expressly state the method and reasons for choosing a negotiated sale instead of a competitive sale in the resolution or ordinance authorizing the issuance or sale of the municipal security.
(2) If a municipality determines to sell a municipal security at a competitive sale, the municipality shall publish a notice of sale at least 7 days before the date set for the sale, in a publication printed in the English language and circulated in this state that carries as a part of its regular service the notices of the sale of municipal securities.
(3) A municipality shall award a municipal security sold at a competitive sale to the bidder whose bid meets all specifications and requirements and results in the lowest interest cost to the municipality, unless all bids are rejected.
(4) A municipality may accept bids for the purchase of a municipal security made in person, by mail, by facsimile, by electronic means, or by any other means authorized by the municipality.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2311 - Municipal Security; Registration; Facsimile Signatures; Transfer of Ownership; Delivery; Validity of Signature of Former Officer.

141.2311 Municipal security; registration; facsimile signatures; transfer of ownership; delivery; validity of signature of former officer.
Sec. 311.
(1) A municipal security may be registrable as to principal alone or as to both principal and interest under terms and conditions determined by the governing body of the issuing municipality.
(2) A municipality may authorize a trustee or other authenticating agent to authenticate any municipal security executed by the facsimile signatures of the officials of the municipality in lieu of manual signatures of the officials of the issuing municipality.
(3) Officials of a municipality may sign and seal a municipal security in facsimile form if so authorized by the governing body of the issuing municipality.
(4) If authorized by the governing body of the issuing municipality, ownership of a municipal security may be transferred by means of a recorded entry in a record maintained by the issuing municipality, trustee, or other agent in lieu of printing and transferring a new municipal security. However, this subsection does not preclude a municipality from the delivery of, and a municipality shall have the authority to deliver, new municipal securities as evidence of the originally issued municipal security.
(5) If an individual acting in an official capacity signs or affixes his or her signature to a municipal security under this act and that individual ceases to be an officer before delivery of the municipal security, the municipal security is valid the same as if the individual had remained in office until delivery of that municipal security.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2313 - Mutilated Security; Substitution.

141.2313 Mutilated security; substitution.
Sec. 313.
If a municipal security has become mutilated, then the governing body of the municipality may by resolution provide for the issuance of a new municipal security with like terms, in exchange for and substitution of the mutilated municipal security. In all such cases the holder shall pay the reasonable expenses and charges of such an exchange.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2315 - Issuance of Municipal Security; Determination; Payment on Demand; Contrary Ordinance or Charter Provision.

141.2315 Issuance of municipal security; determination; payment on demand; contrary ordinance or charter provision.
Sec. 315.
(1) In determining to issue a municipal security, a municipality may do 1 or more of the following:
(a) Authorize and enter into insurance contracts, agreements for lines of credit, letters of credit, commitments to purchase municipal securities, remarketing agreements, reimbursement agreements, and any other transactions to enhance timely payment of any municipal security.
(b) Authorize payment from the proceeds of the municipal security, or from other funds available, of the cost of issuance, including, but not limited to, fees for placement, fees or charges for insurance, letters of credit, lines of credit, remarketing agreements, reimbursement agreements, or purchase or sales agreements or commitments, or agreements to enhance timely payment of municipal securities.
(c) Authorize principal and interest to be payable from 1 or more of the following:
(i) Taxes or other revenues of the municipality.
(ii) Proceeds of the municipal security.
(iii) Earnings on proceeds of the municipal security or other funds held for payment of the municipal security.
(iv) Proceeds of any other transaction described in subdivision (a).
(d) Authorize or provide for an officer of the municipality, but only within limitations that shall be contained in the authorizing resolution of the governing body, to do 1 or more of the following:
(i) Sell, deliver, and receive payment for the municipal securities.
(ii) Refund the municipal securities in accordance with part VI of this act.
(iii) Deliver a municipal security partly to refund another security and partly for any other authorized purposes.
(iv) Buy the municipal security so issued at not more than the face value of the municipal security.
(v) Approve fixed interest rates, variable interest rates, or methods for fixing interest rates, prices, discounts, maturities, principal amounts, denominations, dates of issuance, interest payment date, redemption rights at the option of the municipality or the holder, the place of delivery and payment, and other matters and procedures necessary to complete the transactions authorized.
(2) A municipality may provide that a municipal security additionally secured as provided in subsection (1) may be payable on demand or before maturity at the option of the holder only at the time and in the manner determined by the governing body as provided in the resolution authorizing the municipal security.
(3) The authority granted by this section may be exercised notwithstanding any ordinance or charter provision to the contrary.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2319 - Document to Be Filed by Municipality; Failure to Comply With Subsection (1) or (2).

