Bill Text: MI HB6049 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Economic development; other; public notice provisions of the industrial development revenue bond act of 1963; revise to make reference to the local government public notice act. Amends sec. 5 of 1963 PA 62 (MCL 125.1255). TIE BAR WITH: HB 5560'14
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-12-03 - Printed Bill Filed 12/03/2014 [HB6049 Detail]
Download: Michigan-2013-HB6049-Introduced.html
HOUSE BILL No. 6049
December 2, 2014, Introduced by Rep. Price and referred to the Committee on Local Government.
A bill to amend 1963 PA 62, entitled
"Industrial development revenue bond act of 1963,"
by amending section 5 (MCL 125.1255).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 5. (1) Any resolution authorizing the issuance of bonds
under this act may contain covenants as to 1 or more of the
following:
(a) The use and disposition of the rentals received under the
agreement, including the creation and maintenance of reserves.
(b) The issuance of other or additional bonds payable from the
income and revenues from the industrial building and site and any
industrial machinery and equipment.
(c) The maintenance and repair costs of the industrial
building and site and any industrial machinery and equipment, which
costs may be assumed by the lessee, person, firm, or corporation,
in which event no provision need be made for rental payments to
meet
said the costs.
(d)
The insurance to be carried thereon on the bonds and the
use
and disposition of insurance moneys.money.
(e) The terms and conditions upon which the holder of the
bonds,
or any portion thereof of
the bonds or any trustees,
therefor,
shall be entitled to the
appointment of a receiver by the
circuit
court, which court shall have jurisdiction in such the
proceedings, and which receiver may enter and take possession of
the industrial building and site and any industrial machinery and
equipment and lease and maintain it, prescribe rentals, and
collect, receive, and apply all income and revenues thereafter
arising therefrom in the same manner and to the same extent as the
municipality might do.
(2) Any resolution authorizing the issuance of bonds under
this act may provide that the principal of and interest on any
bonds issued shall be secured by a mortgage or deed of trust
covering the industrial building and site and any industrial
machinery and equipment for which the bonds are issued and may
include any additions, improvements, or extensions thereafter made.
The
mortgage or deed of trust may contain such covenants and
agreements to properly safeguard the bonds as may be provided for
in the resolution authorizing the bonds but not inconsistent with
this act and shall be executed in the manner provided in the
resolution. The resolution may provide for the appointment of 1 or
more
trustees for bondholders, and any such trustee may be an
individual or corporation domiciled or located within or without
the state and may be given appropriate powers whether with or
without the execution of a mortgage or deed of trust covering the
industrial building or site or industrial machinery and equipment.
(3) The provisions of this act and any resolution and any
mortgage or deed of trust shall continue in effect until the
principal of and the interest on the bonds has been fully paid, and
the duties of the municipality and its governing body and officers
under this act and any resolution and any mortgage or deed of trust
shall be enforceable by any bondholder by mandamus, foreclosure of
the mortgage or deed of trust, or other appropriate action in any
court of competent jurisdiction.
(4) The resolution authorizing the bond shall provide that the
bonds shall contain a recital that they are issued pursuant to this
act, which recital shall be conclusive evidence of their validity
and of the regularity of their issuance.
(5)
Any Through December 31,
2014, any resolution authorizing
the issuance of bonds under this act shall not be effective until
publication once in a newspaper of general circulation within the
municipality. Beginning January 1, 2015, any resolution authorizing
the issuance of bonds under this act shall not be effective until
the governing body of the municipality provides tier A public
notice as provided in the local government public notice act.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. ___ or House Bill No. 5560 (request no.
03796'13) of the 97th Legislature is enacted into law.
