Section 41.281 - Creation of indebtedness; approval by township board; limitation on issue of township bonds. - Michigan Statutes

PAVEMENTS, SIDEWALKS, AND ELEVATED STRUCTURES (EXCERPT)
Act 246 of 1931

41.281 Creation of indebtedness; approval by township board; limitation on issue of township bonds.

Sec. 11.

In the creation of any indebtedness hereunder, it shall not be necessary to have the approval of the board of supervisors thereon, but no indebtedness against the township at large shall be incurred without the approval of the township board of each township in which any part of the assessment district is situated. No bonds shall be issued on behalf of any township which would cause the total bonded debt of the township to exceed 5 per cent of its assessed valuation.

History: 1931, Act 246, Eff. Sept. 18, 1931 ;-- CL 1948, 41.281