Sec. 15b.
The township board of any township by resolution may create and designate a fund to be known as the township improvement revolving fund. Before January 1, 1999, the township board may transfer to the township improvement revolving fund from the general fund of the township in any 1 year an amount not exceeding 2 mills of the state equalized valuation of the real and personal property in the township and in each subsequent year may transfer from the general fund to the township improvement revolving fund until that fund equals 5 mills of the state equalized valuation of the real and personal property in the township. After December 31, 1998, the township board may transfer to the township improvement revolving fund from the general fund of the township in any 1 year an amount not exceeding 2 mills of the taxable value of the real and personal property in the township and in each subsequent year may transfer from the general fund to the township improvement revolving fund until that fund equals 5 mills of the taxable value of the real and personal property in the township. All interest charges collected are a part of the township improvement revolving fund. The township board may transfer funds from the township improvement revolving fund to the general fund when, in the judgment of the board, funds should be transferred.
History: Add. 1956, Act 109, Eff. Aug. 11, 1956 ;-- Am. 1998, Act 544, Imd. Eff. Jan. 20, 1999
Structure Michigan Compiled Laws
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 41.724a - Notice of Hearings in Special Assessment Proceedings.
Section 41.725 - Approval or Determination by Township Board; Levy of Special Assessment.
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 41.730 - Special Assessments; Delinquencies, Reassessment.
Section 41.731 - Division of Lands; Apportionment of Uncollected Assessments.
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 41.735a - 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.