2006 Michigan Compiled Laws - Act 121 of 1969


BONDS OR NOTES FOR CAPITAL IMPROVEMENTS

Act 121 of 1969

AN ACT to authorize counties, cities, townships and villages to issue bonds or notes, and pledge deferred income from sale of capital assets, due and payable but which has not been received, for the payment of principal and interest thereon; and to authorize the county, city, township or village to pledge its full faith and credit for the payment of the bonds or notes.


History: 1969, Act 121, Imd. Eff. July 29, 1969




The People of the State of Michigan enact:

DocumentDescription
Section 141.381Issuance of bonds and notes; resolution; purpose; pledges; use of proceeds; debt limitation; general obligations.
Section 141.382Form and execution of bonds or notes; principal and interest; maximum due in one year; due dates; tax exemptions.
Section 141.383Bonds or notes subject to §§ 141.2101 to 141.2821.

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