HOUSE BILL No. 5416


     November 1, 2001, Introduced by Rep. Lemmons and referred to the Committee on Commerce.


        A bill to amend 1976 PA 451, entitled

   "The revised school code,"

   by amending section 1362 (MCL 380.1362).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           Sec. 1362.  (1) The board of a school district  which  THAT

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      votes to borrow a sum of money may issue the bonds of the

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      district.

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           (2) The board shall prescribe ALL OF THE FOLLOWING:

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           (a) The form of the bonds.

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           (b) The amount of the bonds, which shall not be less than

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      $50.00 each.

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           (c) The time for payment of the bonds.

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           (d) The interest rates on the bonds.  , which shall not

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      exceed the maximum interest rate prescribed by Act No. 202 of the




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      Public Acts of 1943, as amended, being sections 131.1 to 138.2 of

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      the Michigan Compiled Laws.

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           (e) The manner in which the president and secretary of the

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      board shall execute the bonds.
















































   05331'01          Final page.                            JLB