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Code · Michigan · Chapter 380 — The Revised School Code

380.1362 Bonds; issuance; conditions prescribed by school district board.

117 words·~1 min read·/mi/chapter-380/380-1362

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380.1362 Bonds; issuance; conditions prescribed by school district board.
Sec. 1362.
(1)The board of a school district that votes to borrow a sum of money may issue the bonds of the district.
(2)The board shall prescribe all of the following:
(a)The form of the bonds.
(b)The amount of the bonds, which shall not be less than $50.00 each.
(c)The time for payment of the bonds.
(d)The interest rates on the bonds.
(e)The manner in which the president and secretary of the board shall execute the bonds.
History: 1976, Act 451, Imd. Eff. Jan. 13, 1977 ;-- Am. 2002, Act 68 , Imd. Eff. Mar. 15, 2002
Popular Name: Act 451
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