Michigan Laws 141.2319 – Document to be filed by municipality; failure to comply with subsection (1) or (2)
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(1) Within 15 business days of completing the issuance of any municipal security qualified under section 303(3), the municipality shall file a copy of all of the following with the department in a form and manner prescribed by the department:
(a) A copy of the municipal security.
Terms Used In Michigan Laws 141.2319
- Department: means the department of treasury. See Michigan Laws 141.2103
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Municipal security: means a security that when issued was not exempt from this act or former 1943 PA 202 by the provisions of this act or by former 1943 PA 202 or by the provisions of the law authorizing its issuance and that is payable from or secured by any of the following:
(i) Ad valorem real and personal property taxes. See Michigan Laws 141.2103Municipality: means a county, township, city, village, school district, intermediate school district, community college district, metropolitan district, port district, drainage district, district library, or another governmental authority or agency in this state that has the power to issue a security. See Michigan Laws 141.2103 Refunding security: means a municipal security issued to refund an outstanding security. See Michigan Laws 141.2103 Security: means an evidence of debt such as a bond, note, contract, obligation, refunding obligation, certificate of indebtedness, or other similar instrument issued by a municipality, which pledges payment of the debt by the municipality from an identified source of revenue. See Michigan Laws 141.2103
(b) A proof of publication of the notice of sale, if applicable.
(c) A copy of the award resolution or certificate of award including a detail of the annual interest rate and call features on the municipal security.
(d) A copy of the legal opinion regarding the legality and tax status of the municipal security.
(e) A copy of the notice of rating of the municipal security received from a recognized rating agency, if any.
(f) A copy of the resolution or ordinance authorizing the issuance of the municipal security.
(g) A copy of the official statement, if any.
(h) For a refunding security, documentation indicating compliance with section 611.
(i) A filing fee equaling 0.02% of the principal amount of the municipal security issued, but in an amount not less than $100.00 and not greater than $1,000.00, as determined by the department.
(j) If the qualifying statement required by section 303(2) was received by the department more than 6 months after the end of the municipality’s fiscal year, a late fee of $100.00 with the first filing thereafter.
(k) For a municipal security issued under section 305(2), documentation indicating compliance with section 305(2).
(2) Within 15 business days of completing the issuance of any municipal security approved under section 303(7), the municipality shall file all of the following with the department in a form and manner prescribed by the department:
(a) A copy of the municipal security.
(b) A proof of publication of the notice of sale, if applicable.
(c) A copy of the award resolution including a detail of the annual interest rate and call features on the municipal security.
(d) A copy of the legal opinion regarding the legality and tax status of the municipal security.
(e) A copy of the notice of rating of the municipal security received from a recognized rating agency, if any.
(f) A copy of the resolution or ordinance authorizing the issuance of the municipal security.
(g) A copy of the official statement, if any.
(h) For a refunding security, documentation indicating compliance with section 611.
(i) For a municipal security issued under section 305(2), documentation indicating compliance with section 305(2).
(3) The failure to comply with subsection (1) or (2) does not invalidate any of the securities issued or reported under this act.