Sec. 505.
The total amount of municipal securities secured by special assessments and pledging the limited tax full faith and credit of the municipality shall at no time by reason of future issues, other than issues of refunding securities, exceed 12% of the assessed value of the taxable property in the municipality. A municipality shall not issue municipal securities secured by special assessments in any calendar year in an amount greater than 3% of the assessed value of the municipality unless authorized by majority vote of the electors or by a larger vote as may be provided by statute or charter.
History: 2001, Act 34, Eff. Mar. 1, 2002
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)
34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518)
Section 141.2501 - Maturity Time Periods.
Section 141.2505 - Municipal Securities Secured by Special Assessments.
Section 141.2507 - Interest Rate Charge on Special Assessments.
Section 141.2509 - Reserve Fund; Establishment.
Section 141.2511 - Issuance of Municipal Securities to Fund County Drain Special Assessment.