2006 Michigan Compiled Laws - 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.
|Section 141.1001||Short title.|
|Section 141.1002||State administrative board; powers and duties; actions of board.|
|Section 141.1003||Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.|
|Section 141.1004||Application 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 141.1005||Bonds or obligations; amounts included.|
|Section 141.1006||Bonds or obligations; terms and conditions.|
|Section 141.1007||Levy of property taxes for payment of principal and interest on bonds or obligations.|
|Section 141.1008||Issuing 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 141.1009||Bonds 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 141.1010||Action to enforce compliance with act.|
|Section 141.1011||Conditional effective date.|
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