State Codes and Statutes
Statutes > Michigan > Chapter-141 > Act-34-of-2001 > 34-2001-v > Section-141-2507REVISED MUNICIPAL FINANCE ACT (EXCERPT)
Act 34 of 2001
141.2507 Interest rate charge on special assessments.
Sec. 507.
A municipality issuing a municipal security in anticipation of special assessments may, notwithstanding any charter or ordinance provisions to the contrary, charge a rate of interest on the unpaid balance of the special assessments in excess of the charter or ordinance limit on the municipal security, but not in excess of a rate of more than 1% above the average rate of interest borne by the municipal security.
History: 2001, Act 34, Eff. Mar. 1, 2002
