Section 117.36a - Financial recovery bonds; amounts; terms and conditions; net indebtedness of city; limitation; bonds not subject to MCL 141.2101 to 141.2821. - Michigan Statutes

THE HOME RULE CITY ACT (EXCERPT)
Act 279 of 1909

117.36a Financial recovery bonds; amounts; terms and conditions; net indebtedness of city; limitation; bonds not subject to MCL 141.2101 to 141.2821.

Sec. 36a.

(1) Except as otherwise provided under this section, if a financial emergency exists under the local government fiscal responsibility act, 1990 PA 72, MCL 141.1201 to 141.1291, a city may issue financial recovery bonds in amounts greater than the limitations established by the city charter or this act.

(2) Any financial recovery bonds issued under this section are subject to the terms and conditions approved by the local emergency financial assistance loan board created under the emergency municipal loan act, 1980 PA 243, MCL 141.931 to 141.942.

(3) Any financial recovery bonds issued under this section are not subject to section 5(g).

(4) Notwithstanding subsection (1), the net indebtedness of a city, reduced by any amounts excluded under section 4a(4), shall not exceed 20% of the assessed value of the city.

(5) Financial recovery bonds issued under this section are not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.

History: Add. 2003, Act 210, Imd. Eff. Nov. 26, 2003