INDUSTRIAL DEVELOPMENT REVENUE BOND ACT OF 1963
Act 62 of 1963
125.1251 Legislative determination; short title.
Sec. 1.
(1) It is determined that there exists in this state the continuing need for programs to alleviate and prevent conditions of unemployment, to assist and retain local industries, including employee-owned corporations, to meet growing competition for new industries, and to strengthen and revitalize the economy in general. It is further determined that in order to achieve these purposes, industries, including employee-owned corporations, need flexible forms of financing, including the ability to refund outstanding bonds in advance of redemption or maturity. It is further determined that the authority and powers conferred by this act constitute such a necessary program and serve a valid public purpose.
(2) This act shall be known and may be cited as the "industrial development revenue bond act of 1963".
History: 1963, Act 62, Imd. Eff. May 8, 1963 ;-- Am. 1966, Act 340, Imd. Eff. Sept. 21, 1966 ;-- Am. 1978, Act 229, Imd. Eff. June 14, 1978 ;-- Am. 1985, Act 153, Imd. Eff. Nov. 12, 1985
Notes of Decisions
Alan v. Wayne Cnty., 200 N.W.2d 628 (Mich. 1972).
· cites it 4× “Plywood under a lease purchase arrangement with the City of Gaylord issuing revenue bonds under 1963 PA 62 ; *321 MCLA 125.1251 et seq.; MSA 5.3533(21) et seq.”
City of Gaylord v. Gaylord City Clerk, 144 N.W.2d 460 (Mich. 1966).
· cites it 4× “" It permits Michigan municipalities to issue tax-exempt municipal bonds to finance acquisition of industrial buildings.”
Sabaugh v. City of Dearborn, 185 N.W.2d 363 (Mich. 1971).
· cites it 4× “" [5] See Industrial Development Revenue Bond Act of 1963, PA 1963, No 62, as amended, being MCLA § 125.1251 et seq. (Stat Ann 1969 Rev § 5.”
Gregory Marina, Inc. v. City of Detroit, 144 N.W.2d 503 (Mich. 1966).
“Gaylord City Clerk, 378 Mich 273 , involving the industrial development revenue bond act of 1963, PA 1963, No 62 (CL 1948, §125.1251 et seq. [Stat Ann 1965 Cum Supp § 5.”
Bomarko, Inc. v. Rapistan Corp., 525 N.W.2d 518 (Mich. Ct. App. 1994).
· cites it 2× “The statute, the Industrial Development Revenue Bond Act, MCL 125.1251 et seq.; MSA 5.3533(21) et seq.”
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