Michigan Compiled Laws
Act 31 of 1948 (1st Ex. Sess.) - Building Authorities (123.951 - 123.965)
Section 123.961f - Additional Bonds.

Sec. 11f.
The commission in the ordinance or resolution authorizing the bonds may provide for issuance of 1 or more series of additional bonds to complete the project for which the bonds are issued or to make improvements or additions thereto under the terms and conditions as shall be prescribed in the ordinance or resolution authorizing the bonds, one of which shall be a requirement of a sufficient increase in the cash rentals required to be paid under the contract of lease to permit payment of the principal and interest on the additional bonds. The additional bonds when sold and delivered shall have equal standing with those issued in the first instance. The provisions of this act providing for annual installments and the amount thereof and the due date of the first installment for serial bonds shall not be controlling as to additional series of bonds. The bonds issued in the original instance, any additional bonds of equal standing then outstanding, and the proposed additional bonds shall be treated as a single issue for purposes of complying with the requirements of this act for the due date of the first installment and for annual installments with respect to serial bonds.
History: Add. 1973, Act 110, Imd. Eff. Aug. 19, 1973

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 123 - Local Government

Act 31 of 1948 (1st Ex. Sess.) - Building Authorities (123.951 - 123.965)

Section 123.951 - Local Building Authorities; Incorporation; Purposes; "Transit-Oriented Development" and "Transit-Oriented Facility" Defined.

Section 123.952 - Joint Buildings and Parking Lots; Authorities; Incorporation; Purposes.

Section 123.952a - Joint Buildings and Parking Lots of School Districts and Municipalities; Authorities; Incorporation; Acquisition; Operation; Maintenance; Use.

Section 123.952b - Public Buildings Used for Disabled, Developmentally Disabled, or Mentally Disturbed Children; Constituent School Districts and Intermediate School Districts; Authority; Purpose; Contract.

Section 123.953 - Incorporating Unit; Definition.

Section 123.954 - Incorporation of Authority; Procedure.

Section 123.955 - County and Municipal Building Authority; Articles of Incorporation; Contents; Eligibility of Governing Body Member for Membership or Appointment.

Section 123.955a - Joint Building Authority; Commissioners; Election and Terms of Members; Chairperson; Secretary; Bylaws and Rules of Procedure; Elected Official as Member; Conducting Business at Public Meeting; Notice of Meeting.

Section 123.955b - Board of Commissioners; Compensation, per Diem, Mileage.

Section 123.956 - Articles of Incorporation; Publication; Statement; Filing; Effective Date; Presumption.

Section 123.957 - Building Authority; Body Corporate; Powers.

Section 123.958 - Contracts to Acquire Property; Leases and Subleases; Acquisitions Constituting Public Purpose; Stadiums.

Section 123.958a - Agreement in Contract of Lease to Pay Cash Rental, Costs, and Expenses; General Obligations; Tax Levy; Other Funds; Setoff or Abatement of Cash Rentals.

Section 123.958b - Contract of Lease; Full Faith and Credit General Obligation; Resolution Submitting Contract to Vote of Electors; Effective Date; Notice of Intention; Referendum Petition; Election.

Section 123.958c - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.

Section 123.959 - Building Authority; Acquisition of Property, Condemnation.

Section 123.960 - Amendment of Articles of Incorporation.

Section 123.961 - Building Authority Bonds or Building Authority Refunding Bonds; Purpose; Conditions; Issuance of Negotiable Bonds to Make Cash Rental Payments.

Section 123.961a - Building Authority Revenue Bonds or Building Authority Revenue Refunding Bonds; Purpose; Prerequisites of Issuance.

Section 123.961b - Ordinance or Resolution Authorizing Issuance of Bonds; Adoption; Contents.

Section 123.961c - Repealed. 2002, Act 306, Imd. Eff. May 13, 2002.

Section 123.961d - Bonds; Statutory Lien.

Section 123.961e - Bonds; Use and Disposition of Proceeds.

Section 123.961f - Additional Bonds.

Section 123.961g - Bond and Interest Redemption Fund.

Section 123.961h - Redemption of Bonds Prior to Maturity.

Section 123.961i - Repealed. 2002, Act 306, Imd. Eff. May 13, 2002.

Section 123.961j - Bonds Subject to Revised Municipal Finance Act; Tax Exemption.

Section 123.961k - Repealed. 2002, Act 306, Imd. Eff. May 13, 2002.

Section 123.962 - Tax Exemption for Property.

Section 123.963 - Bonds; Retirement; Conveyance of Title to Property.

Section 123.964 - Construction of Act.

Section 123.965 - Validation of Prior Authorities, Actions, and Bonds.