Mich. Comp. Laws § 141.1001
Short title.
This act shall be known and may be cited as the "fiscal stabilization act".
Michigan Compiled Laws — FISCAL STABILIZATION ACT (Act 80 of 1981)
Michigan · statute · 80 of 1981, Mich. Comp. Laws · 11 active provisions
Mich. Comp. Laws § 141.1002
State administrative board; powers and duties; actions of board.
(1) The state administrative board, referred to in this act as the board, is vested with the following powers and duties relative to this act: (a) To receive, review, and approve or deny an application by a city or county to issue bonds or obligations under this act. (b) To call upon the assistance of state agencies or…
Mich. Comp. Laws § 141.1003
Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.
A city or county that meets the applicable conditions described in section 4 may borrow money and issue its bonds or obligations either for funding an operating deficit for a past fiscal year or years or for funding a projected operating deficit in the current fiscal year, or for funding both. The bonds or obligations…
Mich. Comp. Laws § 141.1004
(1) Before a city may make application to the board for approval to issue bonds or obligations under this act, the legislative body of the city shall determine by resolution that all of the following conditions exist: (a) The city had an accumulated operating deficit as of the end of the last completed fiscal year or i…
Mich. Comp. Laws § 141.1005
Bonds or obligations; amounts included.
Subject to the limitation of section 4(8), the amount of bonds or obligations issued pursuant to this act may include the amount necessary to fund the accumulated operating deficit of the city or county or projected accumulated operating deficit of the city or county as determined pursuant to section 4, a reserve to se…
Mich. Comp. Laws § 141.1006
Bonds or obligations; terms and conditions.
The bonds or obligations may be serial bonds or term bonds or a combination of serial and term bonds, shall mature in not more than 30 years, may bear interest at a rate or rates, may be subject to redemption prior to maturity with or without premium, may be sold in 1 or more series at public or private sale at a disco…
Mich. Comp. Laws § 141.1007
Levy of property taxes for payment of principal and interest on bonds or obligations.
A city or county that issues bonds or obligations that are unlimited or limited tax bonds or obligations under this act shall annually levy sufficient ad valorem property taxes for payment of principal and interest coming due on the bonds or obligations prior to the next collection of taxes as required by the revised m…
Mich. Comp. Laws § 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.
The bonds or obligations may be issued as limited tax bonds or obligations by resolution of the legislative body of the city or county without vote of the electors and without publication of a notice of intent to issue bonds or obligations as required by section 5(g) of the home rule city act, 1909 PA 279, MCL 117.5. T…
Mich. Comp. Laws § 141.1009
(1) All bonds or obligations issued pursuant to this act before April 11, 1988 are subject to the requirements of former 1981 PA 97. (2) Unless otherwise provided by the city or county in the resolution required by section 4, bonds or obligations issued pursuant to this act on or after April 11, 1988 and before January…
Mich. Comp. Laws § 141.1010
Action to enforce compliance with act.
An action brought by the board, a city, or a county to enforce compliance with this act shall be brought in the circuit court for the county of Ingham.
Mich. Comp. Laws § 141.1011
Conditional effective date.
This act shall not take effect unless House Bill No. 4563 of the 81st Legislature is enacted into law.