Sec. 1.
(1) It is determined that there exists in this state the continuing need for programs to alleviate and prevent conditions of unemployment, to assist and retain local industries, including employee-owned corporations, to meet growing competition for new industries, and to strengthen and revitalize the economy in general. It is further determined that in order to achieve these purposes, industries, including employee-owned corporations, need flexible forms of financing, including the ability to refund outstanding bonds in advance of redemption or maturity. It is further determined that the authority and powers conferred by this act constitute such a necessary program and serve a valid public purpose.
(2) This act shall be known and may be cited as the "industrial development revenue bond act of 1963".
History: 1963, Act 62, Imd. Eff. May 8, 1963 ;-- Am. 1966, Act 340, Imd. Eff. Sept. 21, 1966 ;-- Am. 1978, Act 229, Imd. Eff. June 14, 1978 ;-- Am. 1985, Act 153, Imd. Eff. Nov. 12, 1985
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 62 of 1963 - Industrial Development Revenue Bond Act of 1963 (125.1251 - 125.1267)
Section 125.1251 - Legislative Determination; Short Title.
Section 125.1252 - Definitions.
Section 125.1253 - Powers of Municipality Generally.
Section 125.1255 - Resolution Authorizing Issuance of Bonds; Contents.
Section 125.1256 - Redemption of Bonds.
Section 125.1257 - Default; Receiver.
Section 125.1258 - Repealed. 1966, Act 340, Imd. Eff. Sept. 21, 1966.
Section 125.1259 - Additional Bonds; Refunding Bonds.
Section 125.1260 - Cost of Project.
Section 125.1261 - Taxation of Lessee; Liens; Recovery.
Section 125.1262 - Referendum; Intention to Issue Bonds.
Section 125.1262a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 125.1264 - Sale of Bonds.
Section 125.1265 - Municipalities; Powers as to Industrial Buildings and Machinery.