141.2319 Document to be filed by municipality; failure to comply with subsection (1) or (2).
Sec. 319.
(1) Within 15 business days of completing the issuance of any municipal security qualified under section 303(3), the municipality shall file a copy of all of the following with the department in a form and manner prescribed by the department:
(a) A copy of the municipal security.
(b) A proof of publication of the notice of sale, if applicable.
(c) A copy of the award resolution or certificate of award including a detail of the annual interest rate and call features on the municipal security.
(d) A copy of the legal opinion regarding the legality and tax status of the municipal security.
(e) A copy of the notice of rating of the municipal security received from a recognized rating agency, if any.
(f) A copy of the resolution or ordinance authorizing the issuance of the municipal security.
(g) A copy of the official statement, if any.
(h) For a refunding security, documentation indicating compliance with section 611.
(i) A filing fee equaling 0.02% of the principal amount of the municipal security issued, but in an amount not less than $100.00 and not greater than $1,000.00, as determined by the department.
(j) If the qualifying statement required by section 303(2) was received by the department more than 6 months after the end of the municipality's fiscal year, a late fee of $100.00 with the first filing thereafter.
(k) For a municipal security issued under section 305(2), documentation indicating compliance with section 305(2).
(2) Within 15 business days of completing the issuance of any municipal security approved under section 303(7), the municipality shall file all of the following with the department in a form and manner prescribed by the department:
(a) A copy of the municipal security.
(b) A proof of publication of the notice of sale, if applicable.
(c) A copy of the award resolution including a detail of the annual interest rate and call features on the municipal security.
(d) A copy of the legal opinion regarding the legality and tax status of the municipal security.
(e) A copy of the notice of rating of the municipal security received from a recognized rating agency, if any.
(f) A copy of the resolution or ordinance authorizing the issuance of the municipal security.
(g) A copy of the official statement, if any.
(h) For a refunding security, documentation indicating compliance with section 611.
(i) For a municipal security issued under section 305(2), documentation indicating compliance with section 305(2).
(3) The failure to comply with subsection (1) or (2) does not invalidate any of the securities issued or reported under this act.
History:
2001, Act 34, Eff. Mar. 1, 2002 ;-- Am. 2002, Act 541, Imd. Eff. July 26, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2321 - Filing in Electronic Format.

141.2321 Filing in electronic format.
Sec. 321.
The department may require that the filings to the department required by this act be filed in an electronic format prescribed by the department.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-III - Part III General (141.2301...141.2323) › Section 141.2323 - Municipal Security Issued Without Department Approval; Rating.

141.2323 Municipal security issued without department approval; rating.
Sec. 323.
The department may require a rating for a municipal security issued without approval of the department as provided in section 303(3) if the principal amount of the municipal security exceeds $5,000,000.00.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415) › Section 141.2407 - Anticipation of Revenue Sharing Payments; Issuance of Short-Term Municipal Securities; Payment of Operating Expenditures; Authorizing Resolution; Set Aside of Amounts for Payment of Principal and Interest.

