Mich. Comp. Laws § 141.2101
Short title.
This act shall be known and may be cited as the "revised municipal finance act".
Michigan Compiled Laws — REVISED MUNICIPAL FINANCE ACT (Act 34 of 2001)
Michigan · statute · 34 of 2001, Mich. Comp. Laws · 56 active provisions
Provisions
Mich. Comp. Laws § 141.2103
Definitions.
As used in this act: (a) "Assessed value", "assessed valuation", "valuation as assessed", and "valuation as shown by the last preceding tax assessment roll", or similar terms, used in this act, any statute, or charter as a basis for computing limitations upon the taxing or borrowing power of any municipality, mean the…
Mich. Comp. Laws § 141.2105
Municipal security; limitations.
A municipal security does not include any of the following: (a) A contract for the purchase of real or personal property. (b) A contract for the lease of real or personal property with or without an option to purchase. (c) A contract, lease, note, or other security given in connection with a contract described in subdi…
Mich. Comp. Laws § 141.2201
Powers and duties of department.
The department is authorized and directed to protect the credit of this state and its municipalities, and to enforce the provisions of this act, and has the following general powers: (a) To aid, advise, and consult with any municipality with respect to fiscal questions arising from and relating to its proposed or outst…
Mich. Comp. Laws § 141.2203
Appeal of department determination.
If a municipality feels aggrieved by a determination of the department, it may notify the department and appeal the determination of the department as a contested case pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. This section does not permit the issuance, amendment, or modif…
Mich. Comp. Laws § 141.2301
Issuance of municipal security.
A municipality shall not issue a municipal security except in accordance with this act.
Mich. Comp. Laws § 141.2303
Annual audit report and qualifying statement; filing by municipality; compliance requirements; determination; correction of noncompliant requirements; reconsideration; order granting exception from prior approval.
(1) Each municipality shall file an audit report annually with the department within 6 months from the end of its fiscal year or as otherwise provided in the uniform budgeting and accounting act, 1968 PA 2, MCL 141.421 to 141.440a. (2) Accompanying the audit report described in subsection (1), a municipality shall file…
Mich. Comp. Laws § 141.2304
Issuance of municipal security; provisions applicable to contracting municipalities.
If a municipality issues a municipal security subject to this act and the principal and interest for that municipal security will be paid by 1 or more municipalities not issuing the municipal security under a contract, then 1 of the following applies: (a) If all of the municipalities contracting to pay the municipal se…
Mich. Comp. Laws § 141.2305
Issuance of municipal security; interest rate; sale at discount; rating; maturity; principal as interest.
(1) A municipal security authorized by law to be issued by a municipality may, notwithstanding the provisions of a charter, bear no interest as provided in this section or a rate of interest not to exceed a maximum rate established by the governing body of the issuing municipality as set forth in its resolution or ordi…
Mich. Comp. Laws § 141.2307
Proposed bulletin; public comment period.
Before any bulletin issued by the department can take effect that addresses the filings, approvals, or determinations under section 303, or any modification of an existing bulletin that addresses the filings, approvals, or determinations under section 303, the department shall issue the bulletin or modification as a pr…
Mich. Comp. Laws § 141.2308
Limited tax full faith and credit pledge; notice.
If a municipality issues a municipal security that contains the limited tax full faith and credit pledge of the municipality after October 1, 2002, a notice of at least 1 meeting at which a decision will be made or discussed with respect to the issuance of the municipal security shall contain a statement that the propo…
Mich. Comp. Laws § 141.2309
Sale of municipal security at competitive or negotiated sale; requirements.
(1) A municipality may sell an authorized municipal security at a competitive sale or a negotiated sale as determined in the authorizing resolution. If a municipality determines to sell a municipal security at a negotiated sale, the governing body shall expressly state the method and reasons for choosing a negotiated s…
Mich. Comp. Laws § 141.2311
Municipal security; registration; facsimile signatures; transfer of ownership; delivery; validity of signature of former officer.
(1) A municipal security may be registrable as to principal alone or as to both principal and interest under terms and conditions determined by the governing body of the issuing municipality. (2) A municipality may authorize a trustee or other authenticating agent to authenticate any municipal security executed by the…
Mich. Comp. Laws § 141.2313
Mutilated security; substitution.
