MCL - Act 62 of 1963

Download Statute | Bills Affecting this Statute | View Statute Index
Chapter 125
Previous Statute
Next Statute

INDUSTRIAL DEVELOPMENT REVENUE BOND ACT OF 1963

Act 62 of 1963

AN ACT relating to industrial development; to authorize municipalities to acquire and dispose of industrial buildings and sites and industrial machinery and equipment, including water and air pollution control equipment, solid waste disposal facilities, and tourist and resort facilities and to lease the same to persons, firms, or corporations; to authorize municipalities to acquire and dispose of water and air pollution control equipment and solid waste disposal facilities and to lease or sell the same to persons, firms, corporations, or public utilities; to provide for the financing of such buildings, sites, machinery, and equipment or water and air pollution control equipment and solid waste disposal facilities by the issuance of revenue bonds and refunding bonds; to provide the terms and conditions of such bonds; to prescribe the powers and duties of the municipal finance commission; and to prescribe penalties and provide remedies.


History: 1963, Act 62, Imd. Eff. May 8, 1963 ;-- Am. 1966, Act 340, Imd. Eff. Sept. 21, 1966 ;-- Am. 1970, Act 8, Imd. Eff. Mar. 24, 1970 ;-- Am. 1972, Act 75, Imd. Eff. Mar. 9, 1972 ;-- Am. 1973, Act 172, Imd. Eff. Dec. 21, 1973 ;-- Am. 1978, Act 229, Imd. Eff. June 14, 1978 ;-- Am. 1998, Act 164, Eff. Mar. 23, 1999




The People of the State of Michigan enact:
Document Type Description
Section 125.1251 Section Legislative determination; short title.
Section 125.1252 Section Definitions.
Section 125.1253 Section Powers of municipality generally.
Section 125.1253a Section Programs of water and air pollution control for industries and public utilities; water and air pollution control equipment; powers of municipality.
Section 125.1254 Section Bonds; purpose; issuance; serial or term bonds; interest; form of bonds and coupons; execution; payment; tax exemption; debt limitation inapplicable; registration; applicability of other acts.
Section 125.1255 Section Resolution authorizing issuance of bonds; contents.
Section 125.1256 Section Redemption of bonds.
Section 125.1257 Section Default; receiver.
Section 125.1258 Section Repealed. 1966, Act 340, Imd. Eff. Sept. 21, 1966.
Section 125.1259 Section Additional bonds; refunding bonds.
Section 125.1260 Section Cost of project.
Section 125.1261 Section Taxation of lessee; liens; recovery.
Section 125.1262 Section Referendum; intention to issue bonds.
Section 125.1262a Section Violation of MCL 168.1 to 168.992 applicable to petitions; penalties.
Section 125.1263 Section Issuance of bonds; application; resolution and project cost estimate; approval by municipal finance commission or successor agency; exception; effect of order; prior approval requirement subject to MCL 133.10 and 133.11; department of treasury order providing or denying exception from prior approval.
Section 125.1264 Section Sale of bonds.
Section 125.1265 Section Municipalities; powers as to industrial buildings and machinery.
Section 125.1266 Section Construction of act; cumulative powers.
Section 125.1267 Section Liberal construction of act.