Title 141, MUNICIPAL FINANCING

Sec. 2. The legislature finds and declares the following: (a) If certain requirements are fulfilled, this state shall make a contribution to reduce deficiencies in pension benefits of members of retirement systems, in order to avoid additional ongoing and future litigation and to…

Sec. 3. As used in this act: (a) "Authority" means the Michigan settlement administration authority created under section 4. (b) "Board" means the board of directors of the authority. (c) "Contribution agreement" means the contribution agreement in substantially the form included…

Sec. 4. (1) The Michigan settlement administration authority is created as a public body corporate and politic within the department of treasury. The authority is a state institution within the meaning of section 9 of article II of the state constitution of 1963 and an instrument…

Sec. 5. The authority shall exercise its duties independently of the state treasurer. Any administrative functions of the authority shall be performed under the direction and supervision of the state treasurer.

Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall consist of 3 members as follows: (a) The state treasurer. (b) The state budget director. (c) One member appointed by the governor with the advice and consent of the senate, who…

Sec. 7. (1) The settlement administration fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit …

Sec. 8. (1) The authority shall either disburse the money in the fund to the retirement systems or return the money to the countercyclical budget and economic stabilization fund as set forth in this section. (2) The authority shall cause $194,800,000.00 to be paid to the retireme…

Sec. 9. It is determined that the creation of the authority, the appropriation made to the authority, and the carrying out of the authority's authorized purposes are in all respects a public and governmental purpose for the benefit of the people of this state and for the improvem…

Sec. 10. The obligation to make this state's contribution described in the contribution agreement is not a general obligation or indebtedness of this state or the authority and is subject to the fulfillment of the requirements of the contribution agreement, the plan for adjustmen…

Sec. 11. This state, a state official or state-related entity, as defined in the plan for adjustment, the state treasurer, the authority, a board member, an agent of the authority, and any other legal, financial, or other expert providing advice to the authority does not have any…

Sec. 1. This act shall be known and may be cited as "the unlimited tax election act".

Sec. 2. As used in this act, except when otherwise indicated by the context: (a) "Legislative body" means the board, council, commission, or other body having legislative or general governing power of a public corporation. (b) "Public corporation" means a county, city, village, t…

Sec. 3. This act creates full and complete additional and alternative methods for the exercise of the powers granted in this act.

Sec. 4. (1) If a public corporation is authorized by statute or charter to issue or incur tax obligations which under the terms of section 6 of article 9 of the state constitution of 1963 may be secured by unlimited tax pledges of the public corporation if approved by its elector…

Sec. 5. (1) Even though the tax obligations may be for different purposes and may be issued or incurred individually over a period of time, a public corporation may submit the question of making 1 or more unlimited tax pledges in support of 1 or more tax obligations as a single b…

Sec. 6. A public corporation shall not be required to have issued or incurred 1 or more tax obligations to be supported by 1 or more unlimited tax pledges before the election at which the question of making the pledges is submitted, and a public corporation may conduct the electi…

Sec. 7. Elections held in substantial compliance with and before the effective date of this act shall be considered to have secured voter approval of an unlimited tax pledge and are hereby validated.

Sec. 8. This act shall be liberally construed to effect its purposes.

Sec. 1. This act shall be known and may be cited as "the convention facility authority act".

Sec. 2. The legislature of this state finds that there exists in this state a continuing need for programs to promote tourism and convention business in order to assist in the prevention of unemployment and the alleviation of the conditions of unemployment, to preserve existing j…

Sec. 3. As used in this act: (a) "Authority" means a convention facility authority created under section 4. (b) "Board" means the board of directors of an authority. (c) "Convention facility" means all or any part of, or any combination of, a convention hall, auditorium, arena, s…

Sec. 4. (1) A qualified county and a qualified city may by resolutions of their respective legislative governing bodies jointly establish an authority under this act. On the date on which all the certified copies of the resolutions establishing the authority are filed with the se…

Sec. 5. (1) The powers, duties, and functions of an authority are vested in and shall be exercised by a board of directors. The board shall consist of 7 members as follows: (a) Two members who are residents of the qualified county appointed by the county board of commissioners of…

Sec. 6. (1) Members of a board and officers and employees of the authority are subject to 1968 PA 317, MCL 15.321 to 15.330. A member of the board or an officer, employee, or agent of the authority shall discharge the duties of his or her position in a nonpartisan manner, in good…

