Michigan Laws 123.1155 – Refunding outstanding debt obligations
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(1) An authority may borrow money and issue its negotiable bonds and notes for the purpose of refunding outstanding debt obligations of the district by resolution of the board, without submitting the question to the electors of the authority.
(2) Refunding bonds or the refunding part of a bond issue shall be considered to be within the 2-mill limitation of section 21(2).
Terms Used In Michigan Laws 123.1155
- Authority: means a recreational authority established under section 5. See Michigan Laws 123.1133
- Board: means the board of directors of the authority. See Michigan Laws 123.1133
- District: means a portion of a municipality having boundaries coterminous with those of a precinct used for general elections. See Michigan Laws 123.1133
- Electors of the authority: means the qualified and registered electors of the participating municipalities who reside within the territory of the authority. See Michigan Laws 123.1133
(3) An authority may borrow money and issue bonds or notes for refunding all or part of existing bonded or note indebtedness only if the net present value of the principal and interest to be paid on the refunding bonds or notes, excluding the cost of issuance, will be less than the net present value of the principal and interest to be paid on the bonds or notes being refunded, as calculated using a method approved by the department of treasury.