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CITY OF GAYLORD v. GAYLORD CITY CLERK

Calendar No. 1, Docket No. 51,239.

378 Mich. 273 (1966)

144 N.W.2d 460

CITY OF GAYLORD v. GAYLORD CITY CLERK.

Supreme Court of Michigan.

Decided August 24, 1966.

Attorney(s) appearing for the Case

Boyd C. Baird, Gaylord City Attorney, (Miller, Canfield, Paddock & Stone, of counsel), for plaintiff.

Frank J. Kelley, Attorney General, Robert A. Derengoski, Solicitor General, Eugene Krasicky and James J. Wood, Assistant Attorneys General, for the State of Michigan, intervenor.

Walsh & O'Rourke (Daniel F. Walsh, of counsel), for defendant.

ADAMS, J.

On May 8, 1963, the legislature enacted PA 1963, No 62 (CL 1948, § 125.1251 et seq. [Stat Ann 1965 Cum Supp § 5.3533(21) et seq.]), described as the "industrial development revenue bond act of 1963." It permits Michigan municipalities to issue tax-exempt municipal bonds to finance acquisition of industrial buildings.

The city council of Gaylord approved such a bond issue. It contracted...

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