Michigan Compiled Laws § 41.738 Use Of Interest Earned From Investments, Money From Bond Proceeds, Or Money From Interest And Penalties On Unpaid Special Assessment.

41.738 Use of interest earned from investments, money from bond proceeds, or money from interest and penalties on unpaid special assessment.

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

Section: Previous  41.729a  41.730  41.731  41.732  41.733  41.734  41.734a  41.735  41.735a  41.735b  41.735c  41.736  41.737  41.738  

Last modified: October 10, 2016