Michigan Compiled Laws
Act 188 of 1954 - Public Improvements (41.721 - 41.738)
Section 41.735 - Bonds.

Sec. 15.
The township board may borrow money and issue the bonds of the township in anticipation of the collection of special assessments to defray all or any part of the cost of any improvement made under this act after the special assessment roll is confirmed. Bonds issued under this section shall not exceed the amount of the special assessments in anticipation of the collection of which they are issued. Bonds may be issued in anticipation of the collection of special assessments levied in respect to 1 or more public improvements, but no special assessment district shall be compelled to pay the obligation of any other special assessment district. The township board may pledge the full faith and credit of the township for the prompt payment of the principal of and interest on the bonds authorized under this section. The issuance of bonds under this section is subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History: 1954, Act 188, Imd. Eff. May 5, 1954 ;-- Am. 1974, Act 143, Imd. Eff. June 5, 1974 ;-- Am. 2002, Act 229, Imd. Eff. Apr. 29, 2002

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 41 - Townships

Act 188 of 1954 - Public Improvements (41.721 - 41.738)

Section 41.721 - Public Improvements by Township Board; Bonds; Special Assessments to Defray Costs.

Section 41.721a - “Record Owner” Defined.

Section 41.722 - Types of Improvements Authorized; Approval; Conditions.

Section 41.723 - Written Objections; Petition; Filing; Signatures; Determining Record Owners; Determining Sufficiency of Petition; Supplement to Petition; Validity of Signatures.

Section 41.724 - Plans; Cost Estimate; Resolution; Designation of Special Assessment District; Hearing; Notice; Periodic Redeterminations of Cost; Objections; Adding Property to Special Assessment District; Supplemental Petition; Filing by Railroad C...

Section 41.724a - Notice of Hearings in Special Assessment Proceedings.

Section 41.725 - Approval or Determination by Township Board; Levy of Special Assessment.

Section 41.726 - Filing and Review of Special Assessment Roll; Hearing; Notice; Adjournments; Objections; Confirmation, Referral, or Annulment; Endorsement; Finality; Action Contesting Assessment.

Section 41.727 - Payment of Special Assessments in Installments; Amount of Installment; Extension; Due Dates; Interest on Unpaid Installments; Lien; Limitation; Statement of Amount; Payment of Future Due Installments; Delinquent Installment; Penalty.

Section 41.728 - Special Assessments to Constitute Lien; Limitation; Character and Effect.

Section 41.729 - Special Assessments; Collection by Township Treasurer, Report of Delinquencies.

Section 41.729a - Deferred Assessment; Application; Evidence of Hardship; Ordinance; Deferred Assessment as Recorded Lien.

Section 41.730 - Special Assessments; Delinquencies, Reassessment.

Section 41.731 - Division of Lands; Apportionment of Uncollected Assessments.

Section 41.732 - Special Assessment Roll; Insufficiency, Additional Pro Rata Assessments; Surplus, Refunds.

Section 41.733 - Illegal Special Assessment; Reassessment Proceedings.

Section 41.734 - Exempt Corporations; Agreement to Pay Assessment.

Section 41.734a - Assessment on Platted Corner Lots; Payment of Portion by Governing Body.

Section 41.735 - Bonds.

Section 41.735a - Township Improvement Revolving Fund; Advances; Interest.

Section 41.735b - Township Improvement Revolving Fund; Transfer of Funds; Amount.

Section 41.735c - Special Assessments to Defray Certain Obligations.

Section 41.736 - Public Improvements; Powers Granted to Townships.

Section 41.737 - Scope of Act.

Section 41.738 - Use of Interest Earned From Investments, Money From Bond Proceeds, or Money From Interest and Penalties on Unpaid Special Assessment.