Michigan § 141.2821 - Issuance of municipal security beginning March 1, 2002 and ending April 30, 2002; qualified status.
Full text of Michigan Michigan Compiled Laws § 141.2821 — Issuance of municipal security beginning March 1, 2002 and ending April 30, 2002; qualified status., with citation guidance and answers to common questions.
§ 141.2821. Issuance of municipal security beginning March 1, 2002 and ending April 30, 2002; qualified status.
Beginning March 1, 2002 and ending April 30, 2002, a municipality planning to issue a municipal security may do either of the following:
Seek approval or exception from prior approval of the municipal security from the department in accordance with sections 10 and 11 of chapter III of the municipal finance act, 1943 PA 202, MCL 133.10 and 133.11.
Seek qualified status in accordance with section 303, by filing a qualifying statement referencing the most recent audit report of the municipality previously filed with the department prior to the effective date of this act, or if not previously timely filed, by attaching a copy of the audit report for the most recently completed fiscal year for which an audit has been completed.
If a municipality elects to seek qualified status as described in subsection (1) during the period between March 1, 2002 and May 1, 2002, the department shall determine within 30 business days of receipt of the qualifying statement whether the municipality complies with the requirements of section 303(3). If the department determines that the municipality complies with the provisions of section 303(3) or if the department fails to notify the municipality of its determination under this subsection within 30 business days of receipt of the qualifying statement, the municipality may proceed to issue municipal securities in accordance with this act without further approval from the department until 30 business days after the next qualifying statement is due or received by the department, whichever occurs first.
If a municipality is not granted qualified status pursuant to subsection (2), or if a municipality does not file a qualifying statement as described in subsection (1), the municipality shall comply with section 303(7) for each municipal security issued until the municipality obtains qualified status based on the audit report and qualifying statement next duly filed by the municipality in accordance with section 303.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 141.2821
What does Michigan Compiled Laws § 141.2821 cover?
Section 141.2821 ("Issuance of municipal security beginning March 1, 2002 and ending April 30, 2002; qualified status.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 141.2821?
A common citation format is "Michigan Compiled Laws § 141.2821" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 141.2821 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.