Michigan Compiled Laws
Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078)
Section 141.1065a - Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.

Michigan Compiled Laws

Chapter 141 - Municipal Financing

Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078)

Section 141.1051 - Legislative Findings and Declarations.

Section 141.1052 - Short Title.

Section 141.1053 - Definitions.

Section 141.1054 - Michigan Municipal Bond Authority; Created; Powers; Funds.

Section 141.1055 - Board of Trustees; Appointment, Qualifications, and Terms of Members; Duties; Oath; Vacancy; Organization; Rules of Procedure; Conducting Business at Public Meetings; Notice; Quorum; Action of Board; Designation of Representative.

Section 141.1056 - Chairperson; Employment, Qualifications, Duties, and Compensation of Personnel; Delegation of Powers and Duties; Exercise of Powers, Duties, and Functions; Budgeting, Procurement, and Related Functions; Costs; Report; Annual Audit.

Section 141.1057 - Powers of Board Generally.

Section 141.1058 - Purchase of Municipal Obligations by Authority; Bonds or Notes of Authority; Expenses; Preferential Treatment in Rate of Interest; Forgiving or Relinquishing Interest or Principal of Obligation; Purchase of Qualified Bonds of Schoo...

Section 141.1059 - Bonds or Notes of Authority; Purposes; Payment; Security; Authorization; Requirements; Validity of Signature; Sale; Revised Municipal Finance Act Inapplicable; Issuance of Bonds Subject to Agency Financing Reporting Act; Interest R...

Section 141.1060 - Retirement, Funding, or Refunding of Notes.

Section 141.1061 - Bonds or Notes to Refund Bonds or Notes.

Section 141.1062 - Security Transactions; Authorization and Approval.

Section 141.1063 - Authority of Member, Executive Director, or Other Personnel as to Notes, Bonds, and Investments.

Section 141.1064 - Powers Constituting Covenants by Authority and Contracts With Holders of Bond or Note.

Section 141.1065 - Pledge of Revenues or Other Money; Lien of Pledge; Payment Assigned or Pledged to Authority to Be Held in Trust for Payment of Principal and Interest; Payment Subject to Lien; Nature of Lien; Filing or Recordation Not Required.

Section 141.1065a - Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.

Section 141.1066 - Reserve Funds.

Section 141.1066a - State Water Pollution Control Revolving Fund; Establishment; Compliance; Funding; Assistance to Governmental Unit; Loan Agreement; Determination of Eligible Projects; Maximum Amount of Municipal Obligation; Maximum Interest Rate.

Section 141.1066b - State Drinking Water Revolving Fund.

Section 141.1066c - School Loan Revolving Fund.

Section 141.1066d - Grant Agreements Entered Under MCL 324.5204a.

Section 141.1067 - Default or Noncompliance by Authority.

Section 141.1068 - Liability on Bonds or Notes.

Section 141.1069 - Purchasing, Holding, Canceling, or Reselling Bonds or Notes of Authority.

Section 141.1070 - State Pledge to and Agreement With Holders of Bonds or Notes.

Section 141.1071 - Investment of Sinking Fund, Money, or Other Fund by Banking Business, Insurance Business, or Fiduciary in Bonds or Notes; Bonds or Notes as Security for Public Deposits.

Section 141.1072 - Property and Income of Authority; Public Property; Public Purpose; Exemptions From Taxes and Special Assessments.

Section 141.1073 - Municipal Obligations Generally.

Section 141.1074 - Agreement by Governmental Unit Upon Sale or Issuance of Municipal Obligations; Additional Powers of Authority.

Section 141.1075 - Construction of Act.

Section 141.1076 - Severability.

Section 141.1077 - Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.

Section 141.1078 - Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.