2006 Michigan Compiled Laws - Act 94 of 1933


THE REVENUE BOND ACT OF 1933

Act 94 of 1933

AN ACT to authorize public corporations to purchase, acquire, construct, improve, enlarge, extend, or repair public improvements within or without their corporate limits, and to own, operate, and maintain the same; to authorize the condemnation of property for such public improvements; to provide for the imposition and collection of charges, fees, rentals, or rates for the services, facilities, and commodities furnished by such public improvements; to provide for the issuance of bonds and refunding bonds payable from the revenues of public improvements; to provide for a pledge by public corporations of their full faith and credit and the levy of taxes without limitation as to rate or amount to the extent necessary for the payment of the bonds, or for advancing money from general funds for payment of bonds; to provide for payment, retirement, and security of such bonds; to provide for the imposition of special assessment bonds for the purpose of refunding outstanding revenue bonds; to prescribe the powers and duties of the department of treasury and of the municipal finance commission or its successor agency relative to such bonds and relative to private activity bonds issued by a state or local governmental entity; to provide for other matters in respect to such public improvements and bonds and to validate action taken and bonds issued; and to prescribe penalties and provide remedies.


History: 1933, Act 94, Imd. Eff. May 26, 1933 ;--Am. 1935, Act 66, Imd. Eff. May 17, 1935 ;--Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;--Am. 1959, Act 78, Imd. Eff. June 29, 1959 ;--Am. 1969, Act 87, Imd. Eff. July 24, 1969 ;--Am. 1974, Act 27, Imd. Eff. Feb. 26, 1974 ;--Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;--Am. 1987, Act 263, Imd. Eff. Dec. 28, 1987 ;--Am. 1998, Act 196, Eff. Mar. 23, 1999




The People of the State of Michigan enact:

DocumentDescription
Section 141.101Short title; revenue bond act of 1933.
Section 141.102Construction of act.
Section 141.103Definitions.
Section 141.104Municipal public improvements; limitations; bonds; acquiring utility for supplying light, heat or power; referendum; powers exercised.
Section 141.105Estimate of cost and period of usefulness.
Section 141.106Ordinances; adoption; purpose; approval or disapproval; veto; effective date; referendum; record; authentication; publication.
Section 141.107Bonds; issuance; form; term; interest; exclusion from net bonded indebtedness; registration; pledge of funds; statutory first lien.
Section 141.107aPowers of public corporation in determining to issue bonds; terms of payment; interest; sale or remarketing; tender of bonds by holders; determining aggregate authorized amount of bonds outstanding; remarketing or resale of tendered bonds or incurrence of obligation of public corporation; provisions of section construed.
Section 141.108Lien on revenue in favor of bondholders.
Section 141.109Statutory lien on net revenues; duration; enforcement.
Section 141.110Receiverships for public improvements.
Section 141.111Bonds; application of other laws and charters.
Section 141.112Bonds; discount; sale price; interest; competitive or negotiated sale; notice; publication.
Section 141.112aBonds subject to revised municipal finance act.
Section 141.112bBulletins; issuance by department of treasury.
Section 141.113Bonds; statement on face of bond or on face of interest coupon.
Section 141.114Bonds; qualities of negotiable instruments.
Section 141.115Bonds; deposit and investment of sale proceeds.
Section 141.116Bonds; use of sale proceeds; cancellation of bonds acquired by purchase; payment of capitalized interest.
Section 141.117Bonds; validity of signatures.
Section 141.118Charges for services; providing medical care without charge or at reduced rates.
Section 141.119Additional bonds.
Section 141.120Revenue refunding bonds.
Section 141.120aCombined public improvements; bonds; revenues pledged; retirement.
Section 141.120bIssuance of revenue bonds to retire outstanding bonds for public improvements; revenue refunding bonds; noncallable unmatured bonds.
Section 141.120cParking revenue bonds; special assessments on benefited properties.
Section 141.121Rates for services; sufficiency; fixing and revising; pledge for payment of bonds; charges for services as lien on premises; certification of delinquent charges; notice of tenants' responsibility for payment of charges; cash deposit; discontinuance of service to enforce payment of charges; validation of enforcement methods included in ordinance.
Section 141.122Accounting of revenues; order of priority; disposition of surplus.
Section 141.123Appropriation and use of revenues for payment of operation and maintenance expenses; appropriation and use of moneys raised by tax levy.
Section 141.124Money in several accounts of public improvement; separate deposit account; investment.
Section 141.125Fixing dates of operating year for public improvement.
Section 141.126Receiving fund surplus; deposit.
Section 141.127Issuance of bonds by public corporation; applicable laws.
Section 141.128Effect of approval permitting issuance of bonds.
Section 141.129Service rates not subject to supervision by state agency.
Section 141.130Books of record and account; annual audit report.
Section 141.131Redemption of bonds before maturity.
Section 141.132Breach of contract not authorized; pledging of revenues; disconnection of lands not to affect liability under bond issue.
Section 141.133Issuance of bonds without submitting proposition to voters for approval; notice of intent to issue bonds; petition requesting referendum; special election; verification and rejection of signatures; determining number of registered electors.
Section 141.133aValidation of bonds heretofore issued.
Section 141.133bViolation of §§ 168.1 to 168.992 applicable to petitions; penalties.
Section 141.134Liberal construction of act.
Section 141.136Immediate necessity.
Section 141.137Condemnation of property.
Section 141.138Trustee; appointment; powers and duties; pledging of trust funds.
Section 141.139Water pollution; prevention or abatement; public corporation may accept grants or aid from U.S. government.
Section 141.140Allocation system for private activity bonds; establishment; purpose; applicability; ratification of prior allocations; revocation of allocation; applicability of subsection (1).

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