Michigan Laws 125.4411 – Revenue bonds
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4411
- Authority: means a local development finance authority created pursuant to this part. See Michigan Laws 125.4402
- Governing body: means , except as otherwise provided in this subdivision, the elected body having legislative powers of a municipality creating an authority under this part. See Michigan Laws 125.4402
- Municipality: means a city, village, or urban township. See Michigan Laws 125.4402
- 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 141.135. Except as provided in subsection (2), revenue bonds issued by the authority shall not be considered a debt of the municipality or of the state.
(2) The municipality by a majority vote of the members of its governing body may make a limited tax pledge to support the authority’s revenue bonds or, if authorized by the voters of the municipality, may pledge its full faith and credit to support the authority’s revenue bonds.