Sec. 7. (1) A board shall conduct all business at public meetings held in compliance with the open meetings act, 1976 PA 267, MCL 15.261 to 15.275. Public notice of the time, date, and place of each meeting shall be given in the manner required by the open meetings act, 1976 PA 2…

Sec. 8. (1) An authority may do all things necessary or convenient to carry out the purposes, objectives, and provisions of this act and the purposes, objectives, and powers delegated to the authority or the board by other laws or executive orders, including, without limitation, …

Sec. 9. (1) An authority may employ staff, including legal and technical experts, and other officers, or employees, permanent or temporary, paid from the funds of the authority. (2) The accounts of an authority are subject to annual audits by the state auditor general or a certif…

Sec. 10. A convention facility authority fund is created for each authority. An authority shall deposit all money received and generated by the convention facility into the fund.

Sec. 11. The payment of principal, interest, and other costs including engineering, financial, and issuance costs, associated with bonds issued by the authority may be made by the authority from any of the following revenues: (a) Federal grants, loans, appropriations, payments, o…

Sec. 12. (1) An authority may only issue negotiable revenue bonds under the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. An authority may not issue any other kinds of bonds, notes, or other obligations. (2) An authority may authorize and issue its negotiable reve…

Sec. 13. (1) Property of an authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is for a public purpose. (2) Except as otherwise provided in this subsection, the property of the authority and its income and op…

Sec. 14. Funds received by the authority pursuant to section 301 of 1999 PA 137 shall not be used by the authority to defray costs incurred before the date on which the funds are released by the state treasurer.

Sec. 1. Any county, city, township, village, or school district in this state is hereby authorized to call for tenders of, and accept defaulted bonds of such municipality by complying with the following terms and conditions.

Sec. 2. Whenever any bonds of any special assessment district or improvement district of any county, city, township, village, or school district of the state of Michigan shall have been or have remained in default as to principal or interest for a period of longer than 6 months a…

Sec. 3. Upon the giving of such call for tenders of such bonds, the holder or holders thereof may submit his tender to the governing body of such municipality, sealed and in writing, stipulating the lowest price at which the owner of such bond or bonds will sell such bonds to sai…

Sec. 4. Upon the acceptance of any of such tenders, said bonds shall be paid at the price requested by such tenders, out of the funds available therefor of such special assessment district or improvement project, and such bonds as shall have been accepted in pursuance to such ten…

Sec. 1. The legislative body of any county, city, village, township, or other local unit of government may purchase on executory title retaining contracts, or finance purchases by chattel mortgages as security for the purchase price, any fire trucks and fire fighting apparatus an…

Sec. 1. Any township may acquire, improve, enlarge, extend and operate automobile parking facilities for the use of the public and may finance the same by the issuance of revenue bonds, all as provided in Act No. 94 of the Public Acts of 1933, as now or hereafter amended, being s…

Sec. 2. The township board of the township may lease for purposes other than the parking of automobiles, upon such terms and for such periods as it shall deem advisable, any portion of the ground and basement floor space in any structure acquired hereunder, but not to exceed 25 p…

Sec. 3. This act shall not be deemed to repeal or limit the powers granted in any other act but shall be construed as cumulative authority for the exercise of the powers herein granted.

Sec. 1. The legislature finds and declares the following: (a) It is in the public interest and it is the policy of the state to foster and promote borrowing of money by governmental units within the state for financing public improvements, for financing community water supplies a…

Sec. 2. This act shall be known and may be cited as the "Shared credit rating act."

Sec. 3. 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 the board of directors of the authority. (c) "Bonds" means bonds of the authority issued under this act with a mat…

Sec. 4. The Michigan municipal bond authority is created as a body corporate, separate and distinct from the state. The authority may sue and be sued, plead and be impleaded, contract and be contracted with, have a corporate seal, and enjoy and carry out all powers granted it in …

Sec. 5. (1) The authority shall be governed by a board of trustees consisting of the state treasurer, 2 appointees of the governor to serve at the pleasure of the governor who shall be public officials or employees with expertise in the state's infrastructure needs, and through D…

Sec. 6. (1) The state treasurer is the chairperson of the board. The authority may employ an executive director, legal and technical experts, and other officers, agents, or employees, permanent or temporary. The authority shall determine the qualifications, duties, and compensati…