2012 Michigan Compiled Laws
Chapter 141 — MUNICIPAL FINANCING
Act 227 of 1985 — SHARED CREDIT RATING ACT (141.1051 - 141.1078)***** 141.1057.amended THIS AMENDED SECTION IS EFFECTIVE MARCH 28, 2013 ***** ***** 141.1057 THIS SECTION IS AMENDED EFFECTIVE MARCH 28, 2013: See 141.1057.amended *****

• Section 141.1051 — Legislative findings and declarations.
• Section 141.1052 — Short title.
• Section 141.1053 — Definitions.
• Section 141.1054 — Michigan municipal bond authority; created; powers; funds.
• Section 141.1055 — 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 — 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 — Powers of board generally.
• Section 141.1057.amended — Powers of board generally.
• Section 141.1058 — 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 — 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 — Retirement, funding, or refunding of notes.
• Section 141.1061 — Bonds or notes to refund bonds or notes.
• Section 141.1062 — Security transactions; authorization and approval.
• Section 141.1063 — Authority of member, executive director, or other personnel as to notes, bonds, and investments.
• Section 141.1064 — Powers constituting covenants by authority and contracts with holders of bond or note.
• Section 141.1065 — 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• Section 141.1065a — Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
• Section 141.1066 — Reserve funds.
• Section 141.1066a — 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 — State drinking water revolving fund.
• Section 141.1066c — School loan revolving fund.
• Section 141.1066d — Grant agreements entered under MCL 324.5204a.
• Section 141.1067 — Default or noncompliance by authority.
• Section 141.1068 — Liability on bonds or notes.
• Section 141.1069 — Purchasing, holding, canceling, or reselling bonds or notes of authority.
• Section 141.1070 — State pledge to and agreement with holders of bonds or notes.
• Section 141.1071 — 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 — Property and income of authority; public property; public purpose; exemptions from taxes and special assessments.
• Section 141.1073 — Municipal obligations generally.
• Section 141.1074 — Agreement by governmental unit upon sale or issuance of municipal obligations; additional powers of authority.
• Section 141.1075 — Construction of act.
• Section 141.1076 — Severability.
• Section 141.1077 — Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
• Section 141.1078 — Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.