Michigan Compiled Laws Act 265 Of 1988 District Library Financing Act (397.281 - 397.290)

AN ACT to authorize district libraries to acquire, construct, or furnish real or personal property for use for library purposes; to authorize district libraries to borrow money and issue bonds and notes and refunding bonds and notes for those acquisitions; and to authorize district libraries to levy a tax for, and to pledge their full faith and credit to, the payment of contracts, bonds, and notes.

History: 1988, Act 265, Imd. Eff. July 15, 1988

Section 397.281 Short Title.
This act shall be known and may be cited as the “district library financing act”. History: 1988, Act 265, Imd. Eff. July 15, 1988
Section 397.282 Definitions.
As used in this act: (a) “Board” means that term as defined in section 2 of the district library establishment act. (b) “District” means...
Section 397.283 Powers Of Board.
A board may do 1 or more of the following: (a) Acquire real or personal property for use for library purposes by purchase, land...
Section 397.284 Limitation On Borrowing Money Or Issuing Bonds Or Notes; Conditions To Issuance Of General Obligation Unlimited Tax Bonds; Ballot Question.
(1) A district library shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness...
Section 397.285 Issuance Of Limited Tax Bonds Or Notes By Resolution.
Except as otherwise provided in section 4, a district library may issue limited tax bonds or notes by resolution of the board, without submitting...
Section 397.286 Repealed. 1989, Act 25, Imd. Eff. May 22, 1989.
Compiler's Notes: The repealed section pertained to borrowing money, issuing bonds or notes, and condition to establishment of district library.
Section 397.287 Bonds As Debt Of District Library; Withdrawal Of Participating Municipality From District Library.
Bonds issued pursuant to this act are debt of the district library and not of the participating municipalities. If a participating municipality withdraws from...
Section 397.288 Authorization And Levy Of Taxes To Pay Principal Of And Interest On Bonds.
If a majority of the qualified electors of a district voting on the question of issuing bonds approves the issuance, or if bonds are...
Section 397.289 Bonds Subject To Revised Municipal Finance Act.
Bonds issued pursuant to this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. History: 1988, Act...
Section 397.290 Submission Of Proposal To Issue Bonds; Limitation.
A board shall not submit a proposal to issue bonds under this act more than 1 time during a calendar year. History: 1988, Act...

Last modified: October 10, 2016