MCL - Act 227 of 1985


Act 227 of 1985

AN ACT to create the Michigan municipal bond authority and to prescribe its powers and duties; to provide for the issuance of, and terms and conditions for, notes and bonds of the authority; to authorize certain forms of assistance to governmental units including the creation and management of investments; to impose conditions on, grant certain powers to political subdivisions of this state and water suppliers regarding, and allow certain agreements regarding obligations of this state, political subdivisions of this state, and water suppliers purchased by the authority or assigned to the authority; to exempt the property, income, and operation of the authority, its bonds and notes, and the interest on its bonds and notes from certain taxes; to grant powers and impose duties on officers and agencies of this state, political subdivisions of this state, and water suppliers; to accept and expend certain appropriations; and to repeal acts and parts of acts.

History: 1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 1990, Act 281, Imd. Eff. Dec. 13, 1990 ;-- Am. 1996, Act 241, Imd. Eff. June 10, 1996 ;-- Am. 1997, Act 27, Imd. Eff. June 17, 1997 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001 ;-- Am. 2005, Act 93, Imd. Eff. July 20, 2005

The People of the State of Michigan enact:
Document Type Description
Section 141.1051 Section Legislative findings and declarations.
Section 141.1052 Section Short title.
Section 141.1053 Section Definitions.
Section 141.1054 Section Michigan municipal bond authority; created; powers; funds.
Section 141.1055 Section Board of trustees; appointment, qualifications, and terms of members; duties; oath; vacancy; organization; rules of procedure; conducting business at public meetings; notice; quorum; action of board; designation of representative.
Section 141.1056 Section Chairperson; employment, qualifications, duties, and compensation of personnel; delegation of powers and duties; exercise of powers, duties, and functions; budgeting, procurement, and related functions; costs; report; annual audit.
Section 141.1057 Section Powers of board generally.
Section 141.1058 Section Purchase of municipal obligations by authority; bonds or notes of authority; expenses; preferential treatment in rate of interest; forgiving or relinquishing interest or principal of obligation; purchase of qualified bonds of school district; additional purchase.
Section 141.1059 Section Bonds or notes of authority; purposes; payment; security; authorization; requirements; validity of signature; sale; revised municipal finance act inapplicable; issuance of bonds subject to agency financing reporting act; interest rate exchange agreement.
Section 141.1060 Section Retirement, funding, or refunding of notes.
Section 141.1061 Section Bonds or notes to refund bonds or notes.
Section 141.1062 Section Security transactions; authorization and approval.
Section 141.1063 Section Authority of member, executive director, or other personnel as to notes, bonds, and investments.
Section 141.1064 Section Powers constituting covenants by authority and contracts with holders of bond or note.
Section 141.1065 Section Pledge of revenues or other money; lien of pledge; payment assigned or pledged to authority to be held in trust for payment of principal and interest; payment subject to lien; nature of lien; filing or recordation not required.
Section 141.1065a Section Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
Section 141.1066 Section Reserve funds.
Section 141.1066a Section State water pollution control revolving fund; establishment; compliance; funding; assistance to governmental unit; loan agreement; determination of eligible projects; maximum amount of municipal obligation; maximum interest rate.
Section 141.1066b Section State drinking water revolving fund.
Section 141.1066c Section School loan revolving fund.
Section 141.1066d Section Grant agreements entered under MCL 324.5204a.
Section 141.1067 Section Default or noncompliance by authority.
Section 141.1068 Section Liability on bonds or notes.
Section 141.1069 Section Purchasing, holding, canceling, or reselling bonds or notes of authority.
Section 141.1070 Section State pledge to and agreement with holders of bonds or notes.
Section 141.1071 Section Investment of sinking fund, money, or other fund by banking business, insurance business, or fiduciary in bonds or notes; bonds or notes as security for public deposits.
Section 141.1072 Section Property and income of authority; public property; public purpose; exemptions from taxes and special assessments.
Section 141.1073 Section Municipal obligations generally.
Section 141.1074 Section Agreement by governmental unit upon sale or issuance of municipal obligations; additional powers of authority.
Section 141.1075 Section Construction of act.
Section 141.1076 Section Severability.
Section 141.1077 Section Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
Section 141.1078 Section Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.