Michigan Laws 123.1071 – Borrowing money or issuing notes or bonds
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 123.1071
- Authority: means a community swimming pool authority created under section 3. See Michigan Laws 123.1061
- Board: means the board of directors of the authority. See Michigan Laws 123.1061
- Community swimming pool: means an artificial body of water owned or operated by an authority or a district that is used collectively by a number of individuals primarily for the purpose of swimming, wading, recreation, or instruction and includes related equipment, structures, areas, and enclosures intended for the use of individuals using or operating the swimming pool such as equipment, dressing, locker, shower, and toilet rooms. See Michigan Laws 123.1061
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) An authority shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the authority, exceeds 5% of the state equalized valuation of the taxable property within the geographical boundaries of the authority.
(2) An authority shall not issue general obligation unlimited tax bonds unless all of the following conditions are met:
(a) The board adopts a resolution submitting the question of issuing general obligation unlimited tax bonds to the electors of the participating municipalities residing within the geographical boundaries of the authority.
(b) The question of issuing general obligation unlimited tax bonds is certified by the board and the election is conducted in the manner provided in section 13 for an election for a tax.
(c) A majority of the qualified electors voting on the question approve the issuing of the general obligation unlimited tax bonds.
(3) The question of issuing general obligation unlimited tax bonds under subsection (2) shall be submitted by ballot in substantially the following term:
| “Shall the community swimming pool authority, formed by the municipalities of _____________, borrow the sum of not to exceed _____________ dollars ($___________________) and issue its general obligation unlimited tax bonds for all or a portion of that amount for the purpose of ____________________? | |
| Yes [ ] No [ ]”. |
(4) Refunding bonds or the refunding part of a bond issue is not within the 5% limitation of subsection (1), but is authorized in addition to the 5% limitation.