Find Laws Find Lawyers Free Legal Forms USA State Laws

MICHIGAN STATUTES AND CODES

Section 123.1071 - Borrowing money or issuing notes or bonds.

COMMUNITY SWIMMING POOL AUTHORITY (EXCERPT)
Act 425 of 1994

123.1071 Borrowing money or issuing notes or bonds.

Sec. 11.

(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.


History: 1994, Act 425, Imd. Eff. Jan. 6, 1995 ;-- Am. 2002, Act 232, Imd. Eff. Apr. 29, 2002

Michigan Forms by Issue

Michigan Abortion Forms
Michigan Adoption Forms
Michigan Appeals Forms
Michigan Business Forms
Michigan Child Support Agency Forms
Michigan Children/Juvenile Forms
Michigan Court Forms
> Criminal
> DUI
> Probate
> Traffic
> Case Evaluation
> Civil (County)
> Civil (District)
> Claims
> Dispute
> Forfeiture
> Garnishment
> Personal Protection
> Probation
> Small Claims
> Substance Abuse
Michigan Emancipation Forms
Michigan Family Forms
Michigan Foreclosure Forms
Michigan Guardianship Forms
Michigan Gun Forms
Michigan Landlord/Tenant Forms
Michigan Marriage Forms
Michigan Name Change Forms
Michigan Other Forms
Michigan Tax Forms

Michigan Law

Michigan State Laws
    > Michigan Child Support
    > Michigan Gun Laws
    > Michigan Statutes
Michigan Court
    > Michigan Court of Appeals
Michigan Tax
    > Michigan State Tax
Michigan Labor Laws
    > Unemployment Michigan
Michigan State
    > Michigan Counties
    > Michigan Zip Codes
Michigan Agencies
    > Department of Human Services Michigan
    > Michigan Department of Corrections
    > Michigan Department of Education
    > Michigan State Police
    > Secretary of State Michigan

Michigan Court Map

Tips