Sec. 20n.
A transaction authorized by section 20m is subject to the following provisions:
(a) A note shall be payable in annual installments the aggregate of which does not exceed 10 and the first of which is due not later than August 1 after the calendar year in which the note is issued. Subsequent maturity dates, if any, shall likewise be August 1. The note shall bear interest at a rate not exceeding 4% per year, payable semiannually, and may be made subject to redemption on an interest payment date before maturity at par plus accrued interest on terms and conditions provided in the authorizing resolution.
(b) The amount of a loan authorized by section 20m shall not, when payable, exceed the following percentage of the total aggregate revenues derived from sales tax money received by the township for the preceding 5 calendar years:
History: Add. 1989, Act 83, Imd. Eff. June 20, 1989
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.