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Michigan Legislature
Michigan Compiled Laws Complete Through PA 19 of 2024
House: Adjourned until Tuesday, March 19, 2024 1:30:00 PM
Senate: Adjourned until Tuesday, March 19, 2024 10:00:00 AM


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Act 175 of 1952
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BORROWING FROM MOTOR VEHICLE HIGHWAY FUND

Act 175 of 1952

AN ACT to authorize incorporated cities and villages to borrow money and issue bonds in anticipation of future payments from the motor vehicle highway fund, for any purpose or purposes for which said funds may be used and for the purpose of refunding such bonds; authorizing the pledging of the faith and credit of the issuing city or village, upon proper resolution of its governing body, as additional security for the payment of said bonds; and to prescribe procedures and conditions relative to the issuance of such bonds.


History: 1952, Act 175, Imd. Eff. Apr. 25, 1952 ;-- Am. 1964, Act 37, Eff. Aug. 28, 1964




The People of the State of Michigan enact:

DocumentTypeDescription
Section 247.701SectionBorrowing money and issuing bonds; purposes; bonds subject to revised municipal finance act; refunding bonds; sale; refund prohibited under certain conditions.
Section 247.702SectionAuthorization of bonds; cities and villages; resolution, approval, publication, contents.
Section 247.703SectionBonds; principal and interest; payment; additional security; existing contract rights; priority.
Section 247.704SectionIssuance of bonds for highway purposes; cities and villages; successive borrowing.
Section 247.705SectionRevenues set aside; source.
Section 247.706SectionRepealed. 2002, Act 330, Imd. Eff. May 23, 2002.
Section 247.707SectionProhibition of pledges.
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