Sec. 6.
The bonds or obligations may be serial bonds or term bonds or a combination of serial and term bonds, shall mature in not more than 30 years, may bear interest at a rate or rates, may be subject to redemption prior to maturity with or without premium, may be sold in 1 or more series at public or private sale at a discount of not to exceed 10% of the principal amount of the bonds or obligations, and may have other terms and conditions all as determined by resolution of the legislative body of the city or county.
History: 1981, Act 80, Eff. July 15, 1981 ;-- Am. 1987, Act 279, Eff. Apr. 11, 1988
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 80 of 1981 - Fiscal Stabilization Act (141.1001 - 141.1011)
Section 141.1001 - Short Title.
Section 141.1002 - State Administrative Board; Powers and Duties; Actions of Board.
Section 141.1005 - Bonds or Obligations; Amounts Included.
Section 141.1006 - Bonds or Obligations; Terms and Conditions.