Michigan Compiled Laws § 38.376 Separation Of Employees From Detroit School Retirement System; Payment Of ,000,000 By Board Of Education To Board Of Governors.

38.376 Separation of employees from Detroit school retirement system; payment of $1,000,000 by board of education to board of governors.

Sec. 6.

The board of governors shall accept the proposal of the board of education for the payment by the board of education to the board of governors in fulfillment of any obligations of the board of education with reference to retirement benefits for the persons included in the provisions of sections 2 and 3 of the sum of $1,000,000.00 on or before June 30, 1965, in approximately equal annual installments with interest of 3% per annum on unpaid balances after July 1, 1958.

History: 1958, Act 78, Eff. Sept. 13, 1958

Section: Previous  38.371  38.372  38.373  38.374  38.375  38.376  

Last modified: October 10, 2016