MCL - Act 80 of 1981


Act 80 of 1981

AN ACT to authorize certain cities and counties to issue bonds or obligations to fund an operating deficit or projected operating deficit; to prescribe the powers and duties of the state administrative board; to provide for the levy of ad valorem property taxes to pay the principal and interest on the bonds or obligations; to prescribe certain conditions related to the bonds or obligations; and to provide remedies for enforcement of this act.

History: 1981, Act 80, Eff. July 15, 1981 ;-- Am. 1987, Act 279, Eff. Apr. 11, 1988 ;-- Am. 2010, Act 4, Imd. Eff. Feb. 5, 2010

The People of the State of Michigan enact:
Document Type Description
Section 141.1001 Section Short title.
Section 141.1002 Section State administrative board; powers and duties; actions of board.
Section 141.1003 Section Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.
Section 141.1004 Section Application for order approving bonds or obligations; resolution; determination of accumulated operating deficit; conditions and determinations; statement; issuance of order; determinations and findings conclusive; maximum amount of bonds or obligations; exceptions; bonds or obligations not subject to revised municipal finance act; agency financing reporting act applicable.
Section 141.1005 Section Bonds or obligations; amounts included.
Section 141.1006 Section Bonds or obligations; terms and conditions.
Section 141.1007 Section Levy of property taxes for payment of principal and interest on bonds or obligations.
Section 141.1008 Section Issuing bonds or obligations as limited tax bonds or obligations; resolution without vote of electors and publication of notice; submitting question to electors; approval or disapproval; prior actions.
Section 141.1009 Section Bonds or obligations issued before April 11, 1988; bonds or obligations issued after April 11, 1988 and before January 1, 2010; powers of legislative body; agreement providing for direct payment of distributable aid to paying agent, trustee, escrow agent, or other person; lien; special fund; use of taxes; definition.
Section 141.1010 Section Action to enforce compliance with act.
Section 141.1011 Section Conditional effective date.