THE DRAIN CODE OF 1956 (EXCERPT)
Act 40 of 1956
280.476 Bonds; issuance; maturity; mandatory redemption; signatures; collection of assessments.
The drainage board may issue 1 or more series of bonds for and on behalf of the drainage district, in anticipation of the collection of any or all installments of assessments or any part thereof, and pledge the full faith and credit of the drainage district for the prompt payment of the principal of and interest on the bonds. The bonds shall mature or be subject to mandatory redemption with the last maturity not later than 2 1/2 years after the due date of the last installment of the assessments and there may be more than 1 principal maturity or mandatory redemption date during any 12-month period. The bonds shall be signed by the chairman and at least 1 other member of the drainage board and the facsimile signature of the chairman shall be affixed to the interest coupons attached thereto. Collections of both principal and interest on all installments of assessments in anticipation of which bonds shall have been issued shall be kept in a separate bank account by the county treasurer and used for no other purpose than the payment of principal and interest on the bonds until the full payment of the principal and interest on the bonds.
History: 1956, Act 40, Imd. Eff. Mar. 28, 1956
Am. 1963, Act 215, Imd. Eff. May 17, 1963
Am. 2016, Act 27, Imd. Eff. Mar. 1, 2016
Popular Name: Act 40
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