# Mich. Comp. Laws § 125.77a: Municipal bonds or notes > Michigan · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.77a ## Section - **Citation:** Mich. Comp. Laws § 125.77a - **Heading:** Municipal bonds or notes - **Jurisdiction:** Michigan - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** MI Code / Chapter 125 / Act Act-344-of-1945 / Section 125.77a ## Text Sec. 7a. A municipality may issue bonds or notes from time to time in its discretion to finance the undertaking of any project authorized by this act including, but not limited to, the payment of principal and interest on advances or loans made for surveys and plans for projects authorized by this act. The bonds or notes shall be made payable, as to both principal and interest, solely from the income, proceeds, revenues, and funds of the municipality derived from or held in connection with its undertaking and carrying out of projects under this act. Payment of the bonds or notes both as to principal and interest, may be further secured by a pledge of any loan, grant, or contribution due or to become due from the federal government or other source in aid of projects of the municipality under this act. Bonds or notes issued under this section shall not constitute an indebtedness within the meaning of constitutional, statutory, or charter debt limitations or restrictions, and may be issued without vote of the electors of the municipality. Bonds or notes issued under this section are declared to be issued for an essential public and, governmental purpose, and, together with interest thereon and income therefrom, shall be exempted from all taxes. Bonds or notes issued under this section shall be authorized by resolution or ordinance of the legislative body of the municipality. Bonds and notes issued under this section are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. History: Add. 1957, Act 296, Eff. Sept. 27, 1957; Am. 1974, Act 65, Imd. Eff. Apr. 1, 1974; Am. 1983, Act 32, Imd. Eff. May 6, 1983; Am. 2002, Act 202, Imd. Eff. Apr. 29, 2002 ## Nearby sections - [Mich. Comp. Laws § 125.71 Legislative findings and declaration.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.71.md) - [Mich. Comp. Laws § 125.72 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.72.md) - [Mich. Comp. Laws § 125.73 Powers of municipality.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.73.md) - [Mich. Comp. Laws § 125.74 Plans, statements, and actions as requirements and conditions for exercise of powers; plans to be adopted by local legislative body; designation of district areas; provisions governing citizens' district councils; consultation between local official and citizens' district council; record; notice of zoning change, hearing, or condemnation proceedings; public hearing; information; coordinating council on community redevelopment; adoption of development plan; compliance; information on housing available to displaced families and individuals; conditions to determination of blighted area; notice of approval or disapproval of development plan.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.74.md) - [Mich. Comp. Laws § 125.74a Racial segregation in housing; consultation and assistance of state civil rights commission.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.74a.md) - [Mich. Comp. Laws § 125.75 Rehabilitation of blighted areas; acquisition of property; proceedings under power of eminent domain; condemnation; dispossession.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.75.md) - [Mich. Comp. Laws § 125.75a Rehabilitation of blighted areas; urban renewal plat.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.75a.md) - [Mich. Comp. Laws § 125.76 Acquisition of property; jurisdiction of public agencies.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.76.md) - [Mich. Comp. Laws § 125.77a Municipal bonds or notes.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.77a.md) - [Mich. Comp. Laws § 125.77b General obligation bonds of municipality; purpose; resolution; pledge of full faith and credit; “cost of any project” and “net project cost” defined; issuance and sale of bonds; maximum amount; designation and approval of bonds; legislative determination; assessed value of real and personal property; validation of actions and bonds; limitation on time of sale; provisions governing bonds.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.77b.md) - [Mich. Comp. Laws § 125.77c Tax revenues.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.77c.md) - [Mich. Comp. Laws § 125.78 Loans and grants; acceptance, federal assistance, conditions; labor wages and standards.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.78.md) - [Mich. Comp. Laws § 125.79 Modification of plan; hearing.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.79.md) - [Mich. Comp. Laws § 125.80 Work done in accordance with plan.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.80.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MI_C125_AAct-344-of-1945_S125.77a. Check the current official text before relying on it. Not legal advice.