There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 124 - MUNICIPALITIES
Act 196 of 1986 - PUBLIC TRANSPORTATION AUTHORITY ACT (124.451 - 124.479)
Section 124.472 - Notes and bonds generally.
PUBLIC TRANSPORTATION AUTHORITY ACT (EXCERPT)Act 196 of 1986
124.472 Notes and bonds generally.
Sec. 22.
A public authority may, by resolution of its board, borrow money and issue its notes and bonds in anticipation of the collection of taxes and other revenues for its then next succeeding fiscal year, or the taxes or other revenue for its current fiscal year to provide funds for operating purposes or for capital purposes related to public transportation facilities.
History: 1986, Act 196, Imd. Eff. July 10, 1986
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