141.2407 Anticipation of revenue sharing payments; issuance of short-term municipal securities; payment of operating expenditures; authorizing resolution; set aside of amounts for payment of principal and interest.
Sec. 407.
(1) A municipality may, by resolution of its governing body, and without a vote of the electors, issue short-term municipal securities in anticipation of revenue sharing payments under the Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL 141.901 to 141.921, for its next succeeding fiscal year, or for a current fiscal year, in accordance with the provisions of this part.
(2) When a municipality issues municipal securities in anticipation of the receipt of revenue sharing payments under the Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL 141.901 to 141.921, for the current or next succeeding fiscal year, the proceeds of the municipal securities shall be used only for the payment of operating expenditures. The principal amount of the municipal securities issued in accordance with this section shall not exceed 50% of the total payments received in the last preceding fiscal year of the municipality, as certified by the department. The authorizing resolution shall provide that from the first receipts of the payments for that fiscal year in anticipation of which the municipality issued the municipal security, there shall be set aside in a special fund to be used for the payment of principal and interest on the municipal security a portion of each dollar that is not less than 125% of the percentage that the principal amount of the municipal security bears to the amount of payments remaining to be collected, until the amount set aside is sufficient for the payment of principal and interest on the municipal security. The amount set aside shall be used only for the payment of the principal and interest on the municipal security until the municipal security is paid as to both principal and interest.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415) › Section 141.2409 - Interest Rate; Limitation; Payment.

141.2409 Interest rate; limitation; payment.
Sec. 409.
A municipal security issued pursuant to this part shall bear no interest or interest at a rate not to exceed that provided in part III and shall be payable not later than the estimated time of collection of an amount sufficient for its payment out of the taxes or revenues pledged for the municipal security, as determined by the governing body of the municipality.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415) › Section 141.2411 - Money Deposited in Special Fund; Use.

141.2411 Money deposited in special fund; use.
Sec. 411.
The money in each special fund required by this part shall be deposited in a bank account separate from any other money of the municipality and shall be used for no purpose other than to retire the municipal security for which the special fund was established.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-IV - Part IV Short-Term Municipal Securities (141.2401...141.2415) › Section 141.2415 - Anticipation of State or Federal Grants; Issuance of Short-Term Municipal Security; Pledge of Grant Proceeds as Payment of Principal, Interest, and Redemption Premiums; Limitation on Principal Amount; Use of Municipal Security Proceeds.

141.2415 Anticipation of state or federal grants; issuance of short-term municipal security; pledge of grant proceeds as payment of principal, interest, and redemption premiums; limitation on principal amount; use of municipal security proceeds.
Sec. 415.
(1) A municipality may by resolution of its governing body, and without a vote of its electors, issue a short-term municipal security in anticipation of the receipt of grants from the United States, this state, or any agency or instrumentality of the United States or this state and shall pledge for the payment of the principal, interest, and redemption premiums, if any, on that municipal security from 1 or more of the sources and on the terms described in section 315 and from any of the additional sources identified in subsection (2).
(2) The municipality that issues a short-term municipal security under this section may pledge the proceeds of federal or state grants for the payment of the interest and redemption premiums, if any, on the municipal security.
(3) The principal amount of a municipal security issued under this section shall not exceed 50% of the amount remaining to be received by the municipality that is not still subject to an appropriation from the granting agency under a written contract from that granting agency that has been accepted by resolution by the municipality. The issuance and delivery of the municipal security shall be conclusive evidence of the facts entitling the municipality to issue the municipal security in the principal amount issued and shall not be subject to attack in any proceeding. The pledge of 100% of the funds the municipality expects to receive from the granting agency may be secured by a direct transfer of the committed funds from the granting agency to a trustee or the Michigan municipal bond authority, if the municipal security is sold to the Michigan municipal bond authority, that is authorized to receive the funds by the authorizing resolution adopted by the municipality. The municipal security issued under this section shall mature not more than the earlier of 18 months from the date of issuance or 6 months after the expected date of receipt of grant proceeds and may bear no interest or interest at a fixed or variable rate or rates of interest per annum, subject to the limitations of section 305.
(4) The proceeds of the municipal security issued under this section shall be used only for the purpose to which the proceeds of the grant may be applied, the costs of issuance of the municipal security, and the payment of principal and interest on the municipal security.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518) › Section 141.2501 - Maturity Time Periods.

