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Act 34 of 2001
- REVISED MUNICIPAL FINANCE ACT (141.2101 - 141.2821)
34‑2001‑I ‑ PART I DEFINITIONS (141.2101...141.2105)
Section 141.2303 ‑ Annual audit report and qualifying statement; filing by municipality; compliance requirements; determination; correction of noncompliant requirements; reconsideration; order granting exception from prior approval.
Section 141.2304 ‑ Issuance of municipal security; provisions applicable to contracting municipalities.
Section 141.2305 ‑ Issuance of municipal security; interest rate; sale at discount; rating; maturity; principal as interest.
Section 141.2309 ‑ Sale of municipal security at competitive or negotiated sale; requirements.
Section 141.2311 ‑ Municipal security; registration; facsimile signatures; transfer of ownership; delivery; validity of signature of former officer.
Section 141.2315 ‑ Issuance of municipal security; determination; payment on demand; contrary ordinance or charter provision.
Section 141.2317 ‑ Interest rate exchange or swap, hedge, or similar agreement; definitions.
Section 141.2319 ‑ Document to be filed by municipality; failure to comply with subsection (1) or (2).
Section 141.2323 ‑ Municipal security issued without department approval; rating.
34‑2001‑IV ‑ PART IV SHORT-TERM MUNICIPAL SECURITIES (141.2401...141.2415)
Section 141.2401 ‑ Short-term municipal securities; issuance; conditions; public airport authority.
Section 141.2403 ‑ Resolution authorizing municipal security; tax levy provision; operating expenditures; limitation; set aside of taxes collected; tax installments; capital improvements; debt service charges.
Section 141.2405 ‑ Issuance of short-term municipal securities; payments allowed; operating expenditures or debt service charges; limitation; authorizing resolution; set aside of taxes collected; capital improvements; deduction of outstanding principal amount.
Section 141.2407 ‑ Anticipation of revenue sharing payments; issuance of short-term municipal securities; payment of operating expenditures; authorizing resolution; set aside of amounts for payment of principal and interest.
Section 141.2413 ‑ Anticipation of long-term municipal security proceeds; issuance of short-term municipal security; authorization of principal, interest, and redemption premiums; limitation on principal amount; use of proceeds.
Section 141.2415 ‑ Anticipation of state or federal grants; issuance of short-term municipal security; pledge of grant proceeds as payment of principal, interest, and redemption premiums; limitation on principal amount; use of municipal security proceeds.
34‑2001‑V ‑ PART V LONG-TERM MUNICIPAL SECURITIES (141.2501...141.2518)
Section 141.2503 ‑ Municipal securities of a single issue; maturity or redemption date; purchase at open market; redemption requirements; municipal securities of school district; municipal security issued by county, city, village, or township pursuant to MCL 141.2518.
Section 141.2511 ‑ Issuance of municipal securities to fund county drain special assessment.
Section 141.2513 ‑ Debt incurred; issuance of municipal securities secured by limited tax full faith and credit pledge.
Section 141.2515 ‑ Water supply or sewage disposal, public building, or other public improvement; delivery of municipal security to defray cost.
Section 141.2517 ‑ Capital improvement items; issuance of municipal security to pay cost; notice of intent; petition; referendum; special election; limitation on amount.
Section 141.2518 ‑ Payment of unfunded pension liability or unfunded accrued health care liability; issuance of municipal security.
34‑2001‑VI ‑ PART VI REFUNDING (141.2601...141.2613)
Section 141.2603 ‑ Assumption of outstanding security by another municipality; refunding.
Section 141.2605 ‑ Debt as additional to statutory or charter limitation of tax rate or outstanding debt limit.
Section 141.2607 ‑ Application of refunding security proceeds and available money.
Section 141.2609 ‑ Conditions for securing certain outstanding municipal securities.
Section 141.2611 ‑ Refund of outstanding securities by issuance of refunding security; prohibition; exception; procedures; reasonable basis.
34‑2001‑VII ‑ PART VII TAX LEVIES, DEBT RETIREMENT, AND SINKING FUND (141.2701...141.2821)
Section 141.2701 ‑ Annual tax levy; determination; limitation not applicable; adjustment in event of surplus funds; use of money remaining in debt retirement fund; priority; set aside of tax collections allocable to principal and interest payment; failure of officer to perform duties; “tax levy” defined.
Section 141.2705 ‑ Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement.
Section 141.2802 ‑ Outstanding municipal security; default; powers of department; plan; implementation.
Section 141.2803 ‑ Repeal of MCL 131.1 to 132.4, 133.1 to 133.9, 133.12 to 133.15, and 134.1 to 139.3; effective date of repeal of MCL 133.10 to 133.11.
Section 141.2805 ‑ Repeal of administrative rules of municipal finance division; effective date.
Section 141.2807 ‑ Exceptions from prior approval of debts or securities; effect of orders; applicability of terms.
Section 141.2821 ‑ Issuance of municipal security beginning March 1, 2002 and ending April 30, 2002; qualified status.
