MCL - 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
| 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. |