Sec. 18.
Interest earned from the investment of money collected under a special assessment under this act or of money received as bond proceeds from a bond issued under this act, or money from interest or penalties charged and collected on an unpaid special assessment under this act shall only be used for the following:
(a) To pay for the improvement for which the special assessment is assessed.
(b) To pay the principal and interest of bonds that are issued for the improvement for which the special assessment is assessed.
(c) To pay the principal and interest of an advance from the township that is used for the improvement for which the special assessment is assessed.
History: Add. 1986, Act 180, Imd. Eff. July 8, 1986
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.