MCL - Act 94 of 1933

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THE REVENUE BOND ACT OF 1933

Act 94 of 1933

AN ACT to authorize public corporations, or officers of certain 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 creation, operation, and financing of certain delinquent tax systems; 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 or notes and refunding bonds or notes payable from the revenues of public improvements or from delinquent tax systems; 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 notes, or for advancing money from general funds for payment of bonds or notes; 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 or notes 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 or notes 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 ;-- Am. 2016, Act 83, Imd. Eff. Apr. 12, 2016




The People of the State of Michigan enact:
Document Type Description
Section 141.101 Section Short title; revenue bond act of 1933.
Section 141.102 Section Construction of act.
Section 141.103 Section Definitions.
Section 141.104 Section Municipal public improvements; limitations; bonds; acquiring utility for supplying light, heat or power; referendum; powers exercised.
Section 141.105 Section Estimate of cost and period of usefulness.
Section 141.106 Section Ordinances; adoption; purpose; approval or disapproval; veto; effective date; referendum; record; authentication; publication.
Section 141.107 Section Bonds; issuance; form; term; interest; exclusion from net bonded indebtedness; registration; pledge of funds; statutory first lien.
Section 141.107a Section Powers 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 141.107b Section Delinquent tax revolving fund; continuation under MCL 211.87b; borrowing money and issuing revenue notes; order; delinquent tax revenue as security; segregated fund or account; requirements applicable to notes; limited tax full-faith and credit obligations of county; insufficient tax proceeds; pledge of county's general fund as security; conditions; other provisions; exemption from tax; payment; registration; powers of county treasurer; security under trust or escrow agreement; exemption from MCL 141.2101 to 141.2821.
Section 141.108 Section Lien on revenue in favor of bondholders.
Section 141.109 Section Statutory lien on net revenues; duration; enforcement.
Section 141.110 Section Receiverships for public improvements.
Section 141.111 Section Bonds; application of other laws and charters.
Section 141.112 Section Bonds; discount; sale price; interest; competitive or negotiated sale; notice; publication.
Section 141.112a Section Bonds subject to revised municipal finance act.
Section 141.112b Section Bulletins; issuance by department of treasury.
Section 141.113 Section Bonds; statement on face of bond or on face of interest coupon.
Section 141.114 Section Bonds; qualities of negotiable instruments.
Section 141.115 Section Bonds; deposit and investment of sale proceeds.
Section 141.116 Section Bonds; use of sale proceeds; cancellation of bonds acquired by purchase; payment of capitalized interest.
Section 141.117 Section Bonds; validity of signatures.
Section 141.118 Section Charges for services; providing medical care without charge or at reduced rates.
Section 141.119 Section Additional bonds.
Section 141.120 Section Revenue refunding bonds.
Section 141.120a Section Combined public improvements; bonds; revenues pledged; retirement.
Section 141.120b Section Issuance of revenue bonds to retire outstanding bonds for public improvements; revenue refunding bonds; noncallable unmatured bonds.
Section 141.120c Section Parking revenue bonds; special assessments on benefited properties.
Section 141.121 Section Rates 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 141.121a Section Issuance of notes; requirement that delinquent tax revenues be fixed and sufficient; statutory lien.
Section 141.122 Section Accounting of revenues; order of priority; disposition of surplus.
Section 141.122a Section Delinquent tax revenues; statutory lien; commingling; designation of note and interest redemption account; set aside of reasonable excess amount; reserve; transfer of surplus to county general fund.
Section 141.123 Section Appropriation and use of revenues for payment of operation and maintenance expenses; appropriation and use of moneys raised by tax levy.
Section 141.124 Section Money in several accounts of public improvement; separate deposit account; investment.
Section 141.124a Section Deposit accounts.
Section 141.125 Section Fixing dates of operating year for public improvement.
Section 141.126 Section Receiving fund surplus; deposit.
Section 141.127 Section Issuance of bonds by public corporation; applicable laws.
Section 141.128 Section Effect of approval permitting issuance of bonds.
Section 141.129 Section Service rates not subject to supervision by state agency.
Section 141.130 Section Books of record and account; annual audit report.
Section 141.131 Section Redemption of bonds before maturity.
Section 141.132 Section Breach of contract not authorized; pledging of revenues; disconnection of lands not to affect liability under bond issue.
Section 141.133 Section Issuance 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 141.133a Section Validation of bonds heretofore issued.
Section 141.133b Section Violation of MCL 168.1 to 168.992 applicable to petitions; penalties.
Section 141.134 Section Liberal construction of act.
Section 141.136 Section Immediate necessity.
Section 141.137 Section Condemnation of property.
Section 141.138 Section Trustee; appointment; powers and duties; pledging of trust funds.
Section 141.139 Section Water pollution; prevention or abatement; public corporation may accept grants or aid from U.S. government.
Section 141.140 Section Allocation system for private activity bonds; establishment; purpose; applicability; ratification of prior allocations; revocation of allocation; applicability of subsection (1).