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Act 4 of 1947
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
© 2017 Legislative Council, State of Michigan
The People of the State of Michigan enact:
|Section 35.901||Section||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||Section||Veterans' bonds; use of proceeds, provisions applicable.
|Section 35.902||Section||Veterans' bonds; appropriation for payment of principal and interest; redemption fund; surplus; expenses.
|Section 35.903||Section||Serial notes; issuance by state administrative board; maturity, redemption, interest, sale, denominations; proceeds credited to veterans' military pay fund.
|Section 35.904||Section||Serial bonds and notes; exemption from taxation.
|Section 35.905||Section||Serial bonds and notes; mutilation, replacement.
|Section 35.906||Section||Declaration of immediate necessity of act.