Michigan Compiled Laws Act 496 Of 1988 Unified Volume Limitation Allocation Act (12.111 - 12.124)

• Section 12.111 Short Title.
  This act shall be known and may be cited as the “unified volume limitation allocation act”. History: 1988, Act 496, Eff. Mar. 30, 1989
• Section 12.112 Definitions.
  As used in this act: (a) “Bonds” means private activity bonds subject to the unified volume limitation and any other bonds, notes, and evidences...
• Section 12.113 Unified Volume Limitation And Allotment Thereof; Determination; Publication.
  Each year, the treasurer shall determine the unified volume limitation and the allotment of the unified volume limitation for the following calendar year and...
• Section 12.114 Allotments To State And Municipal Issuers For Allocation; Reallotment; Division Of Allotment Into Installments; Increase In Monthly Installments; Reserving Portion Of Monthly Allotment; Pro Rata Reductions In Monthly Installments.
  (1) The treasurer shall allot 40% of the unified volume limitation to the state issuers and 60% of the unified volume limitation to the...
• Section 12.115 Request For Allocation; Attachment; Notice Of Sale; Certification Of Preliminary Proceedings.
  (1) A state or municipal issuer seeking to issue bonds shall file with the treasurer a request for allocation containing all of the following...
• Section 12.116 Requests For Allocations; Order Of Consideration; Approval Or Denial; Reason For Denial; Steps To Maintain Orderly Application And Allocation Process; Instances In Which Request May Be Denied; When Request Considered Filed Or Received; Issuer Seeking Allocation Not In Excess Of Unallocated Unified Volume Limitation.
  (1) Except as provided by subsection (3), the treasurer shall consider all completed requests for allocations pursuant to section 5 in the order of...
• Section 12.117 Allocation Order; Requirements; Reversion; Allocation Not Transferable Between Issuers; Use Of Allocation; Validity Of Order; Request For Extension.
  (1) An allocation order shall allocate the principal amount of bonds requested or, for an issue of refunding bonds, the principal amount of the...
• Section 12.118 Invalidation Of Request Or Allocation; Notice Of Changed Information; New Request For Allocation; Issuance Of Bonds Before Receiving Allocation Or Approval For Amendment To Allocation; Cancellation Of Prior Allocation By Approval Of New Request.
  (1) A change in the facility to be financed, the issuer, the year for which the allocation is requested, or, if required to be...
• Section 12.119 Notice Of Delivery Of Issue Of Bonds; Filing; Contents; Failure To File; Revocation And Invalidation Of Allocation; Waiver Of Revocation.
  (1) Within 10 calendar days after the expiration date of an allocation approval order, including any extension, but not later than December 26 for...
• Section 12.120 Order For Carryforward Allocation; Request For Carryforward Allocation; Form; Amount; Priorities; Election.
  (1) In addition to an allocation under section 6, during the months of October, November, and December of each year, an issuer may request,...
• Section 12.121 Records.
  (1) The treasurer shall maintain records of the volume of bonds for which the unified volume limitation has been allocated, the amount of the...
• Section 12.122 State Or Municipal Issuer Not Authorized To Issue Bonds.
  This act does not authorize a state issuer or a municipal issuer to issue bonds. History: 1988, Act 496, Eff. Mar. 30, 1989
• Section 12.123 Allocations To Which Act Applicable; Ratification Of Allocation; Revocation Of Allocation; Formula For Allocating State Ceiling.
  (1) This act applies to allocations made against the unified volume limitation for calendar year 1989 and each year after 1989 and to bonds...
• Section 12.124 Repeal Of Mcl 125.1432c.
  Section 32c of Act No. 346 of the Public Acts of 1966, being section 125.1432c of the Michigan Compiled Laws, is repealed. History: 1988,...

Last modified: October 10, 2016