Section 280.132 - Drainage bonds; issuance, terms; moneys, disposition. - Michigan Statutes

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

280.132 Drainage bonds; issuance, terms; moneys, disposition.

Sec. 132.

In cases where it is determined that the assessments shall be collected in more than 2 installments, the drainage board, acting on behalf of the drainage district, may borrow money and may issue bonds therefor as provided in the case of drains lying wholly within 1 county. Such bonds shall be signed by the members of the drainage board and shall be countersigned by the clerks of the counties affected. Bonds issued under this chapter shall be payable at the office of the county treasurer of the county to which the larger per cent of the cost of construction is apportioned, and such bonds shall be deposited and safely kept by such treasurer until sold and delivered. All installments, with interest thereon, of the special assessments shall be transmitted as collected by the treasurer or treasurers of the other county or counties concerned to the treasurer of such county, who shall issue his receipt therefor and shall place the moneys in the fund of the drain to be disbursed solely for the retirement of the bonds at maturity and the payment of interest thereon.

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