Michigan Compiled Laws Act 227 Of 1985 Shared Credit Rating Act (141.1051 - 141.1078)

AN ACT to create the Michigan municipal bond authority and to prescribe its powers and duties; to provide for the issuance of, and terms and conditions for, notes and bonds of the authority; to authorize certain forms of assistance to governmental units including the creation and management of investments; to impose conditions on, grant certain powers to political subdivisions of this state and water suppliers regarding, and allow certain agreements regarding obligations of this state, political subdivisions of this state, and water suppliers purchased by the authority or assigned to the authority; to exempt the property, income, and operation of the authority, its bonds and notes, and the interest on its bonds and notes from certain taxes; to grant powers and impose duties on officers and agencies of this state, political subdivisions of this state, and water suppliers; to accept and expend certain appropriations; and to repeal acts and parts of acts.

History: 1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 1990, Act 281, Imd. Eff. Dec. 13, 1990 ;-- Am. 1996, Act 241, Imd. Eff. June 10, 1996 ;-- Am. 1997, Act 27, Imd. Eff. June 17, 1997 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001 ;-- Am. 2005, Act 93, Imd. Eff. July 20, 2005

Section 141.1051 Legislative Findings And Declarations.
The legislature finds and declares the following: (a) It is in the public interest and it is the policy of the state to foster...
Section 141.1052 Short Title.
This act shall be known and may be cited as the “Shared credit rating act.” History: 1985, Act 227, Eff. Mar. 31, 1986
Section 141.1053 Definitions.
As used in this act: (a) "Authority" means the Michigan finance authority created by Executive Reorganization Order No. 2010-2, MCL 12.194. (b) "Board" means...
Section 141.1054 Michigan Municipal Bond Authority; Created; Powers; Funds.
The Michigan municipal bond authority is created as a body corporate, separate and distinct from the state. The authority may sue and be sued,...
Section 141.1055 Board Of Trustees; Appointment, Qualifications, And Terms Of Members; Duties; Oath; Vacancy; Organization; Rules Of Procedure; Conducting Business At Public Meetings; Notice; Quorum; Action Of Board; Designation Of Representative.
(1) The authority shall be governed by a board of trustees consisting of the state treasurer, 2 appointees of the governor to serve at...
Section 141.1056 Chairperson; Employment, Qualifications, Duties, And Compensation Of Personnel; Delegation Of Powers And Duties; Exercise Of Powers, Duties, And Functions; Budgeting, Procurement, And Related Functions; Costs; Report; Annual Audit.
(1) The state treasurer is the chairperson of the board. The authority may employ an executive director, legal and technical experts, and other officers,...
Section 141.1057 Powers Of Board Generally.
The board has all of the following powers: (a) To adopt bylaws for the regulation of its affairs. (b) To adopt an official seal....
Section 141.1058 Purchase Of Municipal Obligations By Authority; Bonds Or Notes Of Authority; Expenses; Preferential Treatment In Rate Of Interest; Forgiving Or Relinquishing Interest Or Principal Of Obligation; Purchase Of Qualified Bonds Of School District; Additional Purchase.
(1) The authority may lend money to a governmental unit through the purchase by the authority of municipal obligations of the governmental unit in...
Section 141.1059 Bonds Or Notes Of Authority; Purposes; Payment; Security; Authorization; Requirements; Validity Of Signature; Sale; Revised Municipal Finance Act Inapplicable; Issuance Of Bonds Subject To Agency Financing Reporting Act; Interest Rate Exchange Agreement.
(1) The authority may issue from time to time authority bonds or notes in the principal amounts the authority considers necessary to provide funds...
Section 141.1060 Retirement, Funding, Or Refunding Of Notes.
The authority may from time to time issue its notes as provided in this act and pay and retire, fund, or refund those notes...
Section 141.1061 Bonds Or Notes To Refund Bonds Or Notes.
(1) The authority may provide for the issuance of authority bonds or notes in the amounts the authority considers necessary for the purpose of...
Section 141.1062 Security Transactions; Authorization And Approval.
(1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to...
Section 141.1063 Authority Of Member, Executive Director, Or Other Personnel As To Notes, Bonds, And Investments.
