Sec. 20c.
When a borrower has outstanding any parking revenue bonds issued under the provisions of this act, it may thereafter levy special assessments against properties specially benefited by the parking facilities originally financed by the bonds, but no assessment shall be made at large, and may issue special assessment bonds therefor in anticipation of the payment of the special assessments for the purpose of providing for the retirement of the outstanding bonds in whole or in part. The special assessment bonds may pledge the full faith and credit of the public corporation issuing them, as determined by the governing body of the public corporation. The special assessment bonds may be issued to include the amount of any premium to be paid upon the calling of the parking revenue bonds to be refunded or if such bonds are not callable, any premium necessary to be paid in order to secure the surrender of the bonds to be refunded; but the amount of the premium so included shall not exceed 5% of the principal amount of the bonds to be refunded. The procedures for levying the special assessments and for issuing the special assessment bonds shall be the same as that provided by charter or other applicable law. Nothing in this section shall be construed as providing for the refunding of noncallable unmatured bonds without the consent of the holders thereof.
History: Add. 1959, Act 78, Imd. Eff. June 29, 1959
Structure 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 141.105 - Estimate of Cost and Period of Usefulness.
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 141.112a - 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 141.117 - 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 141.120c - Parking Revenue Bonds; Special Assessments on Benefited Properties.
Section 141.122 - Accounting of Revenues; Order of Priority; Disposition of Surplus.
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 141.133a - 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.