Section 280.444 - Drainage districts; consolidation; indebtedness, retirement; special assessment. - Michigan Statutes

THE DRAIN CODE OF 1956 (EXCERPT)
Act 40 of 1956

280.444 Drainage districts; consolidation; indebtedness, retirement; special assessment.

Sec. 444.

In case any drainage district which is included and merged in the consolidated district has any outstanding bonded or other indebtedness, any funds in the treasury of such debtor district shall be used to retire such indebtedness. If said funds are insufficient, the indebtedness shall be paid from any funds derived from any special assessments theretofore levied or extended against the lands in the debtor district, and if further funds are necessary the drain commissioner or drainage board of the consolidated district shall levy a special assessment against the lands in the debtor district sufficient to pay such indebtedness. The proceeds of such special assessment shall be used only for the purpose of paying such indebtedness, bonded or otherwise, and the interest thereon.

History: 1956, Act 40, Imd. Eff. Mar. 28, 1956
Popular Name: Act 40