Michigan Compiled Laws § 380.1364 Tax For Payment Of Principal And Interest.

380.1364 Tax for payment of principal and interest.

Sec. 1364.

The board of a school district which borrows money shall impose an annual tax on the taxable property in the district for the purpose of paying the principal borrowed, or a part thereof, and the interest thereon, to be levied and collected as other school taxes are levied and collected.

History: 1976, Act 451, Imd. Eff. Jan. 13, 1977
Popular Name: Act 451

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Last modified: October 10, 2016