Sec. 30705.
(1) The special assessment district may issue bonds or lake level orders in anticipation of special assessments. All proceedings relating to the making, levying, and collection of special assessments authorized by this part and the issuance of bonds or lake level orders in anticipation of the collection of bonds or orders shall conform as nearly as possible to the proceedings for levying special assessments and issuing special assessment bonds or lake level orders as set forth in the drain code of 1956, 1956 PA 40, MCL 280.1 to 280.630.
(2) The special assessment district may issue notes in anticipation of special assessments made against lands in the special assessment district or public corporation at large. The final maturity of the notes shall be not later than 10 years from their date. The notes are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
(3) A county board by a vote of 2/3 of its members may pledge the full faith and credit of a county for payment of bonds or notes issued by a special assessment district.
History: Add. 1995, Act 59, Imd. Eff. May 24, 1995 ;-- Am. 2002, Act 215, Imd. Eff. Apr. 29, 2002
Popular Name: Act 451
Popular Name: NREPA
Last modified: October 10, 2016