Michigan Compiled Laws
Act 47 of 1945 - Hospital Authority (331.1 - 331.11)
Section 331.8p - Redemption of Bonds.

Sec. 8p.
The hospital authority board may make provision in the authorizing resolution for the redemption prior to maturity of bonds authorized under the provisions of this act or any part thereof. Except in the case of refunding, bonds of an issue less than all the outstanding bonds of the issue may not be called for redemption, unless the hospital authority has on hand in the bond and interest redemption fund sufficient moneys therefor not otherwise appropriated or pledged in excess of the amount of interest and principal maturing within the next 18 months from the redemption date. The premium to be paid upon the redemption of any bond shall not exceed 5% of the principal amount thereof.
History: Add. 1973, Act 161, Imd. Eff. Dec. 14, 1973 Popular Name: Municipal Hospital Authority Act

<< Previous

Next >>

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 331 - Hospitals

Act 47 of 1945 - Hospital Authority (331.1 - 331.11)

Section 331.1 - Hospital Authority; Formation; Issuance and Purpose of Bonds; Enlargement of Powers; “Hospitals” and “Community Hospitals and Related Facilities” Defined.

Section 331.2 - Hospital Authority; Body Corporate; Powers; Entity Unable to Document Compliance; Validation, Ratification, and Confirmation of Actions or Proceedings.

Section 331.3 - Contents of Resolution Creating Hospital Authority; Subsequent Membership; Release From Membership; Prior Actions and Proceedings Validated.

Section 331.4 - Community Hospitals; Annual Tax; Reimbursement Payments Under Glenn Steil State Revenue Sharing Act of 1971; Additional Annual Tax for Capital Improvements; Election.

Section 331.5 - Hospital Board; Appointment, Qualifications, and Terms of Members; Temporary Officers; Resolutions Removing Members at Large; Duties of Secretary; Limitation on Procedure; First Meeting; Election of Officers; Executive Committee; Medi...

Section 331.6 - Hospital Board; Meetings; Conducting Business at Public Meeting; Notice of Meeting; Waiver of Notice; Quorum; Record of Meeting; Availability of Record and Other Writings to Public; System of Accounts; Audit; Treasurer's Bond; Bylaws,...