Sec. 7.
Whenever any issue of the bonds of the county shall be sold for more than par value all the premium and accrued interest shall be credited and belong to the sinking fund. All the interest paid to the county on securities held by the county shall belong to and be placed in the sinking fund. The board of sinking fund commissioners shall receive their actual expenses incurred in the performance of their duties which shall be a proper charge against the county to be paid from the general fund.
History: 1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1252 ;-- CL 1948, 141.37
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40)
Section 141.31 - Bond Issues; Requisite Sinking Funds.
Section 141.32 - Sinking Fund Commissioners.
Section 141.33 - Sinking Fund Commissioners; Control of Fund, Application; Payment, Manner.
Section 141.34 - Sinking Fund Commissioners; Handling of Funds, Investment; Bonded Debt.
Section 141.36 - Sinking Fund Commissioners; Condition Reports to Board; Tax Recommendations.
Section 141.37 - Bond Sale; Interest, Credit; Expenses of Commissioners.
Section 141.38 - Suit on Securities.
Section 141.39 - Saving Clause; Construction of Act.
Section 141.40 - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.