Michigan SB1081 amends interest rate limits for drain projects financed by bonds or notes.
Michigan SB1081 amends Section 278 of the 1956 Public Act 40 to adjust the interest rate limits for drain projects financed by bonds or notes. The bill specifies that the interest rate on installments of drain taxes must not exceed the rate on the bonds or notes by more than 1% per annum. It also mandates that the interest must be paid into the county treasury and credited to the drain fund. The bill further ensures that the interest rate on bonds or notes does not exceed the rate specified in the Revised Municipal Finance Act.
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