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2006 Michigan Compiled Laws - Act 62 of 1963


INDUSTRIAL DEVELOPMENT REVENUE BOND ACT OF 1963

Act 62 of 1963

AN ACT relating to industrial development; to authorize municipalities to acquire and dispose of industrial buildings and sites and industrial machinery and equipment, including water and air pollution control equipment, solid waste disposal facilities, and tourist and resort facilities and to lease the same to persons, firms, or corporations; to authorize municipalities to acquire and dispose of water and air pollution control equipment and solid waste disposal facilities and to lease or sell the same to persons, firms, corporations, or public utilities; to provide for the financing of such buildings, sites, machinery, and equipment or water and air pollution control equipment and solid waste disposal facilities by the issuance of revenue bonds and refunding bonds; to provide the terms and conditions of such bonds; to prescribe the powers and duties of the municipal finance commission; and to prescribe penalties and provide remedies.


History: 1963, Act 62, Imd. Eff. May 8, 1963 ;--Am. 1966, Act 340, Imd. Eff. Sept. 21, 1966 ;--Am. 1970, Act 8, Imd. Eff. Mar. 24, 1970 ;--Am. 1972, Act 75, Imd. Eff. Mar. 9, 1972 ;--Am. 1973, Act 172, Imd. Eff. Dec. 21, 1973 ;--Am. 1978, Act 229, Imd. Eff. June 14, 1978 ;--Am. 1998, Act 164, Eff. Mar. 23, 1999




The People of the State of Michigan enact:

DocumentDescription
Section 125.1251Legislative determination; short title.
Section 125.1252Definitions.
Section 125.1253Powers of municipality generally.
Section 125.1253aPrograms of water and air pollution control for industries and public utilities; water and air pollution control equipment; powers of municipality.
Section 125.1254Bonds; purpose; issuance; serial or term bonds; interest; form of bonds and coupons; execution; payment; tax exemption; debt limitation inapplicable; registration; applicability of other acts.
Section 125.1255Resolution authorizing issuance of bonds; contents.
Section 125.1256Redemption of bonds.
Section 125.1257Default; receiver.
Section 125.1258Repealed. 1966, Act 340, Imd. Eff. Sept. 21, 1966.
Section 125.1259Additional bonds; refunding bonds.
Section 125.1260Cost of project.
Section 125.1261Taxation of lessee; liens; recovery.
Section 125.1262Referendum; intention to issue bonds.
Section 125.1262aViolation of §§ 168.1 to 168.992 applicable to petitions; penalties.
Section 125.1263Issuance of bonds; application; resolution and project cost estimate; approval by municipal finance commission or successor agency; exception; effect of order; prior approval requirement subject to §§ 133.10 and 133.11; department of treasury order providing or denying exception from prior approval.
Section 125.1264Sale of bonds.
Section 125.1265Municipalities; powers as to industrial buildings and machinery.
Section 125.1266Construction of act; cumulative powers.
Section 125.1267Liberal construction of act.

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