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2019 Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 80 of 1981 Fiscal Stabilization Act (141.1001 - 141.1011)
AN ACT to authorize certain cities and counties to issue 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 ;-- Am. 2010, Act 4, Imd. Eff. Feb. 5, 2010
- 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 as Limited Tax Bonds or Obligations; Resolution Without Vote of Electors and Publication of Notice; Submitting Question to Electors; Approval or Disapproval; Prior Actions.
- Section 141.1009 Bonds or Obligations Issued Before April 11, 1988; Bonds or Obligations Issued After April 11, 1988 and Before January 1, 2010; Powers of Legislative Body; Agreement Providing for Direct Payment of Distributable Aid to Paying Agent, Trustee, Escrow Agent, or Other Person; Lien; 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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