Michigan Compiled Laws
40-1956-20. - Chapter 20. Intracounty Drains; Public Corporations. (280.461...280.499)
Section 280.476 - Bonds; Issuance; Maturity; Mandatory Redemption; Signatures; Collection of Assessments.

Sec. 476.
The drainage board may issue 1 or more series of bonds for and on behalf of the drainage district, in anticipation of the collection of any or all installments of assessments or any part thereof, and pledge the full faith and credit of the drainage district for the prompt payment of the principal of and interest on the bonds. The bonds shall mature or be subject to mandatory redemption with the last maturity not later than 2 1/2 years after the due date of the last installment of the assessments and there may be more than 1 principal maturity or mandatory redemption date during any 12-month period. The bonds shall be signed by the chairman and at least 1 other member of the drainage board and the facsimile signature of the chairman shall be affixed to the interest coupons attached thereto. Collections of both principal and interest on all installments of assessments in anticipation of which bonds shall have been issued shall be kept in a separate bank account by the county treasurer and used for no other purpose than the payment of principal and interest on the bonds until the full payment of the principal and interest on the bonds.
History: 1956, Act 40, Imd. Eff. Mar. 28, 1956 ;-- Am. 1963, Act 215, Imd. Eff. May 17, 1963 ;-- Am. 2016, Act 27, Imd. Eff. Mar. 1, 2016 Popular Name: Act 40

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 280 - Drain Code of 1956

Act 40 of 1956 - The Drain Code of 1956 (280.1 - 280.630)

40-1956-20. - Chapter 20. Intracounty Drains; Public Corporations. (280.461...280.499)

Section 280.461 - Definitions.

Section 280.462 - County Drains; Public Health, Assessment Against Public Corporations.

Section 280.463 - Petition to Locate, Establish, and Construct County Drain; Determination; Filing and Contents of Petition; Notice; Certified Copy of Resolution; Authorizing Execution; Order of Determination.

Section 280.464 - Drainage Board; Creation; Members; Disqualification; Compensation, Mileage, and Expenses; County Drain Commissioner as Chairperson; Minutes, Records, and Files; Requirements for Substantive Actions and Determinations.

Section 280.465 - Meeting of Drainage Board; Notice; Affidavit of Mailing; Quorum; Adjournment; Action by Board; Signing of Orders.

Section 280.466 - Drainage Board; First Meeting, Notice.

Section 280.467 - Drainage Board; Tentative Determinations; Naming Drain and Drainage District; Composition of District; Objections; Notice of Hearing; Final Order of Determination; Eliminating or Adding Public Corporation.

Section 280.468 - Plans, Specifications, and Estimate of Cost; Approval, Adoption, and Filing; Route of Drain; Apportionment of Costs; Designation of Area to Be Served; Assumption of Additional Cost; Altering and Supplementing Proceedings.

Section 280.469 - Objections to Apportionments; Notice of Hearing; Confirmation or Readjustment of Apportionments; Notice of Rehearing; Final Order of Apportionment.

Section 280.470 - Drainage Board; Lands and Rights of Way, Condemnation; Procedure, Federal Government Participation; Costs.

Section 280.471 - Drainage Board; Contracts With Federal Government or Corporations; Bids.

Section 280.472 - Funds; County Treasurer, Deputies; Bonds; Expenditures.

Section 280.473 - Special Assessment Roll; Preparation; Estimated or Actual Costs; Annual Installments; Interest; Advance Payment; Altering and Supplementing Proceedings.

Section 280.474 - Special Assessment Roll; Contents; Approval; Statement; Certification to Assessed Public Corporation; Installments and Interest; Advances From County Funds; Notice; Deduction; Reimbursement; Assessments Against State; Sufficiency of...

Section 280.475 - Statutory or Charter Tax Limitations Inapplicable; Rate or Amount of Taxes.

Section 280.476 - Bonds; Issuance; Maturity; Mandatory Redemption; Signatures; Collection of Assessments.

Section 280.477 - Additional Assessment; Apportionment.

Section 280.478 - Drainage Board; Continuation; Responsibility; Expenses; Relinquishment; Moneys, Disposition, Consent.

Section 280.479 - Advancements by Corporations; Reimbursement.

Section 280.480 - Costs; Items.

Section 280.481 - Assessments Against Townships and Villages.

Section 280.482 - Improvements or Additions to Drains for Public Health.

Section 280.483 - Certiorari; Time; Legal Establishment of Drain.

Section 280.484 - Procedures; Incorporation of Other Chapters in Drainage Board Orders.

Section 280.485 - Relief Drains.

Section 280.486 - Drains to Which Chapter Applicable; Sufficiency of Petition.

Section 280.487 - Drainage Board; Absence of Members, Deputies, Vice-Chairman.

Section 280.488 - Additional Grant of Power; Prior Projects.

Section 280.489 - New Cities; Service of Notice on Township Clerks or De Facto City Officer.

Section 280.489a - Land Especially Benefited by Drain Project; Duties of Legislative Body; Affidavit as Conclusive Proof of Notice; Meeting; Powers of Legislative Body; Reimbursement for Pro Rata Share of Costs.

Section 280.490 - Land Especially Benefited by Drain Project; Special Assessment; Resolution; Preparation of Special Assessment Roll; Conduct of Proceedings; Objections; Hearing in Lieu of Meeting; Use of Special Assessment Collections; Reduction of...

Section 280.491 - River, Creek or Watercourse; Petition for Inclusion Within Jurisdiction.

Section 280.492 - Petition; Content, Deposit to Pay Cost; Drainage Board Hearing and Notice.

Section 280.493 - Final Order of Determination; Contents, Recording, Effect.

Section 280.494 - Final Order of Determination; Recording Effect on Private Rights.

Section 280.495 - Assessment of Cost; Hearing; Powers.

Section 280.496 - Drainage Board Funds; Investment of Surplus, Interest.

Section 280.497 - Use or Transfer of Surplus Construction Funds; Contract With Public Corporation; Provisions of Contract; Return of Surplus Construction Funds to State Transportation Department; Application of MCL 280.499; Definition.

Section 280.498 - Pollution in County Drain; Abatement; Petition.

Section 280.499 - Providing Amount From Surplus Construction Funds to Inspect, Repair, and Maintain Drain; Apportioning Balance of Surplus Construction Funds to Credit of Public Corporations; Use of Funds.