SENATE BILL No. 869

November 29, 2001, Introduced by Senator DUNASKISS and referred to the Committee on

Finance.

A bill to amend 1992 PA 173, entitled

"Land reclamation and improvement authority act,"

by amending section 32 (MCL 125.2482).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1 Sec. 32. (1) After the special assessment roll for an

2 improvement is confirmed, the authority board may borrow money

3 and issue the bonds and notes of the authority in anticipation of

4 the collection of special assessments to defray all or any part

5 of the cost of the improvement. The bonds and notes shall not

6 exceed the amount of the special assessments in anticipation of

7 the collection of which they are issued. , and shall bear inter-

8 est at a rate not exceeding the maximum rate permitted by the

9 municipal finance act, Act No. 202 of the Public Acts of 1943,

10 being sections 131.1 to 139.3 of the Michigan Compiled Laws. To

11 the extent that collections on special assessments are pledged

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1 for the payment of bonds or notes, the collections shall be set

2 aside in a special fund for the payment of the bonds or notes.

3 Bonds or notes may be issued in anticipation of the collection of

4 special assessments levied in respect to 1 or more improvements.

5 (2) The issuance of bonds and notes under this section is

6 subject to Act No. 202 of the Public Acts of 1943 THE REVISED

7 MUNICIPAL FINANCE ACT, 2001 PA 34, MCL 141.2101 TO 141.2821.

8 Bonds issued by an authority under this section shall be exe-

9 cuted by the chairperson and treasurer of the authority board

10 causing their facsimile signatures to be affixed to the bonds.

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