141.2501 Maturity time periods.

225 words·~1 min read·/mi/chapter-141/141-2501

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 501.

(1)Except as otherwise provided for by law, or as otherwise provided in part VI, a municipal security issued by a municipality under this act shall not mature later than the estimated period of usefulness of the property or improvement for which the municipal security is issued.

(2)In addition to the requirements of subsection (1), a municipal security shall not mature later than the following time periods:

(a)A municipal security issued in anticipation of special assessments shall mature no later than 2 years after the time fixed by law for the payment of the last installment of the assessments from which the municipal security is payable.

(b)A municipal security issued to meet an emergency for relief from fire, flood, or other calamity shall mature no later than 5 years after the date of issuance.

(c)A municipal security issued to pay judgments against the municipality, except judgments in condemnation proceedings, and municipal securities issued for the purchase of personal property, other than material for permanent construction, machinery for public utilities, or original furnishings and equipment of new buildings, shall mature no later than 10 years after the date of issuance.

(d)All other municipal securities shall mature no later than 30 years after the date of issuance.

History: 2001, Act 34 , Eff. Mar. 1, 2002