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Code · Michigan · Chapter 41 — Townships

41.344 Contract for issuance and delivery of negotiable revenue bonds; interest, terms, and conditions.

111 words·~1 min read·/mi/chapter-41/41-344

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41.344 Contract for issuance and delivery of negotiable revenue bonds; interest, terms, and conditions.
Sec. 14.
A township borrowing pursuant to section 13 may enter into a contract with the corporation described in section 13 for the issuance and delivery to the corporation or its assigns of self-liquidating and fully negotiable revenue bonds for the repayment of the loan with interest on the bonds not exceeding the legal rate, according to terms and conditions consistent with sections 1 to 20a and agreed upon between the township board and the lending corporation.
History: Add. 1951, Act 201, Imd. Eff. June 14, 1951 ;-- Am. 1989, Act 83, Imd. Eff. June 20, 1989
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