There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 80 of 1981
| AN ACT to authorize certain cities and counties to issue general obligation 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.
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| Document | Description |
| Section 141.1001 | Short title. |
| Section 141.1002 | State administrative board; powers and duties; actions of board. |
| Section 141.1003 | Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit. |
| Section 141.1004 | 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 | Bonds or obligations; amounts included. |
| Section 141.1006 | Bonds or obligations; terms and conditions. |
| Section 141.1007 | Levy of property taxes for payment of principal and interest on bonds or obligations. |
| Section 141.1008 | Issuing bonds or obligations by resolution without vote of electors and publication of notice; submitting question to electors; approval or disapproval; actions taken prior to effective date of act. |
| Section 141.1009 | Bonds or obligations subject to Michigan municipal distributable aid bond act; powers of legislative body; pledge; covenants and promises; special fund; use of taxes; definition. |
| Section 141.1010 | Action to enforce compliance with act. |
| Section 141.1011 | Conditional effective date. |
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