Sec. 22.
A public authority may, by resolution of its board, borrow money and issue its notes and bonds in anticipation of the collection of taxes and other revenues for its then next succeeding fiscal year, or the taxes or other revenue for its current fiscal year to provide funds for operating purposes or for capital purposes related to public transportation facilities.
History: 1986, Act 196, Imd. Eff. July 10, 1986
Structure Michigan Compiled Laws
Act 196 of 1986 - Public Transportation Authority Act (124.451 - 124.479)
Section 124.451 - Short Title.
Section 124.452 - Definitions.
Section 124.454 - Public Authority; Formation by Political Subdivision; Articles of Incorporation.
Section 124.456 - Articles of Incorporation; Contents.
Section 124.459 - Tax Limitations.
Section 124.460 - Validation and Ratification of Acts Taken Before Effective Date of Act.
Section 124.463 - Additional Powers of Public Authority.
Section 124.464 - Additional Powers of Public Authority.
Section 124.465 - Collective Bargaining Agreements; Employees Entering Military Service.
Section 124.466 - Exemption of Public Authority From Certain Acts in Exercise of Powers.
Section 124.467 - Public Transportation Service; Financing.
Section 124.468 - Tax Levy; Collection.
Section 124.469 - Additional Tax Levy.
Section 124.471 - Duties of Public Authority.
Section 124.472 - Notes and Bonds Generally.
Section 124.476 - Investments; Use of Investment Income.
Section 124.477 - Notes and Bonds as Securities.
Section 124.478 - Validation and Ratification of Prior Acts.