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BORROWING FROM MOTOR VEHICLE HIGHWAY FUND
Act 175 of 1952
AN ACT to authorize incorporated cities and villages to borrow money and issue bonds in anticipation of future payments from the motor vehicle highway fund, for any purpose or purposes for which said funds may be used and for the purpose of refunding such bonds; authorizing the pledging of the faith and credit of the issuing city or village, upon proper resolution of its governing body, as additional security for the payment of said bonds; and to prescribe procedures and conditions relative to the issuance of such bonds.
History: 1952, Act 175, Imd. Eff. Apr. 25, 1952
Am. 1964, Act 37, Eff. Aug. 28, 1964
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
|Section 247.701||Section||Borrowing money and issuing bonds; purposes; bonds subject to revised municipal finance act; refunding bonds; sale; refund prohibited under certain conditions.
|Section 247.702||Section||Authorization of bonds; cities and villages; resolution, approval, publication, contents.
|Section 247.703||Section||Bonds; principal and interest; payment; additional security; existing contract rights; priority.
|Section 247.704||Section||Issuance of bonds for highway purposes; cities and villages; successive borrowing.
|Section 247.705||Section||Revenues set aside; source.
|Section 247.706||Section||Repealed. 2002, Act 330, Imd. Eff. May 23, 2002.
|Section 247.707||Section||Prohibition of pledges.