Common use of Bonds or Notes; Limitation Clause in Contracts

Bonds or Notes; Limitation. The Authority may borrow money and issue bonds or notes in its name for purposes authorized by law. The Authority may not issue any type of bond in its own name, except as provided in this section, or in any way indebt a Party except as expressly authorized by the Party in writing. The Authority may not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the Authority, exceeds 2 xxxxx of the taxable value of the taxable property within the Parties as determined under section 27a of The General Property Tax Act, 1893 PA 206, MCL 211.27a, unless otherwise authorized by the Act. Bonds or notes issued by the Authority are the debt of the Authority and not of the Parties. Bonds or notes issued by the Authority are for an essential public and governmental purpose. Pursuant to Section 7(7) of the Act, bonds or notes, together with the interest on the bonds or notes and income from the bonds or notes, are exempt from all taxes. Bonds or notes issued by the Authority are subject to the Revised Municipal Finance Act, 2001 PA 34, MCL 141.2101 to 141.2821 as required by Section 7(8) of the Act.

Bonds or Notes; Limitation. The Authority may borrow money and issue bonds or notes in its name for purposes authorized by law. The Authority may Corporation shall not issue any type of bond in its own name, except as provided in this section, or in any way indebt a Party party except as expressly authorized by the Party in writingthat party. The Authority Corporation may borrow money and issue bonds or notes in its name for local public improvements or for economic development purposes provided that the Corporation shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the AuthorityCorporation, exceeds 2 xxxxx of the taxable value of the taxable property within the Parties parties as determined under section 27a of The General Property Tax Act, as amended, 1893 PA 206, MCL 211.27a, unless otherwise authorized by the ActAct 7. Bonds or notes issued by the Authority Corporation are the debt of the Authority Corporation and not of the Partiesparties. Bonds or notes issued by the Authority Corporation are for an essential public and governmental purpose. Pursuant to Section section 7(7) of the ActAct 7, bonds or notes, together with the interest on the bonds or notes and income from the bonds or notes, are exempt from all taxes. Bonds or notes issued by the Authority Corporation are subject to the Revised Municipal Finance Act, 2001 PA 34, as amended, MCL 141.2101 to 141.2821 141.282, as required by Section section 7(8) of the ActAct 7.

Bonds or Notes; Limitation. The Authority shall not issue any type of bond in its own name except as authorized by Act 7. The Authority shall not possess the power to in any way indebt a governmental unit participating in this Agreement. The Authority may borrow money and issue bonds or notes in its name for local public improvements or for economic development purposes authorized by law. The provided that the Authority may not issue any type of bond in its own name, except as provided in this section, or in any way indebt a Party except as expressly authorized by the Party in writing. The Authority may shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the Authority, exceeds 2 xxxxx of the taxable value of the taxable property within the Parties City or County as determined under section 27a of The General Property Tax Act, 1893 PA 206, MCL 211.27a, unless otherwise authorized by the ActAct 7. Bonds or notes issued by the Authority are the debt of the Authority and not of the Parties. Bonds or notes issued by the Authority are for an essential public and governmental purpose. Pursuant to Section 7(7) of the ActAct 7, bonds or notes, together with the interest on the bonds or notes and income from the bonds or notes, are exempt from all taxes. Bonds or notes issued by the Authority are subject to the Revised Municipal Finance Act, 2001 PA 34, MCL 141.2101 to 141.2821 Act 34 as required by Section 7(8) of the ActAct 7.