141.2501 Maturity time periods.
Sec. 501.
(1) Except as otherwise provided for by law, or as otherwise provided in part VI, a municipal security issued by a municipality under this act shall not mature later than the estimated period of usefulness of the property or improvement for which the municipal security is issued.
(2) In addition to the requirements of subsection (1), a municipal security shall not mature later than the following time periods:
(a) A municipal security issued in anticipation of special assessments shall mature no later than 2 years after the time fixed by law for the payment of the last installment of the assessments from which the municipal security is payable.
(b) A municipal security issued to meet an emergency for relief from fire, flood, or other calamity shall mature no later than 5 years after the date of issuance.
(c) A municipal security issued to pay judgments against the municipality, except judgments in condemnation proceedings, and municipal securities issued for the purchase of personal property, other than material for permanent construction, machinery for public utilities, or original furnishings and equipment of new buildings, shall mature no later than 10 years after the date of issuance.
(d) All other municipal securities shall mature no later than 30 years after the date of issuance.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518) › Section 141.2505 - Municipal Securities Secured by Special Assessments.

141.2505 Municipal securities secured by special assessments.
Sec. 505.
The total amount of municipal securities secured by special assessments and pledging the limited tax full faith and credit of the municipality shall at no time by reason of future issues, other than issues of refunding securities, exceed 12% of the assessed value of the taxable property in the municipality. A municipality shall not issue municipal securities secured by special assessments in any calendar year in an amount greater than 3% of the assessed value of the municipality unless authorized by majority vote of the electors or by a larger vote as may be provided by statute or charter.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518) › Section 141.2507 - Interest Rate Charge on Special Assessments.

141.2507 Interest rate charge on special assessments.
Sec. 507.
A municipality issuing a municipal security in anticipation of special assessments may, notwithstanding any charter or ordinance provisions to the contrary, charge a rate of interest on the unpaid balance of the special assessments in excess of the charter or ordinance limit on the municipal security, but not in excess of a rate of more than 1% above the average rate of interest borne by the municipal security.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518) › Section 141.2509 - Reserve Fund; Establishment.

141.2509 Reserve fund; establishment.
Sec. 509.
A municipality may pay interest that accrues on a municipal security during the first 3 years after the date of issuance of the municipal security from the proceeds of the sale of the municipal security. In addition, a municipality may establish a reserve fund, in an amount not exceeding 15% of the principal amount of the municipal security issued from the proceeds of the sale of the municipal security which shall be held solely for the payment of principal and interest on the municipal security.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518) › Section 141.2511 - Issuance of Municipal Securities to Fund County Drain Special Assessment.

141.2511 Issuance of municipal securities to fund county drain special assessment.
Sec. 511.
Any county, township, city, or village, by resolution of its governing body and without a vote of its electors, may issue municipal securities for the purpose of funding any part or all of a county or intercounty drain special assessment made against the county, township, city, or village at large under the provisions of the drain code of 1956, 1956 PA 40, MCL 280.1 to 280.630. A municipal security described in this section shall mature serially, the first annual maturity of which shall fall due not more than 2 years from the date of issuance and the last of which shall fall due not more than 10 years from the date of issuance or not more than 1 year after the due date of the last installment of the special assessment, whichever is later. No maturity shall be less than 1/2 of the amount of any subsequent maturity. A municipal security issued in accordance with this section may be issued in 1 or more series and may fund 1 or more drain special assessments. The principal amount of a municipal security that may be issued under this section shall not exceed the principal amount of the special assessments to be funded under this section. If any interest is to mature upon the municipal security prior to the time of the next county, township, city, or village tax collection, then the governing body of the county, township, city, or village shall make provision for the payment of that amount when due. The debt evidenced by a municipal security issued under this section shall not be included within the debt of a township, city, or village for any statutory or charter debt limitation purpose. No installment or installments of a special assessment shall be funded under this section unless payable in advance of the due date or due dates, and if the drainage district has issued municipal securities, an equal amount of the principal amount of the municipal securities must be redeemable within 90 days from the delivery of the municipal securities to the purchaser of those municipal securities. The provisions of this part together with the general provisions of this act shall govern the issuance of a municipal security authorized in this section except where inapplicable or inconsistent with this section. All municipal securities issued under this section shall be legal and valid, notwithstanding any illegality in the special assessments funded by those municipal securities.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518) › Section 141.2515 - Water Supply or Sewage Disposal, Public Building, or Other Public Improvement; Delivery of Municipal Security to Defray Cost.

