Sec. 605.
The debt evidenced by a refunding security and the tax levies used to repay the refunding security shall not be deemed to be within any statutory or charter limitation of tax rate or of outstanding debt limit, but shall be deemed to be authorized in addition to any statutory or charter limitation of tax rate or outstanding debt limit.
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.