2010 Michigan Compiled Laws
Chapter 460 - PUBLIC UTILITIES
Act 182 of 1971 - LOANS TO CITIES OR VILLAGES OWNING PUBLIC UTILITIES (460.461 - 460.463)

LOANS TO CITIES OR VILLAGES OWNING PUBLIC UTILITIES
Act 182 of 1971
AN ACT to permit a city or village owning and operating a public utility to borrow money for a term not to exceed 5 years for the purpose of purchasing, acquiring, constructing, improving, enlarging, extending or repairing the facilities of the public utility; to issue notes or other evidences of indebtedness therefor; to repay such borrowing from the revenues of the utility; to permit the pledging or assignment of bonds or other securities or evidences of debt held as investments for said public utility to secure such borrowings; and to provide other powers, rights and duties.

History: 1971, Act 182, Imd. Eff. Dec. 20, 1971 ;-- Am. 1972, Act 130, Imd. Eff. May 8, 1972

• Section 460.461 - Loans to cities or villages owning and operating public utilities; evidences of indebtedness; term of loan; security; indebtedness subject to revenue bond act.
• Section 460.462 - Home rule city act inapplicable.
• Section 460.463 - Forfeiture of security to pledgee or assignee.