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Michigan Compiled Laws Complete Through PA 140 of 2017
House: Adjourned until Tuesday, November 28, 2017 1:30:00 PM
Senate: Adjourned until Tuesday, November 28, 2017 10:00:00 AM

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Act 62 of 1963
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INDUSTRIAL DEVELOPMENT REVENUE BOND ACT OF 1963

Act 62 of 1963

AN ACT relating to industrial development; to authorize municipalities to acquire and dispose of industrial buildings and sites and industrial machinery and equipment, including water and air pollution control equipment, solid waste disposal facilities, and tourist and resort facilities and to lease the same to persons, firms, or corporations; to authorize municipalities to acquire and dispose of water and air pollution control equipment and solid waste disposal facilities and to lease or sell the same to persons, firms, corporations, or public utilities; to provide for the financing of such buildings, sites, machinery, and equipment or water and air pollution control equipment and solid waste disposal facilities by the issuance of revenue bonds and refunding bonds; to provide the terms and conditions of such bonds; to prescribe the powers and duties of the municipal finance commission; and to prescribe penalties and provide remedies.


History: 1963, Act 62, Imd. Eff. May 8, 1963 ;-- Am. 1966, Act 340, Imd. Eff. Sept. 21, 1966 ;-- Am. 1970, Act 8, Imd. Eff. Mar. 24, 1970 ;-- Am. 1972, Act 75, Imd. Eff. Mar. 9, 1972 ;-- Am. 1973, Act 172, Imd. Eff. Dec. 21, 1973 ;-- Am. 1978, Act 229, Imd. Eff. June 14, 1978 ;-- Am. 1998, Act 164, Eff. Mar. 23, 1999


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 125.1251SectionLegislative determination; short title.
Section 125.1252SectionDefinitions.
Section 125.1253SectionPowers of municipality generally.
Section 125.1253aSectionPrograms of water and air pollution control for industries and public utilities; water and air pollution control equipment; powers of municipality.
Section 125.1254SectionBonds; purpose; issuance; serial or term bonds; interest; form of bonds and coupons; execution; payment; tax exemption; debt limitation inapplicable; registration; applicability of other acts.
Section 125.1255SectionResolution authorizing issuance of bonds; contents.
Section 125.1256SectionRedemption of bonds.
Section 125.1257SectionDefault; receiver.
Section 125.1258SectionRepealed. 1966, Act 340, Imd. Eff. Sept. 21, 1966.
Section 125.1259SectionAdditional bonds; refunding bonds.
Section 125.1260SectionCost of project.
Section 125.1261SectionTaxation of lessee; liens; recovery.
Section 125.1262SectionReferendum; intention to issue bonds.
Section 125.1262aSectionViolation of MCL 168.1 to 168.992 applicable to petitions; penalties.
Section 125.1263SectionIssuance of bonds; application; resolution and project cost estimate; approval by municipal finance commission or successor agency; exception; effect of order; prior approval requirement subject to MCL 133.10 and 133.11; department of treasury order providing or denying exception from prior approval.
Section 125.1264SectionSale of bonds.
Section 125.1265SectionMunicipalities; powers as to industrial buildings and machinery.
Section 125.1266SectionConstruction of act; cumulative powers.
Section 125.1267SectionLiberal construction of act.
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