If a municipal security has become mutilated, then the governing body of the municipality may by resolution provide for the issuance of a new municipal security with like terms, in exchange for and substitution of the mutilated municipal security. In all such cases the holder shall pay the reasonable expenses and charg…
Mich. Comp. Laws § 141.2315
Issuance of municipal security; determination; payment on demand; contrary ordinance or charter provision.
(1) In determining to issue a municipal security, a municipality may do 1 or more of the following: (a) Authorize and enter into insurance contracts, agreements for lines of credit, letters of credit, commitments to purchase municipal securities, remarketing agreements, reimbursement agreements, and any other transacti…
Mich. Comp. Laws § 141.2317
Interest rate exchange or swap, hedge, or similar agreement; definitions.
(1) For the purpose of more effectively managing its debt service, a municipality may enter into an interest rate exchange or swap, hedge, or similar agreement or agreements in connection with the issuance or proposed issuance of debt or in connection with its then outstanding debt. (2) In connection with entering into…
Mich. Comp. Laws § 141.2319
Document to be filed by municipality; failure to comply with subsection (1) or (2).
(1) Within 15 business days of completing the issuance of any municipal security qualified under section 303(3), the municipality shall file a copy of all of the following with the department in a form and manner prescribed by the department: (a) A copy of the municipal security. (b) A proof of publication of the notic…
Mich. Comp. Laws § 141.2321
Filing in electronic format.
The department may require that the filings to the department required by this act be filed in an electronic format prescribed by the department.
Mich. Comp. Laws § 141.2323
Municipal security issued without department approval; rating.
The department may require a rating for a municipal security issued without approval of the department as provided in section 303(3) if the principal amount of the municipal security exceeds $5,000,000.00.
Mich. Comp. Laws § 141.2401
Short-term municipal securities; issuance; conditions; public airport authority.
(1) A municipality may, by resolution of its governing body, and without a vote of the electors, issue short-term municipal securities in anticipation of and payable from taxes to be collected by the municipality for its then next succeeding fiscal year or the taxes for a current fiscal year, or if the taxes for the ne…
Mich. Comp. Laws § 141.2403
Resolution authorizing municipal security; tax levy provision; operating expenditures; limitation; set aside of taxes collected; tax installments; capital improvements; debt service charges.
(1) If a municipality issues a municipal security in anticipation of the collection of the taxes for the next succeeding fiscal year, the resolution authorizing a municipal security shall contain an irrevocable provision for the levying of a tax in the next succeeding fiscal year for the purpose for which the municipal…
Mich. Comp. Laws § 141.2405
Issuance of short-term municipal securities; payments allowed; operating expenditures or debt service charges; limitation; authorizing resolution; set aside of taxes collected; capital improvements; deduction of outstanding principal amount.
(1) A municipality may issue short-term municipal securities in anticipation of the collection of the taxes for a current fiscal year for the payment of 1 or more of the following: (a) Operating expenditures. (b) Debt service charges. (c) Capital improvements. (2) If the municipality issues short-term municipal securit…
Mich. Comp. Laws § 141.2407
Anticipation of revenue sharing payments; issuance of short-term municipal securities; payment of operating expenditures; authorizing resolution; set aside of amounts for payment of principal and interest.
(1) A municipality may, by resolution of its governing body, and without a vote of the electors, issue short-term municipal securities in anticipation of revenue sharing payments under the Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL 141.901 to 141.921, for its next succeeding fiscal year, or for a c…
Mich. Comp. Laws § 141.2409
Interest rate; limitation; payment.
A municipal security issued pursuant to this part shall bear no interest or interest at a rate not to exceed that provided in part III and shall be payable not later than the estimated time of collection of an amount sufficient for its payment out of the taxes or revenues pledged for the municipal security, as determin…
Mich. Comp. Laws § 141.2411
Money deposited in special fund; use.
The money in each special fund required by this part shall be deposited in a bank account separate from any other money of the municipality and shall be used for no purpose other than to retire the municipal security for which the special fund was established.
Page 1 of 3Next →