Michigan Compiled Laws
Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078)
Section 141.1070 - State Pledge to and Agreement With Holders of Bonds or Notes.

Sec. 20.
This state pledges to and agrees with the holders of bonds or notes issued under this act that this state shall not limit or restrict the rights vested in the authority by this act to do any 1 or more of the following:
(a) Purchase, acquire, hold, sell, or dispose of municipal obligations or other investments.
(b) Make loans to a governmental unit.
(c) Establish and collect fees or other charges as are convenient or necessary to produce sufficient revenues to meet the expenses of operation of the authority.
(d) Fulfill the terms of an agreement made with the holders of authority bonds or notes, or in any way impair the rights or remedies of the holders of authority bonds or notes until the bonds and notes, together with interest on the bonds or notes and interest on any unpaid installments of interest, and all costs and expenses in connection with an action or proceedings by or on behalf of those holders are fully met, paid, and discharged.
History: 1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001

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Structure Michigan Compiled Laws

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.