Michigan § 141.126 Receiving fund surplus; deposit.

Michigan Statutes

§ 141.126 — Receiving fund surplus; deposit.

Michigan § 141.126

Ch. 141MUNICIPAL FINANCING

Act 94 of 1933THE REVENUE BOND ACT OF 1933 (141.101-141.140)

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Bluebook

Mich. Comp. Laws § 141.126 (2026).

Text

THE REVENUE BOND ACT OF 1933 (EXCERPT) Act 94 of 1933 141.126 Receiving fund surplus; deposit. Sec.

26.Any money remaining in the accounts of the public improvement at the end of any operating year, which under the provisions of section 22 shall be considered surplus, may be transferred to other accounts of the public improvement or may be used for the purpose or purposes as the governing body may determine to be for the best interests of the borrower, unless some other disposition shall have been made in the ordinance authorizing the issuance of bonds under this act. In the event that money of the public improvement is insufficient to provide for the current expenses of the operation and maintenance account or the bond and interest redemption account, any money or securities in other acc

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THE REVENUE BOND ACT OF 1933 (EXCERPT) Act 94 of 1933 141.126 Receiving fund surplus; deposit. Sec. 26. Any money remaining in the accounts of the public improvement at the end of any operating year, which under the provisions of section 22 shall be considered surplus, may be transferred to other accounts of the public improvement or may be used for the purpose or purposes as the governing body may determine to be for the best interests of the borrower, unless some other disposition shall have been made in the ordinance authorizing the issuance of bonds under this act. In the event that money of the public improvement is insufficient to provide for the current expenses of the operation and maintenance account or the bond and interest redemption account, any money or securities in other accounts of the public improvement shall be transferred first to the operation and maintenance account and second to the bond and interest redemption account to the extent of any deficits in those accounts.

Legislative History

1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- Am. 1947, Act 204, Imd. Eff. June 13, 1947 ;-- CL 1948, 141.126 ;-- Am. 2002, Act 465 , Imd. Eff. June 21, 2002