State Codes and Statutes
Statutes > Michigan > Chapter-280 > Act-40-of-1956 > 40-1956-22 > Section-280-569THE DRAIN CODE OF 1956 (EXCERPT)
Act 40 of 1956
280.569 Bonds; issuance, maturity, signatures; collection of assessments.
Sec. 569.
The board may issue bonds for and on behalf of the water management district, in anticipation of the collection of any or all installments of assessments, and pledge the full faith and credit of the water management district for the prompt payment of the principal thereof and the interest thereon. Such bonds shall mature serially with the last maturity not later than 2 1/2 years after the due date of the last installment of the assessments: Provided, That there may be more than 1 principal maturity date during any 12-month period. The bonds shall be signed by the chairman and secretary of the board, who shall cause their facsimile signatures to 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 treasurer for the board and used for no other purpose than the payment of principal and interest on such bonds until the full payment thereof.
History: 1956, Act 40, Imd. Eff. Mar. 28, 1956
Popular Name: Act 40
