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35 chapters · 354 sections in this title.
Mich. Comp. Laws § 460.461 Loans to cities or villages owning and operating public utilities; evidences of indebtedness; term of loan; security; indebtedness subject to revenue bond act.
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Sec. 1. (1) A city or village owning and operating a public utility, without vote of its electors and upon approval of its legislative body, may borrow money and issue and sell its notes or other evidences of indebtedness in the form and on the terms it deems advisable for the pu…
Mich. Comp. Laws § 460.462 Home rule city act inapplicable.
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Sec. 2. Section 5(g) of the home rule city act, 1909 PA 279, MCL 117.5, relative to notice of intention to issue an obligation, does not apply to any borrowing under this act.
Mich. Comp. Laws § 460.463 Forfeiture of security to pledgee or assignee.
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Sec. 3. A pledge or assignment may allow forfeiture of the security to the pledgee or assignee for default or noncompliance with the terms of the loan.