Sec. 603.
(1) Any outstanding security of a municipality that has been assumed in part by another municipality may be refunded by the municipalities as to their respective liabilities.
(2) This act shall not be construed to prohibit a municipality from refunding any of its outstanding securities even though some other municipality may be required to contribute to the payment of those outstanding securities, and that refunding is hereby expressly authorized. Refunding authorized under this subsection does not relieve any other municipality from a pledge to make a contribution to the payment of an outstanding security.
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-VI - Part VI Refunding (141.2601...141.2613)
Section 141.2601 - Issuance of Refunding Securities.
Section 141.2603 - Assumption of Outstanding Security by Another Municipality; Refunding.
Section 141.2607 - Application of Refunding Security Proceeds and Available Money.
Section 141.2609 - Conditions for Securing Certain Outstanding Municipal Securities.
Section 141.2613 - Refunding Securities; Effect of 141.2503.