Michigan Laws 125.4616 – Revenue bonds
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Terms Used In Michigan Laws 125.4616
- Authority: means a corridor improvement authority created under section 604(1) or a joint authority created under section 604(2). See Michigan Laws 125.4602
- Municipality: means 1 of the following:
(i) A city. See Michigan Laws 125.4602state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
The authority may, with approval of the local governing body, borrow money and issue its negotiable revenue bonds under the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. Revenue bonds issued by the authority are not a debt of the municipality unless the municipality by majority vote of the members of its governing body pledges its full faith and credit to support the authority’s revenue bonds. Revenue bonds issued by the authority are never a debt of the state.