Michigan Compiled Laws
Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)
Section 141.112 - Bonds; Discount; Sale Price; Interest; Competitive or Negotiated Sale; Notice; Publication.

Sec. 12.
(1) Bonds issued under this act may be sold at a discount but may not be sold at a price that would make the interest cost on the money borrowed after deducting any premium or adding any discount exceed 10% per annum or the maximum rate permitted by the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, whichever is greater, and may bear a stated rate of interest or no rate of interest.
(2) A public corporation may sell bonds at a competitive sale or a negotiated sale as determined in the authorizing ordinance. If a public corporation determines to sell a bond at a negotiated sale, the governing body shall expressly state the method and reasons for choosing a negotiated sale instead of a competitive sale in the resolution or ordinance authorizing the issuance or sale of the bonds.
(3) Bonds sold at a competitive sale shall not be sold until notice by publication at least 7 days before the sale in a publication printed in the English language and circulated in this state that carries as a part of its regular service notices of the sale of municipal bonds.
(4) A public corporation shall award a bond sold at a competitive sale to the bidder whose bid meets all specifications and requirements and results in the lowest interest cost to the public corporation, unless all bids are rejected.
(5) A public corporation may accept bids for the purchase of a bond made in person, by mail, by facsimile, by electronic means, or by any other means authorized by the public corporation.
History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1941, Act 210, Imd. Eff. June 16, 1941 ;-- Am. 1943, Act 219, Imd. Eff. Apr. 20, 1943 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.112 ;-- Am. 1949, Act 244, Eff. Sept. 23, 1949 ;-- Am. 1968, Act 68, Imd. Eff. May 28, 1968 ;-- Am. 1973, Act 40, Imd. Eff. June 29, 1973 ;-- Am. 1974, Act 27, Imd. Eff. Feb. 26, 1974 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978 ;-- Am. 1982, Act 485, Imd. Eff. Dec. 30, 1982 ;-- Am. 1983, Act 76, Imd. Eff. June 6, 1983 ;-- Am. 1985, Act 26, Imd. Eff. May 31, 1985 ;-- Am. 2002, Act 465, Imd. Eff. June 21, 2002

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 141 - Municipal Financing

Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)

Section 141.101 - Short Title; Revenue Bond Act of 1933.

Section 141.102 - Construction of Act.

Section 141.103 - Definitions.

Section 141.104 - Municipal Public Improvements; Limitations; Bonds; Acquiring Utility for Supplying Light, Heat or Power; Referendum; Powers Exercised.

Section 141.105 - Estimate of Cost and Period of Usefulness.

Section 141.106 - Ordinances; Adoption; Purpose; Approval or Disapproval; Veto; Effective Date; Referendum; Record; Authentication; Publication.

Section 141.107 - Bonds; Issuance; Form; Term; Interest; Exclusion From Net Bonded Indebtedness; Registration; Pledge of Funds; Statutory First Lien.

Section 141.107a - Powers of Public Corporation in Determining to Issue Bonds; Terms of Payment; Interest; Sale or Remarketing; Tender of Bonds by Holders; Determining Aggregate Authorized Amount of Bonds Outstanding; Remarketing or Resale of Tendere...

Section 141.107b - Delinquent Tax Revolving Fund; Continuation Under MCL 211.87b; Borrowing Money and Issuing Revenue Notes; Order; Delinquent Tax Revenue as Security; Segregated Fund or Account; Requirements Applicable to Notes; Limited Tax Full-Fai...

Section 141.108 - Lien on Revenue in Favor of Bondholders.

Section 141.109 - Statutory Lien on Net Revenues; Duration; Enforcement.

Section 141.110 - Receiverships for Public Improvements.

Section 141.111 - Bonds; Application of Other Laws and Charters.

Section 141.112 - Bonds; Discount; Sale Price; Interest; Competitive or Negotiated Sale; Notice; Publication.

Section 141.112a - Bonds Subject to Revised Municipal Finance Act.

Section 141.112b - Bulletins; Issuance by Department of Treasury.

Section 141.113 - Bonds; Statement on Face of Bond or on Face of Interest Coupon.

Section 141.114 - Bonds; Qualities of Negotiable Instruments.

Section 141.115 - Bonds; Deposit and Investment of Sale Proceeds.

Section 141.116 - Bonds; Use of Sale Proceeds; Cancellation of Bonds Acquired by Purchase; Payment of Capitalized Interest.

Section 141.117 - Bonds; Validity of Signatures.

Section 141.118 - Charges for Services; Providing Medical Care Without Charge or at Reduced Rates.

Section 141.119 - Additional Bonds.

Section 141.120 - Revenue Refunding Bonds.

Section 141.120a - Combined Public Improvements; Bonds; Revenues Pledged; Retirement.

Section 141.120b - Issuance of Revenue Bonds to Retire Outstanding Bonds for Public Improvements; Revenue Refunding Bonds; Noncallable Unmatured Bonds.

Section 141.120c - Parking Revenue Bonds; Special Assessments on Benefited Properties.

Section 141.121 - Rates for Services; Sufficiency; Fixing and Revising; Pledge for Payment of Bonds; Charges for Services as Lien on Premises; Certification of Delinquent Charges; Notice of Tenants' Responsibility for Payment of Charges; Cash Deposit...

Section 141.121a - Issuance of Notes; Requirement That Delinquent Tax Revenues Be Fixed and Sufficient; Statutory Lien.

Section 141.122 - Accounting of Revenues; Order of Priority; Disposition of Surplus.

Section 141.122a - Delinquent Tax Revenues; Statutory Lien; Commingling; Designation of Note and Interest Redemption Account; Set Aside of Reasonable Excess Amount; Reserve; Transfer of Surplus to County General Fund.

Section 141.123 - Appropriation and Use of Revenues for Payment of Operation and Maintenance Expenses; Appropriation and Use of Moneys Raised by Tax Levy.

Section 141.124 - Money in Several Accounts of Public Improvement; Separate Deposit Account; Investment.

Section 141.124a - Deposit Accounts.

Section 141.125 - Fixing Dates of Operating Year for Public Improvement.

Section 141.126 - Receiving Fund Surplus; Deposit.

Section 141.127 - Issuance of Bonds by Public Corporation; Applicable Laws.

Section 141.128 - Effect of Approval Permitting Issuance of Bonds.

Section 141.129 - Service Rates Not Subject to Supervision by State Agency.

Section 141.130 - Books of Record and Account; Annual Audit Report.

Section 141.131 - Redemption of Bonds Before Maturity.

Section 141.132 - Breach of Contract Not Authorized; Pledging of Revenues; Disconnection of Lands Not to Affect Liability Under Bond Issue.

Section 141.133 - Issuance of Bonds Without Submitting Proposition to Voters for Approval; Notice of Intent to Issue Bonds; Petition Requesting Referendum; Special Election; Verification and Rejection of Signatures; Determining Number of Registered E...

Section 141.133a - Validation of Bonds Heretofore Issued.

Section 141.133b - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.

Section 141.134 - Liberal Construction of Act.

Section 141.136 - Immediate Necessity.

Section 141.137 - Condemnation of Property.

Section 141.138 - Trustee; Appointment; Powers and Duties; Pledging of Trust Funds.

Section 141.139 - Water Pollution; Prevention or Abatement; Public Corporation May Accept Grants or Aid From u.s. Government.

Section 141.140 - Allocation System for Private Activity Bonds; Establishment; Purpose; Applicability; Ratification of Prior Allocations; Revocation of Allocation; Applicability of Subsection (1).