2006 Michigan Compiled Laws - Act 80 of 1981


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.

History: 1981, Act 80, Eff. July 15, 1981 ;--Am. 1987, Act 279, Eff. Apr. 11, 1988

The People of the State of Michigan enact:

Section 141.1001Short title.
Section 141.1002State administrative board; powers and duties; actions of board.
Section 141.1003Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.
Section 141.1004Application 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 141.1005Bonds or obligations; amounts included.
Section 141.1006Bonds or obligations; terms and conditions.
Section 141.1007Levy of property taxes for payment of principal and interest on bonds or obligations.
Section 141.1008Issuing 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 141.1009Bonds 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 141.1010Action to enforce compliance with act.
Section 141.1011Conditional effective date.

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