331.1412 Corporation obligations; statutory provisions to which issuance of obligations subject; legality.
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331.1412 Corporation obligations; statutory provisions to which issuance of obligations subject; legality.
Sec. 412.
(1)Except as provided in subsection (2), the corporation obligations shall not be subject to the provisions of the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. The issuance of corporate obligations described in this subsection is subject to the agency financing reporting act.
(2)Corporate obligations for which a local governmental unit pledges its full faith and credit to guarantee payment are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History: 1987, Act 230, Eff. Feb. 27, 1988 ;-- Am. 1988, Act 502, Eff. Jan. 1, 1989 ;-- Am. 2002, Act 395 , Imd. Eff. May 30, 2002