141.2515 Water supply or sewage disposal, public building, or other public improvement; delivery of municipal security to defray cost.
Sec. 515.
(1) A municipality may deliver a municipal security to this state or the federal government for the purpose of defraying the whole or part of the cost of purchasing, acquiring, constructing, improving, enlarging, extending, or repairing any water supply or sewage disposal system or public building or other public improvement.
(2) Parts IV, V, and VI do not apply to any municipal security delivered to this state or the federal government to the extent the requirements of this state or the federal government relating to any of the terms of the debt conflict with the provisions of this act.
(3) As used in this section:
(a) "Federal government" means the federal government or any agency of the federal government.
(b) "This state" means this state or any department, agency, board, commission, fund, corporation, or authority of this state.
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-VI - Part VI Refunding (141.2601...141.2613) › Section 141.2601 - Issuance of Refunding Securities.

141.2601 Issuance of refunding securities.
Sec. 601.
(1) Subject to this act, a municipality may, by resolution or ordinance adopted by its governing body and without a vote of its electors, refund all or any part of its outstanding securities by issuing refunding securities as described in this part.
(2) A municipality may issue a refunding security whether the outstanding security to be refunded has or has not matured, is or is not redeemable on the date of issuance of the refunding security, exceeds the original estimated period of usefulness but not to exceed the current period of usefulness as determined by the project engineer or architect, or is or is not subject to redemption before maturity.
(3) A refunding security may be issued in a principal amount greater than the principal amount of the outstanding securities to be refunded as necessary to effect the refunding under the refunding plan.
(4) A municipality may use the proceeds of a refunding security to pay interest accrued, or to accrue, to the earliest or any subsequent date of redemption, purchase, or maturity of the outstanding security to be refunded, redemption premium, if any, and any commission, service fee, and other expense necessary to be paid in connection with the outstanding security to be refunded. A municipality may also use the proceeds of a refunding security to pay part of the cost of issuance of the refunding security, interest on the refunding security, a reserve for the payment of principal, interest, and redemption premiums on the refunding security, and other necessary incidental expenses, including, but not limited to, placement fees and fees or charges for insurance, letters of credit, lines of credit, or commitments to purchase the outstanding security to be refunded.
(5) A municipality may invest the proceeds of a refunding security as provided in section 607(2).
(6) To the extent provided by the proceedings authorizing the refunding security, principal, interest, and redemption premiums on the refunding security shall be secured by and payable from any or all of the following sources:
(a) Taxes or special assessments pledged for payment of a municipal security being refunded.
(b) The proceeds of the refunding security.
(c) The reserve, if any, established for the payment of the principal, interest, and redemption premiums on, the refunding security or the outstanding security to be refunded.
(d) The proceeds of any insurance, letter of credit, or line of credit acquired as security for the refunding security.
(e) The proceeds of any refunding securities issued to refund the refunding security.
(f) Revenues pledged for the outstanding security being refunded.
(g) Investment earnings or profits on any of the sources described in subdivisions (a) to (f).
History:
2001, Act 34, Eff. Mar. 1, 2002
2023 Michigan Compiled Laws › Chapter 141 - Municipal Financing › Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821) › 34-2001-VI - Part VI Refunding (141.2601...141.2613) › Section 141.2603 - Assumption of Outstanding Security by Another Municipality; Refunding.

141.2603 Assumption of outstanding security by another municipality; refunding.
Sec. 603.
(1) Any outstanding security of a municipality that has been assumed in part by another municipality may be refunded by the municipalities as to their respective liabilities.
(2) This act shall not be construed to prohibit a municipality from refunding any of its outstanding securities even though some other municipality may be required to contribute to the payment of those outstanding securities, and that refunding is hereby expressly authorized. Refunding authorized under this subsection does not relieve any other municipality from a pledge to make a contribution to the payment of an outstanding security.
History:
2001, Act 34, Eff. Mar. 1, 2002