Michigan Laws 124.472 – Notes and bonds generally
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Terms Used In Michigan Laws 124.472
- Board: means the governing body of a public authority. See Michigan Laws 124.452
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Public authority: means an authority created under this act. See Michigan Laws 124.452
- Revenue: means money received by the public authority as provided in section 17. See Michigan Laws 124.452
A public authority may, by resolution of its board, borrow money and issue its notes and bonds in anticipation of the collection of taxes and other revenues for its then next succeeding fiscal year, or the taxes or other revenue for its current fiscal year to provide funds for operating purposes or for capital purposes related to public transportation facilities.