Michigan Compiled Laws 38-1969-4 Chapter 4 (331.71...331.84)

• Section 331.71 Applicability Of Chapter.
  The state authority and each local authority shall be subject to and governed by the provisions of this chapter of this act except as...
• Section 331.72 Bonds And Notes; Authorization; Type; Payment; Interest; Denominations; Form; Registration Privileges; Execution; Redemption; Sale; Revised Municipal Finance Act Inapplicable; Bonds And Notes Subject To Agency Financing Reporting Act.
  (1) The notes and bonds authorized by the state authority or local authority shall be authorized by resolution adopted by a majority vote of...
• Section 331.72a Bond Reserve Fund; Creation; Payment Into Fund; Funding; Discretion Of Authority; Uses.
  (1) Except as otherwise provided in this act, an authority shall create and establish a special fund or funds to secure the notes and...
• Section 331.73 Pledges And Liens; Validity; Recording.
  Any pledge made by an authority shall be valid and binding from the time the pledge is made. The moneys or property so pledged...
• Section 331.73a Refunding Bonds; Issuance; Purposes.
  (1) Refunding bonds of an authority created or incorporated under this act, issued pursuant to section 14(2) or 32, may be issued in 1...
• Section 331.73b Refunding Bonds; Resolution; Plan Of Refunding; Determination; Designation Of Bonds.
  Before issuing refunding bonds, the authority issuing the bonds shall adopt a resolution setting forth the determination of that authority that the refunding is...
• Section 331.73c Refunding Bonds Issued By State Authority; Payment Of Principal, Interest, And Redemption Premiums; Sources; Loan Agreement.
  (1) The principal of, and interest and redemption premiums, if any, on refunding bonds issued by the state authority pursuant to section 14(2) shall...
• Section 331.73d Refunding Bonds; Nonliability Of State; Statement.
  The state shall not be liable on the refunding bonds of the state authority, and the bonds shall not be a debt of the...
• Section 331.73e Refunding Bonds Issued By Local Authority; Payment Of Principal, Interest, And Redemption Premiums; Sources; Loan Agreement; Bond, Coupon, Or Indebtedness Not General Obligation Or Debt.
  (1) The principal of, and interest and redemption premiums, if any, on refunding bonds issued by a local authority pursuant to section 32 shall...
• Section 331.73f Use Of Proceeds Of Refunding Bonds And Of Earnings Or Profits On Proceeds; Resolution.
  (1) Except as provided in subsection (2), the proceeds of the refunding bonds issued pursuant to section 14(2) or 32 and the investment earnings...
• Section 331.73g State Treasurer Or Financial Institution As Trustee For Proceeds Of Refunding Bonds, Other Funds, And Investment Earnings And Profits; Purposes; Trust Agreement; Investment Of Proceeds; Defeasance.
  (1) To provide for the protection of the rights of the holders of the bonds to be refunded and the refunding bonds, the proceeds...
• Section 331.74 Authority Members; Persons Executing Notes Or Bonds; Personal Liability.
  Neither the members of any authority nor any person executing the notes or bonds shall be liable personally on the notes or bonds or...
• Section 331.75 Bond Or Note Holders; Vested Rights, Impairment.
  The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or...
• Section 331.76 Repealed. 2002, Act 436, Imd. Eff. June 10, 2002.
  Compiler's Notes: The repealed section pertained to issuance of bonds or notes.
• Section 331.77 Certificate Of Need Required; Exception.
  Before a state or local authority adopts a resolution authorizing the issuance of bonds or notes and as a condition precedent to the authority...
• Section 331.77a Bonds To Refinance Indebtedness Or Refund Obligations As To Facilities Located Outside State; Determination.
  An authority may issue bonds pursuant to this act to refinance indebtedness issued or incurred by a hospital with respect to hospital facilities located...
• Section 331.77b Resolution Authorizing Issuance Of Bonds Or Notes; Determination And Consideration Of Conditions.
  In addition to the other requirements of this act, before a state or local authority adopts a resolution authorizing the issuance of bonds or...
• Section 331.78 Bonds Or Notes; Negotiability.
  Whether or not the notes or bonds are of such form or character as to be negotiable instruments under the uniform commercial code, the...
• Section 331.79 Bonds And Notes; Legal Investments.
  The notes and bonds of any authority are securities in which all public officers and bodies of this state and all municipalities and municipal...
• Section 331.80 Tax Exemption.
  The property of any authority and its income and operation is exempt from all taxation. History: 1969, Act 38, Imd. Eff. July 14, 1969
• Section 331.81 Bonds And Notes; Tax Exemption, Exception.
  The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued pursuant to this act, in consideration of...
• Section 331.82 Nondiscrimination Provision.
  The authority shall require that use of hospital facilities assisted under this act shall be open to all regardless of race, religion, sex, or...
• Section 331.83 Construction Of Act As To Powers Conferred; Purpose And Intention.
  This act shall be construed as granting cumulative authority for the exercise of the various powers herein conferred, and neither the powers nor any...
• Section 331.84 Declaration Of Necessity; Liberal Construction.
  This act, being necessary for and to secure the public health, safety, convenience and welfare of the citizens of the state, shall be liberally...

Last modified: October 10, 2016