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
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)
34-2001-V - Part V Long-Term Municipal Securities (141.2501...141.2518)
Section 141.2501 - Maturity Time Periods.
Section 141.2505 - Municipal Securities Secured by Special Assessments.
Section 141.2507 - Interest Rate Charge on Special Assessments.
Section 141.2509 - Reserve Fund; Establishment.
Section 141.2511 - Issuance of Municipal Securities to Fund County Drain Special Assessment.