Michigan Compiled Laws
Act 344 of 1945 - Blighted Area Rehabilitation (125.71 - 125.84)
Section 125.77a - Municipal Bonds or Notes.

Sec. 7a.
A municipality may issue bonds or notes from time to time in its discretion to finance the undertaking of any project authorized by this act including, but not limited to, the payment of principal and interest on advances or loans made for surveys and plans for projects authorized by this act. The bonds or notes shall be made payable, as to both principal and interest, solely from the income, proceeds, revenues, and funds of the municipality derived from or held in connection with its undertaking and carrying out of projects under this act. Payment of the bonds or notes both as to principal and interest, may be further secured by a pledge of any loan, grant, or contribution due or to become due from the federal government or other source in aid of projects of the municipality under this act. Bonds or notes issued under this section shall not constitute an indebtedness within the meaning of constitutional, statutory, or charter debt limitations or restrictions, and may be issued without vote of the electors of the municipality. Bonds or notes issued under this section are declared to be issued for an essential public and, governmental purpose, and, together with interest thereon and income therefrom, shall be exempted from all taxes. Bonds or notes issued under this section shall be authorized by resolution or ordinance of the legislative body of the municipality. Bonds and notes issued under this section are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History: Add. 1957, Act 296, Eff. Sept. 27, 1957 ;-- Am. 1974, Act 65, Imd. Eff. Apr. 1, 1974 ;-- Am. 1983, Act 32, Imd. Eff. May 6, 1983 ;-- Am. 2002, Act 202, Imd. Eff. Apr. 29, 2002

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 125 - Planning, Housing, and Zoning

Act 344 of 1945 - Blighted Area Rehabilitation (125.71 - 125.84)

Section 125.71 - Legislative Findings and Declaration.

Section 125.72 - Definitions.

Section 125.73 - Powers of Municipality.

Section 125.74 - Plans, Statements, and Actions as Requirements and Conditions for Exercise of Powers; Plans to Be Adopted by Local Legislative Body; Designation of District Areas; Provisions Governing Citizens' District Councils; Consultation Betwee...

Section 125.74a - Racial Segregation in Housing; Consultation and Assistance of State Civil Rights Commission.

Section 125.75 - Rehabilitation of Blighted Areas; Acquisition of Property; Proceedings Under Power of Eminent Domain; Condemnation; Dispossession.

Section 125.75a - Rehabilitation of Blighted Areas; Urban Renewal Plat.

Section 125.76 - Acquisition of Property; Jurisdiction of Public Agencies.

Section 125.77 - Repealed. 1957, Act 296, Eff. Sept. 27, 1957.

Section 125.77a - Municipal Bonds or Notes.

Section 125.77b - General Obligation Bonds of Municipality; Purpose; Resolution; Pledge of Full Faith and Credit; “Cost of Any Project” and “Net Project Cost” Defined; Issuance and Sale of Bonds; Maximum Amount; Designation and Approval of Bonds; Leg...

Section 125.77c - Tax Revenues.

Section 125.78 - Loans and Grants; Acceptance, Federal Assistance, Conditions; Labor Wages and Standards.

Section 125.79 - Modification of Plan; Hearing.

Section 125.80 - Work Done in Accordance With Plan.

Section 125.81 - Designation of Administrative Agency.

Section 125.82 - Action by Ordinance or Resolution; Validation of Prior Actions.

Section 125.83 - Powers Deemed Additional.

Section 125.84 - Urban Renewal Projects.