2006 Michigan Compiled Laws - Act 97 of 1981

***** Act 97 of 1981 THIS ACT IS REPEALED BY ACT 300 OF 2002 EFFECTIVE JANUARY 1, 2010


Act 97 of 1981

AN ACT to permit the state to approve and make eligible for participation under this act local bonds or other obligations upon application of a county, city, village, township, or charter township; to prescribe the powers and duties of certain state agencies; to provide for the application of certain state shared revenues for payment on distributable aid obligations; and to prescribe certain other matters relating to the bonds and other obligations and state shared revenues.

History: 1981, Act 97, Imd. Eff. July 15, 1981

The People of the State of Michigan enact:

Section 141.1021Short title.
Section 141.1022Definitions.
Section 141.1023Application by governing body to make obligations eligible to participate under act; resolution; investigation; annual audit; independent auditor; filing copies with state treasurer; failure to file report or appoint independent auditor.
Section 141.1024Distributable aid obligations; recital of eligibility; contents; qualification of obligations.
Section 141.1025Eligibility for participation; requirements; use of proceeds.
Section 141.1026Notice to state treasurer by finance officer of municipality; contents; attachment; supplemental notice; retention of distributable aid by state treasurer; investment income; funds kept with trustee; payment to trustee; payment to municipality; change of trustee; taxes; principal and interest; installment; payment to paying agent; reserve; money in trust; pooling and investment of money; lien; exemption; nonpayment by municipality; reduction of payment.
Section 141.1027Covenants by state; construction of act.
Section 141.1028Certifying average annual amount of distributable aid paid to municipality; changes to distribution formula or in components of distributable aid; order by commission and certification as conclusive of distributable aid obligation.
Section 141.1029Construction of act.
Section 141.1030Pledge and lien on distributable aid.

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