SB 1081

SENATE BILL NO. 1081
A bill to amend 1956 PA 40, entitled
"The drain code of 1956,"
by amending section 278 (MCL 280.278), as amended by
2016 PA 27.
the people of the state of michigan enact:
Sec. 278. If bonds or notes are issued and sold by the drain commissioner, installments of the drain taxes shall must bear
interest at a rate that is not greater than 1% per
annum more than the average rate of interest on the bonds or notes from the
date of the preparation of the assessment roll until due. not to exceed the rate of interest payable on the bonds or
notes. The bonds or notes may provide, if the drain
commissioner so determines, for the payment of interest semiannually.
The installments and the interest shall, must, as collected, be paid into the county treasury, and placed to the
credit of credited to the fund of the
drain, to be and used
solely only for
the payment of bonds or notes as they the bonds and notes mature or are subject to
mandatory redemption. Money collected in anticipation of the payment of the
bonds or notes shall must be deposited by the county treasurer in a bank
or banks to be designated by the board of commissioners of the county and the
interest received shall must belong to the fund. Bonds or notes issued and
sold by the drain commissioner shall must bear
interest at a rate not to exceed the rate
specified in the revised municipal finance act, 2001 PA 34, MCL 141.2101 to
141.2821.