Michigan Compiled Laws
Act 196 of 1986 - Public Transportation Authority Act (124.451 - 124.479)
Section 124.479 - Duration of Financial Obligation.

Sec. 29.
Notwithstanding any other provision of this act, a political subdivision may obligate itself financially for a period over 5 years from the date the obligation is undertaken only if approved by majority vote of the electorate of the political subdivision.
History: 1986, Act 196, Imd. Eff. July 10, 1986

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 124 - Municipalities

Act 196 of 1986 - Public Transportation Authority Act (124.451 - 124.479)

Section 124.451 - Short Title.

Section 124.452 - Definitions.

Section 124.453 - Public Authority; Formation Generally; Membership; Articles of Incorporation; Approval.

Section 124.454 - Public Authority; Formation by Political Subdivision; Articles of Incorporation.

Section 124.455 - Articles of Incorporation; Endorsement as Evidence of Adoption; Publication; Filing; Operative Public Authority; Effective Date of Articles; Validity of Incorporation Conclusively Presumed; Exception.

Section 124.456 - Articles of Incorporation; Contents.

Section 124.457 - Membership After Formation of Public Authority; Resolution; Approval, Execution, Filing, and Publication of Amendment to Articles.

Section 124.458 - Conditions to Release From Membership in Public Authority; Taxes; Transportation Services; Evidence of Release; Withdrawal From Public Authority; Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties; Notice.

Section 124.459 - Tax Limitations.

Section 124.460 - Validation and Ratification of Acts Taken Before Effective Date of Act.

Section 124.461 - Assumption, Transfer, Assignment, or Conveyance of Tax Revenues, Property, Rights, Duties, and Obligations.

Section 124.462 - Powers of Public Authority Generally; Public Authority as Public Benefit Agency and Instrumentality of State.

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 124.470 - Contract With Public Authority to Make Payments, Appropriations, or Contributions; Pledge of Full Faith and Credit; Tax Levy; Execution of Contract.

Section 124.471 - Duties of Public Authority.

Section 124.472 - Notes and Bonds Generally.

Section 124.473 - Notes and Bonds; Additional Provisions; Tax Exemption; Advancing Money or Delivering Property to Carry Out Powers and Duties; Repayment or Payment.

Section 124.474 - Loans.

Section 124.475 - Revenues Pledged for Payment of Debt Service on Bonds or Notes Subject to Statutory Lien; Substitution of Other Security.

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.

Section 124.479 - Duration of Financial Obligation.