MCL - Act 227 of 1985

Chapter 141

Next Statute

SHARED CREDIT RATING ACT
Act 227 of 1985
AN ACT to create the Michigan municipal bond authority and to prescribe its powers and duties; to provide for the issuance of, and terms and conditions for, notes and bonds of the authority; to authorize certain forms of assistance to governmental units including the creation and management of investments; to impose conditions on, grant certain powers to political subdivisions of this state and water suppliers regarding, and allow certain agreements regarding obligations of this state, political subdivisions of this state, and water suppliers purchased by the authority or assigned to the authority; to exempt the property, income, and operation of the authority, its bonds and notes, and the interest on its bonds and notes from certain taxes; to grant powers and impose duties on officers and agencies of this state, political subdivisions of this state, and water suppliers; to accept and expend certain appropriations; and to repeal acts and parts of acts.

History: 1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 1990, Act 281, Imd. Eff. Dec. 13, 1990 ;-- Am. 1996, Act 241, Imd. Eff. June 10, 1996 ;-- Am. 1997, Act 27, Imd. Eff. June 17, 1997 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001 ;-- Am. 2005, Act 93, Imd. Eff. July 20, 2005

The People of the State of Michigan enact:

Document	Type	Description
Section 141.1051	Section	Legislative findings and declarations.
Section 141.1052	Section	Short title.
Section 141.1053	Section	Definitions.
Section 141.1054	Section	Michigan municipal bond authority; created; powers; funds.
Section 141.1055	Section	Board of trustees; appointment, qualifications, and terms of members; duties; oath; vacancy; organization; rules of procedure; conducting business at public meetings; notice; quorum; action of board; designation of representative.
Section 141.1056	Section	Chairperson; employment, qualifications, duties, and compensation of personnel; delegation of powers and duties; exercise of powers, duties, and functions; budgeting, procurement, and related functions; costs; report; annual audit.
Section 141.1057	Section	Powers of board generally.
Section 141.1058	Section	Purchase of municipal obligations by authority; bonds or notes of authority; expenses; preferential treatment in rate of interest; forgiving or relinquishing interest or principal of obligation; purchase of qualified bonds of school district; additional purchase.
Section 141.1059	Section	Bonds or notes of authority; purposes; payment; security; authorization; requirements; validity of signature; sale; revised municipal finance act inapplicable; issuance of bonds subject to agency financing reporting act; interest rate exchange agreement.
Section 141.1060	Section	Retirement, funding, or refunding of notes.
Section 141.1061	Section	Bonds or notes to refund bonds or notes.
Section 141.1062	Section	Security transactions; authorization and approval.
Section 141.1063	Section	Authority of member, executive director, or other personnel as to notes, bonds, and investments.
Section 141.1064	Section	Powers constituting covenants by authority and contracts with holders of bond or note.
Section 141.1065	Section	Pledge of revenues or other money; lien of pledge; payment assigned or pledged to authority to be held in trust for payment of principal and interest; payment subject to lien; nature of lien; filing or recordation not required.
Section 141.1065a	Section	Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
Section 141.1066	Section	Reserve funds.
Section 141.1066a	Section	State water pollution control revolving fund; establishment; compliance; funding; assistance to governmental unit; loan agreement; determination of eligible projects; maximum amount of municipal obligation; maximum interest rate.
Section 141.1066b	Section	State drinking water revolving fund.
Section 141.1066c	Section	School loan revolving fund.
Section 141.1066d	Section	Grant agreements entered under MCL 324.5204a.
Section 141.1067	Section	Default or noncompliance by authority.
Section 141.1068	Section	Liability on bonds or notes.
Section 141.1069	Section	Purchasing, holding, canceling, or reselling bonds or notes of authority.
Section 141.1070	Section	State pledge to and agreement with holders of bonds or notes.
Section 141.1071	Section	Investment of sinking fund, money, or other fund by banking business, insurance business, or fiduciary in bonds or notes; bonds or notes as security for public deposits.
Section 141.1072	Section	Property and income of authority; public property; public purpose; exemptions from taxes and special assessments.
Section 141.1073	Section	Municipal obligations generally.
Section 141.1074	Section	Agreement by governmental unit upon sale or issuance of municipal obligations; additional powers of authority.
Section 141.1075	Section	Construction of act.
Section 141.1076	Section	Severability.
Section 141.1077	Section	Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
Section 141.1078	Section	Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.