Sec. 569.
The board may issue bonds for and on behalf of the water management district, in anticipation of the collection of any or all installments of assessments, and pledge the full faith and credit of the water management 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. However, 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 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 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. 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)
40-1956-22. - Chapter 22. Water Management Districts and Subdistricts (280.551...280.583)
Section 280.551 - Water Management; Definitions.
Section 280.556 - Water Management Commission; Petitions, Review; Notice of First Meeting.
Section 280.559 - Assessment; Basis.
Section 280.561 - Tentative Percentage of Cost for Assessment; Apportionment.
Section 280.565 - Contracts With Federal Government or Corporations; Bids.
Section 280.566 - Special Assessment Roll; Installments, Payment, Interest.
Section 280.568 - Assessments and Taxes Not Subject to Statutory or Charter Debt or Tax Limitations.
Section 280.570 - Additional Assessment; Apportionment.
Section 280.571 - Water Management Board; Continuation, Responsibility; Budget, Hearing, Adoption.
Section 280.572 - Advancements by Corporations; Reimbursement.
Section 280.573 - Costs; Items, Contingent Expenses.
Section 280.574 - Water Management Commission; Powers.
Section 280.576 - Water Management District in Interstate River Basin; Powers of Commission.
Section 280.577 - Venue of Actions; Appointment of Circuit Judge.
Section 280.578 - Deputy for Director of Agriculture; Powers.
Section 280.579 - Intercounty Drain; Construction or Improvement for Flood Control Project.
Section 280.581 - Certiorari; Time; Legal Establishment of Project.