Sec. 13.
A corporation proposing to locate and construct, in a township having no sewage disposal system and a water supply system installed before June 14, 1951 under the terms of sections 1 to 12 that is inadequate for domestic and proposed industrial or commercial requirements, a business or plant requiring the facilities of a modern and sufficient public water supply and sewage disposal system may loan to the township money sufficient to provide for the acquisition and construction of an adequate township water supply and sewage disposal system and for the refunding of revenue bonds or revenue notes then outstanding and constituting a lien upon the revenues of the existing water supply system. Without complying with section 1, the township may borrow money from the corporation for these purposes; execute revenue bonds and mortgages securing the loan; pledge the net revenues of the proposed water supply and sewage disposal system to the repayment of the loan; acquire, construct, or improve the works; and refund the bonds or notes. A bond issued under the provisions of this section is a valid and subsisting obligation of the township.
History: Add. 1951, Act 201, Imd. Eff. June 14, 1951 ;-- Am. 1989, Act 83, Imd. Eff. June 20, 1989 Former Law: See section 13 of Act 107 of 1941, which was repealed by Act 267 of 1945.
Structure Michigan Compiled Laws
Section 41.332 - Water Mains and Fittings; Purchase, Installation, and Maintenance.
Section 41.334 - Percentage of Net Cost Remaining After Application of MCL 41.333; Payment.
Section 41.336 - Publication of Plan Adopted Under MCL 41.335.
Section 41.338 - Installation of Improvement by Township Board; Loan.
Section 41.339 - Excess Money; Deposit in Contingent Fund; Applicability of Section.
Section 41.343 - Township Water Supply and Sewage Disposal System; Loan From Corporation; Bonds.
Section 41.346 - Statutory Lien Upon Net Revenues; Net Revenues as Trust Funds.
Section 41.347 - Duration and Enforcement of Statutory Lien.
Section 41.350 - Operation or Maintenance of Public Improvement; Appropriation to Pay Expenses.
Section 41.350a - Powers Conferred by MCL 41.331 to 41.350.
Section 41.350b - Water Service for Fire Protection Within District; Special Assessment; Resolution.
Section 41.350c - Contents of Resolution Required by MCL 41.350b.
Section 41.350d - Annual Fire Protection Cost; Payment.
Section 41.350e - Fixing Date for Public Hearing.
Section 41.350f - Preparation and Levy of Assessment; Report.
Section 41.350h - Conducting Business at Public Meeting; Notice.
Section 41.350i - Public Hearing; Objections; Determination; Equitable Change.
Section 41.350j - Review, Correction, and Confirmation of Assessment Roll; Collection.
Section 41.350k - Annual Determination of Amount to Be Assessed; Levy; Additional Hearings.
Section 41.350l - Contract With Another Township, City, or Village for Supplying Water.
Section 41.350n - Provisions to Which Transaction Authorized by MCL 41.350m Subject.
Section 41.350o - Notes Issued Under MCL 41.350m.
Section 41.350p - Pledge of Sales Tax Money by Ordinance.
Section 41.350q - Withholding and Paying Lender Constitutionally Allocated Money.
Section 41.350r - Exercise of Powers by Ordinance; Procedure.
Section 41.350s - Effective Date of Ordinance Authorized by MCL 41.350r; Petition; Election.
Section 41.350t - Powers Cumulative.
Section 41.350u - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 41.351z - Repealed. 1989, Act 83, Imd. Eff. June 20, 1989.