Sec. 4.
For the purpose of defraying the cost of purchasing, acquiring, constructing, improving, installing, extending, enlarging, adjusting, and repairing a garbage disposal equipment system, any city or village may borrow money and issue its negotiable bonds for those purposes. However, bonds shall not be issued under this section unless and until the ordinance required by section 3 has been adopted, which ordinance shall set forth a brief description of the contemplated garbage disposal equipment system, the estimated cost of the system and the amount, maximum rate of interest, and the time of payment of the bonds, not to exceed 20 years. The bonds and coupons shall be exempt from any and all taxation by this state or by any taxing authority within this state. The principal of and interest on the bonds shall be payable primarily from the net revenues derived from the operation of the garbage disposal equipment system, and in addition the city or village may pledge the full faith, credit, and resources of the city or village for the payment of the bonds. No bond or coupon issued under this act shall constitute an indebtedness of the city or village within the meaning of any charter, statutory, or constitutional limitation. All bonds issued under this section are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History: 1951, Act 266, Eff. Sept. 28, 1951 ;-- Am. 2002, Act 240, Imd. Eff. Apr. 29, 2002
Structure Michigan Compiled Laws
Chapter 123 - Local Government
Act 266 of 1951 - The Garbage Disposal Act (123.361 - 123.374)
Section 123.361 - Garbage Disposal Act; Short Title.
Section 123.365 - Self-Liquidating Bonds, Secured by Revenues; Liability.
Section 123.366 - Preliminary Expense; Appropriation, Repayment.
Section 123.367 - Use of Money Received From Sale of Bonds.
Section 123.368 - Free Service Prohibited.
Section 123.369 - Additional Bonds; Negotiation.
Section 123.371 - Service Rates Fixed by Ordinance; Supervision and Regulation.