Sec. 122.
The board of trustees may do all of the following:
(a) Borrow, subject to the provisions of the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, for community college purposes, including capital expenditures, money on the terms it considers desirable and give notes of the district for those purposes. If a newly organized community college district borrows in anticipation of the collection of the first tax levy of the district, the loan shall not exceed 50% of the estimated amount of the first tax levy.
(b) Borrow, subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, money as it considers necessary and issue bonds of the community college district, to purchase sites for buildings, playgrounds, athletic fields, or agricultural farms; to purchase or erect and equip any building or buildings that it is authorized to purchase and erect; or to make any permanent improvement that it is authorized to make. The board shall not make a loan or issue bonds for any sum that, together with the total outstanding bonded indebtedness of the district, including bonds voted but not issued, exceeds the total of 1-1/2% of the first $250,000,000.00 plus 1% of the excess over $250,000,000.00 of the last confirmed state equalized valuation of all taxable property in the district unless the proposition of making the loan or of issuing bonds is submitted first to a vote of the qualified electors of the district, at a regular or special election, and approved by the majority of the electors voting at the election, in which event the board may make a loan or issue bonds in an amount that does not exceed 15% of the total taxable value of the district.
(c) Provide for energy conservation improvements to be made to community college facilities and pay for the improvements from operating funds of the district or from the savings that result from the energy conservation improvements. Energy conservation improvements may include, but are not limited to, heating system improvements, fenestration improvements, roof improvements, the installation of any insulation, the installation or repair of heating or air conditioning controls, and entrance or exit way closures. The board of trustees may acquire 1 or more energy conservation improvements by installment contract or may borrow money and issue notes for the purpose of securing funds for the improvements or may enter into contracts in which the cost of the energy conservation improvements is paid from a portion of the savings that result from the energy conservation improvements. The term of an installment contract or notes issued under this subdivision shall not exceed 25 years from the date of installation of the energy conservation improvements. Notes issued under this subdivision are full faith and credit, tax limited obligations of the community college district, payable from tax levies and the general fund as pledged by the board of trustees. The notes are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. This subdivision does not limit in any manner the borrowing or bonding authority of a community college as provided by law.
History: 1966, Act 331, Eff. Oct. 1, 1966 ;-- Am. 1984, Act 148, Imd. Eff. June 25, 1984 ;-- Am. 2002, Act 72, Imd. Eff. Mar. 15, 2002 ;-- Am. 2003, Act 306, Eff. Jan. 1, 2005 ;-- Am. 2014, Act 485, Imd. Eff. Jan. 13, 2015
Last modified: October 10, 2016