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2018 Michigan Compiled Laws
Chapter 35 - Veterans and Members of Armed Forces
Act 4 of 1947 BONUS BONDS (35.901 - 35.906)
AN ACT to authorize and provide for the borrowing of $270,000,000.00 to make payments to persons who served in the military, naval, marine or coast guard forces of the United States, including women serving in auxiliary branches thereof, or to their next of kin or estates, and the issuance of certain serial bonds and serial notes for such indebtedness; to create a veterans' military pay fund and a veterans' bond redemption fund; to pledge the full faith and credit of the state; to provide for the payment of principal and interest on such serial obligations; to make appropriations therefor; and to make such serial notes and serial bonds exempt from taxation.
History: 1947, Act 4, Imd. Eff. Feb. 6, 1947 ;-- Am. 1951, Act 121, Imd. Eff. June 1, 1951
- Section 35.901 Veterans' bonds; issuance by state administrative board; interest; denominations; maturity; registration; reconversion; cancellation; execution by state treasurer; public sale; temporary bonds; proceeds to constitute veterans' military pay fund; state purchase.
- Section 35.901a Veterans' bonds; use of proceeds, provisions applicable.
- Section 35.902 Veterans' bonds; appropriation for payment of principal and interest; redemption fund; surplus; expenses.
- Section 35.903 Serial notes; issuance by state administrative board; maturity, redemption, interest, sale, denominations; proceeds credited to veterans' military pay fund.
- Section 35.904 Serial bonds and notes; exemption from taxation.
- Section 35.905 Serial bonds and notes; mutilation, replacement.
- Section 35.906 Declaration of immediate necessity of act.
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