Michigan Laws 125.4312 – Borrowing money; issuing negotiable revenue bonds; full faith and credit
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4312
- Authority: means a tax increment finance authority created under this part. See Michigan Laws 125.4301
- Governing body: means the elected body of a municipality having legislative powers. See Michigan Laws 125.4301
- Municipality: means a city. See Michigan Laws 125.4301
- 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) The authority may borrow money and issue its negotiable revenue bonds pursuant to the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. Revenue bonds issued by the authority shall not, except as hereinafter provided, be considered a debt of the municipality or of the state.
(2) The municipality by majority vote of the members of its governing body may pledge its full faith and credit limited tax to support the authority’s revenue bonds.