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Michigan Legislature
Michigan Compiled Laws Complete Through PA 15 of 2018
House: Adjourned until Thursday, February 22, 2018 12:00:00 PM
Senate: Adjourned until Thursday, February 22, 2018 10:00:00 AM

Michigan Legislature

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Section 125.2161

Act 281 of 1986

125.2161 Revenue bonds.

Sec. 11.

(1) The authority may borrow money and issue its negotiable revenue bonds pursuant to the revenue bond act of 1933, Act No. 94 of the Public Acts of 1933, being sections 141.101 to 141.139 of the Michigan Compiled Laws. 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.

History: 1986, Act 281, Eff. Feb. 1, 1987

© 2017 Legislative Council, State of Michigan

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