2010 Michigan Compiled Laws
Chapter 397 - LIBRARIES
Act 265 of 1988 - DISTRICT LIBRARY FINANCING ACT (397.281 - 397.290)

DISTRICT LIBRARY FINANCING ACT
Act 265 of 1988
AN ACT to authorize district libraries to acquire, construct, or furnish real or personal property for use for library purposes; to authorize district libraries to borrow money and issue bonds and notes and refunding bonds and notes for those acquisitions; and to authorize district libraries to levy a tax for, and to pledge their full faith and credit to, the payment of contracts, bonds, and notes.

History: 1988, Act 265, Imd. Eff. July 15, 1988

• Section 397.281 - Short title.
• Section 397.282 - Definitions.
• Section 397.283 - Powers of board.
• Section 397.284 - Limitation on borrowing money or issuing bonds or notes; conditions to issuance of general obligation unlimited tax bonds; ballot question.
• Section 397.285 - Issuance of limited tax bonds or notes by resolution.
• Section 397.286 - Repealed. 1989, Act 25, Imd. Eff. May 22, 1989.
• Section 397.287 - Bonds as debt of district library; withdrawal of participating municipality from district library.
• Section 397.288 - Authorization and levy of taxes to pay principal of and interest on bonds.
• Section 397.289 - Bonds subject to revised municipal finance act.
• Section 397.290 - Submission of proposal to issue bonds; limitation.