Sec. 19.
The council shall also have authority to raise moneys by loan in anticipation of the receipts from special assessments for the purpose of defraying the costs of the improvement for which the assessment was levied. Such loan shall not exceed the amount of the assessment for the completion of the whole work. The council may issue bonds of the city for such loan, and may, in its discretion, pledge the full faith and credit of the city for their payment. Bonds for 2 or more improvements may be consolidated in a single issue.
History: 1895, Act 215, Eff. Aug. 30, 1895 ;-- CL 1897, 3307 ;-- CL 1915, 3229 ;-- Am. 1929, Act 53, Eff. Aug. 28, 1929 ;-- CL 1929, 2153 ;-- CL 1948, 110.19 ;-- Am. 1974, Act 345, Imd. Eff. Dec. 21, 1974
Structure Michigan Compiled Laws
Chapters 81 - 113 - Fourth Class Cities
Act 215 of 1895 - The Fourth Class City Act (81.1 - 113.20)
215-1895-XXX - Chapter XXX Finance and Taxation. (110.1...110.29)
Section 110.2 - Council's Power of Taxation; Collection; Installments.
Section 110.3 - Tax Revenues; Division Into Funds.
Section 110.4 - Tax Money; Special Funds.
Section 110.5 - Taxes for General Fund; Limitation on Council.
Section 110.6 - Tax Raised in Street District; Purposes, Limitation.
Section 110.7 - Special Assessments; Purposes; Local Improvements, Street and Drain Construction.
Section 110.8 - Private Sewer Tax.
Section 110.9 - Annual Tax Levy; Purpose; Credit for Surplus Moneys.
Section 110.10 - Expense Estimates of Council; Time, Contents.
Section 110.11 - Expense Estimate of Council; Deficiencies; Installment Levies.
Section 110.12 - Annual Appropriation Bill; Purpose; Contents.
Section 110.13 - Taxes Certified to Board of Supervisors and Ward Supervisors; Manner.
Section 110.14 - Annual Appropriation Bill; Raising of Moneys After Passage Prohibited.
Section 110.16 - Improvements Financed by Special Assessments.
Section 110.17 - Improvement Before Tax Levy Prohibited.
Section 110.18 - Taxes and Loans for Capital Improvements; Bonds; Limitation.
Section 110.21 - Bonds; Approval of Electors Required; Exceptions.
Section 110.22 - Accounting Rules; Moneys Received.
Section 110.23 - Moneys; Procedure for Disbursement.
Section 110.24 - Moneys; Drawing Upon Exhausted Funds; Warrants on Such Funds Declared Void.
Section 110.25 - Loans; Limitation; Bonds.
Section 110.26 - Annual Accounts Audit by Council; Statement, Contents.
Section 110.27 - Statement of Receipts; Filing, Publication.
Section 110.28 - Misappropriation of Moneys; Penalty.
Section 110.29 - Repealed. 1974, Act 345, Imd. Eff. Dec. 21, 1974.