Michigan Laws 123.1291 – Advance or loan of money from local governing body to authority
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 123.1291
- Authority: means a lighting authority incorporated under this act. See Michigan Laws 123.1263
- Local government: means a city with a population of more than 600,000. See Michigan Laws 123.1263
- system: means plants, works, instrumentalities, and properties used or useful in connection with providing lighting and necessary resources and appurtenances for the system. See Michigan Laws 123.1263
The governing body of the local government comprising the authority may advance or loan to the authority any money required for administrative expenses or for the purpose of obtaining maps, plans, designs, specifications, and cost estimates of a proposed lighting system. An advance or loan may be included as a part of any bond issue by the authority under this act and repaid to the local government upon the sale of the bonds.