Sec. 7.
Bonds issued pursuant to this act are debt of the district library and not of the participating municipalities. If a participating municipality withdraws from a district library, taxes imposed for payment of bonds approved as provided in this act before the adoption of the resolution to withdraw shall continue to be levied within the district as if the municipality did not withdraw from the district library until the principal of and interest on those bonds are paid in full.
History: 1988, Act 265, Imd. Eff. July 15, 1988 ;-- Am. 1989, Act 25, Imd. Eff. May 22, 1989
Structure Michigan Compiled Laws
Act 265 of 1988 - District Library Financing Act (397.281 - 397.290)
Section 397.281 - Short Title.
Section 397.282 - Definitions.
Section 397.283 - Powers of Board.
Section 397.285 - Issuance of Limited Tax Bonds or Notes by Resolution.
Section 397.286 - Repealed. 1989, Act 25, Imd. Eff. May 22, 1989.
Section 397.288 - Authorization and Levy of Taxes to Pay Principal of and Interest on Bonds.
Section 397.289 - Bonds Subject to Revised Municipal Finance Act.
Section 397.290 - Submission of Proposal to Issue Bonds; Limitation.