Within limitations that are stated in the issuance or authorization resolution of the authority, the authority may authorize a member of the board, the...
Section 141.1064 Powers Constituting Covenants By Authority And Contracts With Holders Of Bond Or Note.
If provided in a resolution of the authority authorizing or relating to the issuance of bonds or notes, and in order to secure the...
Section 141.1065 Pledge Of Revenues Or Other Money; Lien Of Pledge; Payment Assigned Or Pledged To Authority To Be Held In Trust For Payment Of Principal And Interest; Payment Subject To Lien; Nature Of Lien; Filing Or Recordation Not Required.
(1) A pledge of revenues or other money made by the authority is valid and binding from the time when the pledge is made....
Section 141.1065a Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
Compiler's Notes: The repealed section provided a limitation on outstanding bonds.
Section 141.1066 Reserve Funds.
(1) The authority may create and establish 1 or more special funds as reserve funds. The authority shall pay into each reserve fund money...
Section 141.1066a State Water Pollution Control Revolving Fund; Establishment; Compliance; Funding; Assistance To Governmental Unit; Loan Agreement; Determination Of Eligible Projects; Maximum Amount Of Municipal Obligation; Maximum Interest Rate.
The authority shall establish a state water pollution control revolving fund that complies with the requirements and objectives of the federal water pollution control...
Section 141.1066b State Drinking Water Revolving Fund.
The authority shall establish a state drinking water revolving fund that complies with the requirements and objectives of the federal safe drinking water act....
Section 141.1066c School Loan Revolving Fund.
The authority shall establish a school loan revolving fund and shall establish accounts and subaccounts with the school loan revolving fund as it determines...
Section 141.1066d Grant Agreements Entered Under Mcl 324.5204a.
(1) In addition to any other authority granted under law, each governmental unit may enter into grant agreements under section 5204a of the natural...
Section 141.1067 Default Or Noncompliance By Authority.
(1) If the authority defaults in the payment of principal of or interest on an issue of bonds or notes issued under this act...
Section 141.1068 Liability On Bonds Or Notes.
Neither the members of the authority nor any person executing bonds or notes issued under this act shall be liable personally on the bonds...
Section 141.1069 Purchasing, Holding, Canceling, Or Reselling Bonds Or Notes Of Authority.
The authority may purchase bonds or notes of the authority out of funds or money of the authority available for that purpose. The authority...
Section 141.1070 State Pledge To And Agreement With Holders Of Bonds Or Notes.
This state pledges to and agrees with the holders of bonds or notes issued under this act that this state shall not limit or...
Section 141.1071 Investment Of Sinking Fund, Money, Or Other Fund By Banking Business, Insurance Business, Or Fiduciary In Bonds Or Notes; Bonds Or Notes As Security For Public Deposits.
Notwithstanding any restriction contained in any other law, the state and a public officer, governmental unit, or agencies of the state or governmental unit;...
Section 141.1072 Property And Income Of Authority; Public Property; Public Purpose; Exemptions From Taxes And Special Assessments.
Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to...
Section 141.1073 Municipal Obligations Generally.
(1) A governmental unit may borrow money and issue municipal obligations in accordance with the laws of this state. The security for municipal obligations...
Section 141.1074 Agreement By Governmental Unit Upon Sale Or Issuance Of Municipal Obligations; Additional Powers Of Authority.
(1) Upon the sale and issuance of municipal obligations to the authority by a governmental unit, that governmental unit shall be held and considered...
Section 141.1075 Construction Of Act.
(1) This act shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authority for the performance of...
Section 141.1076 Severability.
If a section, subsection, subdivision, clause, or provision of this act is adjudged unconstitutional or is ineffective, the remainder of this act shall be...
Section 141.1077 Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
Compiler's Notes: The repealed section pertained to the issuance of new bonds or notes after December 31, 2000.
Section 141.1078 Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.
Compiler's Notes: The repealed section pertained to contracts to invest governmental unit's money.

Last modified: October 10, 2016