Sec. 1362.
(1) The board of a school district that votes to borrow a sum of money may issue the bonds of the district.
(2) The board shall prescribe all of the following:
(a) The form of the bonds.
(b) The amount of the bonds, which shall not be less than $50.00 each.
(c) The time for payment of the bonds.
(d) The interest rates on the bonds.
(e) The manner in which the president and secretary of the board shall execute the bonds.
History: 1976, Act 451, Imd. Eff. Jan. 13, 1977 ;-- Am. 2002, Act 68, Imd. Eff. Mar. 15, 2002 Popular Name: Act 451
Structure Michigan Compiled Laws
Chapter 380 - The Revised School Code
Act 451 of 1976 - The Revised School Code (380.1 - 380.1853)
Article 2 - (380.805...380.1644)
451-1976-2-17 - Part 17 Bonds and Notes (380.1351...380.1372)
Section 380.1351a - Borrowing Money and Issuing Bonds.
Section 380.1351b - Appreciation or Sale at Discount.
Section 380.1352 - Borrowing Money or Issuing Bonds; Contract for Legal Representation.
Section 380.1361 - Bonds; Election; Ballot; Surplusage.
Section 380.1362 - Bonds; Issuance; Conditions Prescribed by School District Board.
Section 380.1364 - Tax for Payment of Principal and Interest.
Section 380.1371 - Debt Retirement Fund; Duties of Treasurer.
Section 380.1372 - Debt Retirement Fund; Record of Moneys; Securities, and Transactions; Reports.