2006 Michigan Compiled Laws - Act 227 of 1985


Act 227 of 1985

AN ACT to create the Michigan municipal bond authority and to prescribe its powers and duties; to provide for the issuance of, and terms and conditions for, notes and bonds of the authority; to authorize certain forms of assistance to governmental units including the creation and management of investments; to impose conditions on, grant certain powers to political subdivisions of this state and water suppliers regarding, and allow certain agreements regarding obligations of this state, political subdivisions of this state, and water suppliers purchased by the authority or assigned to the authority; to exempt the property, income, and operation of the authority, its bonds and notes, and the interest on its bonds and notes from certain taxes; to grant powers and impose duties on officers and agencies of this state, political subdivisions of this state, and water suppliers; to accept and expend certain appropriations; and to repeal acts and parts of acts.

History: 1985, Act 227, Eff. Mar. 31, 1986 ;--Am. 1988, Act 316, Eff. Sept. 1, 1988 ;--Am. 1990, Act 281, Imd. Eff. Dec. 13, 1990 ;--Am. 1996, Act 241, Imd. Eff. June 10, 1996 ;--Am. 1997, Act 27, Imd. Eff. June 17, 1997 ;--Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001 ;--Am. 2005, Act 93, Imd. Eff. July 20, 2005

The People of the State of Michigan enact:

Section 141.1051Legislative findings and declarations.
Section 141.1052Short title.
Section 141.1053Definitions.
Section 141.1054Michigan municipal bond authority; created; powers; funds.
Section 141.1055Board 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 141.1056Chairperson; 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 141.1057Powers of board generally.
Section 141.1058Purchase 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 141.1059Bonds 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 141.1060Retirement, funding, or refunding of notes.
Section 141.1061Bonds or notes to refund bonds or notes.
Section 141.1062Security transactions; authorization and approval.
Section 141.1063Authority of member or executive director as to notes, bonds, and investments.
Section 141.1064Powers constituting covenants by authority and contracts with holders of bond or note.
Section 141.1065Pledge 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 141.1065aRepealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
Section 141.1066Reserve funds.
Section 141.1066aState 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 141.1066bState drinking water revolving fund.
Section 141.1066cSchool loan revolving fund.
Section 141.1066dGrant agreements entered under MCL 324.5204a.
Section 141.1067Default or noncompliance by authority.
Section 141.1068Liability on bonds or notes.
Section 141.1069Purchasing, holding, canceling, or reselling bonds or notes of authority.
Section 141.1070State pledge to and agreement with holders of bonds or notes.
Section 141.1071Investment 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 141.1072Property and income of authority; public property; public purpose; exemptions from taxes and special assessments.
Section 141.1073Municipal obligations generally.
Section 141.1074Agreement by governmental unit upon sale or issuance of municipal obligations; additional powers of authority.
Section 141.1075Construction of act.
Section 141.1076Severability.
Section 141.1077Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
Section 141.1078Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.

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