Michigan Compiled Laws — BORROWING FROM MOTOR VEHICLE HIGHWAY FUND (Act 175 of 1952)

Michigan · statute · 175 of 1952, Mich. Comp. Laws · 6 active provisions

Mich. Comp. Laws § 247.701

Borrowing money and issuing bonds; purposes; bonds subject to revised municipal finance act; refunding bonds; sale; refund prohibited under certain conditions.

(1) Subject to subsections (2) and (3), any incorporated city or village in this state is authorized to borrow money and issue its bonds for the purposes enumerated in section 13 of 1951 PA 51, MCL 247.663, and to refund bonds issued under this act or in part to refund bonds issued under this act and in part for the pu…

MichiganBORROWING FROM MOTOR VEHICLE HIGHWAY FUNDeffective

Mich. Comp. Laws § 247.702

Authorization of bonds; cities and villages; resolution, approval, publication, contents.

When the governing body of any incorporated city or village shall determine to borrow money under the provisions of this act, they shall by resolution approved by a 2/3 majority of the members-elect of said governing body so declare, which resolution shall be published once in a daily or weekly newspaper of general cir…

MichiganBORROWING FROM MOTOR VEHICLE HIGHWAY FUNDeffective

Mich. Comp. Laws § 247.703

Bonds; principal and interest; payment; additional security; existing contract rights; priority.

(1) The principal of and interest upon the bonds shall be payable primarily from the proceeds of revenues derived from state collected taxes returned to the city or village for road purposes pursuant to law. As additional security for the payment of the bonds, a city or village, upon proper resolution of its governing…

MichiganBORROWING FROM MOTOR VEHICLE HIGHWAY FUNDeffective

Business & Commerce

Mich. Comp. Laws § 247.704

Issuance of bonds for highway purposes; cities and villages; successive borrowing.

A city or village shall not pledge, for annual debt service requirements, in excess of 50% of the revenues received, during the fiscal year next preceding any borrowings, from the motor vehicle highway fund pursuant to 1951 PA 51, MCL 247.651 to 247.675. This act does not prohibit successive borrowings if the total amo…

MichiganBORROWING FROM MOTOR VEHICLE HIGHWAY FUNDeffective

Transportation & Motor Vehicles

Mich. Comp. Laws § 247.705

Revenues set aside; source.

After any indebtedness shall be incurred under the provisions of this act, it shall be the duty of the treasurer of the city or village, during each year such indebtedness shall continue, to set aside in a separate fund from such revenues as shall be received during such year from the motor vehicle highway fund an amou…

MichiganBORROWING FROM MOTOR VEHICLE HIGHWAY FUNDeffective

Mich. Comp. Laws § 247.707

Prohibition of pledges.

Nothing in this act contained shall be construed as permitting any city or village to pledge such portion of the future revenues derived from state collected taxes returned to such city or village for road purposes which are pledged by law, ordinance, resolution or contract for the payment of bonds.

MichiganBORROWING FROM MOTOR VEHICLE HIGHWAY FUNDeffective