Sec. 528.
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, 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 chairperson and secretary of the drainage board, who shall cause their facsimile signatures to 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 treasurer for the drainage board 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
Structure Michigan Compiled Laws
Chapter 280 - Drain Code of 1956
Act 40 of 1956 - The Drain Code of 1956 (280.1 - 280.630)
40-1956-21. - Chapter 21. Intercounty Drains; Public Corporations. (280.511...280.549)
Section 280.511 - Definitions.
Section 280.512 - Public Health; Assessment Against Public Corporations.
Section 280.514 - Drainage Board; Membership; Chairperson; Appointee; Exception.
Section 280.515 - Augmented Drainage Board; Members, Compensation; Expenses.
Section 280.516 - Minutes of Meetings; Secretary's Duties, Records, Filing.
Section 280.523 - Contracts With Federal Government or Corporations; Bids.
Section 280.524 - Designation of a County Treasurer; Deputies, Bonds; Expenditures.
Section 280.527 - Statutory or Charter Tax Limitation Inapplicable; Rate or Amount of Taxes.
Section 280.529 - Additional Assessment; Apportionment.
Section 280.531 - Advances by Corporations; Reimbursement.
Section 280.532 - Venue of Actions; Appointment of Circuit Judge.
Section 280.533 - Costs; Items.
Section 280.534 - Deputy for Director of Agriculture; Powers.
Section 280.535 - Improvements or Additions to Drains for Public Health.
Section 280.536 - Certiorari; Time; Legal Establishment of Drain.
Section 280.537 - Procedures; Incorporation of Other Chapters in Drainage Board Orders.
Section 280.538 - New Cities; Service of Notice on Township Clerk or De Facto City Officer.
Section 280.540 - Relief Drains.
Section 280.541 - River, Creek, or Watercourse; Petition to Inclusion in Jurisdiction.
Section 280.545 - River, Creek, or Watercourse; Assessment of Costs, Hearing; Powers.
Section 280.546 - Drainage Board Funds; Investment of Surplus, Interest.
Section 280.547a - Surplus Construction Funds; Disposition; Use.
Section 280.548 - Pollution in Intercounty Drain; Abatement; Petition.
Section 280.549 - Assessments Against Townships and Villages.