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Michigan Legislature
Michigan Compiled Laws Complete Through PA 93 of 2019
House: Adjourned until Wednesday, November 20, 2019 10:00:00 AM
Senate: Adjourned until Wednesday, November 20, 2019 10:00:00 AM

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Act 80 of 1981
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Act 80 of 1981

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

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 141.1001SectionShort title.
Section 141.1002SectionState administrative board; powers and duties; actions of board.
Section 141.1003SectionCities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.
Section 141.1004SectionApplication 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 141.1005SectionBonds or obligations; amounts included.
Section 141.1006SectionBonds or obligations; terms and conditions.
Section 141.1007SectionLevy of property taxes for payment of principal and interest on bonds or obligations.
Section 141.1008SectionIssuing 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 141.1009SectionBonds 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 141.1010SectionAction to enforce compliance with act.
Section 141.1011SectionConditional effective date.
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