324.74112 Maximum rate of interest; sale and award of bonds; public or private sale; advertisement; notice of sale.
209 words·~1 min read·
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324.74112 Maximum rate of interest; sale and award of bonds; public or private sale; advertisement; notice of sale.
Sec. 74112.
(1)The maximum rate of interest on bonds issued under this part shall be that set forth for bonds in the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. The sale and award of bonds shall be conducted and made by the commission at a public or private sale. If a public sale is held, the bonds shall be advertised for sale once not less than 7 days before sale in a publication with statewide circulation that carries as a part of its regular service notices of the sales of municipal bonds and that has been designated in the resolution as a publication complying with these qualifications. The notice of sale shall be in the form designated by the commission.
(2)Bonds issued under this part are not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
(3)The issuance of bonds under this part is subject to the agency financing reporting act.
History: Add. 1995, Act 58, Imd. Eff. May 24, 1995 ;-- Am. 2002, Act 249 , Imd. Eff. Apr. 30, 2002
Popular Name: Act 451
Popular Name: NREPA