Sec. 3.
Such board shall be authorized to and shall agree, in the resolution provided for in the preceding section, to assume and pay all unpaid interest and principal of all outstanding drainage districts bonds in such county issued in anticipation of the collection of such special drain taxes. Such agreement shall constitute a general obligation of such county. The assumption of such liability shall not exceed constitutional limitations on the total indebtedness of such county.
History: 1953, Act 157, Imd. Eff. June 2, 1953
Structure Michigan Compiled Laws
Act 157 of 1953 - Deferred Drain Taxes (279.31 - 279.38)
Section 279.31 - Drain Taxes; Extending Time of Payment, Maximum; Drainage District Bonds, Payment.
Section 279.32 - Drain Taxes; Resolution of Board of Supervisors.
Section 279.35 - Drain Taxes; Money Credited to General Fund.
Section 279.36 - Drain Taxes; Lien.
Section 279.37 - Drain Taxes Assessed at Large; Defect in Proceedings Not Legalized or Waived.