Michigan Laws 397.287 – Bonds as debt of district library; withdrawal of participating municipality from district library
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 397.287
- District: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
- District library: means a library established pursuant to the district library establishment act or a library considered to be established pursuant to the district library establishment act under section 6 of that act. See Michigan Laws 397.282
- Municipality: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
- Participating: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
Bonds issued pursuant to this act are debt of the district library and not of the participating municipalities. If a participating municipality withdraws from a district library, taxes imposed for payment of bonds approved as provided in this act before the adoption of the resolution to withdraw shall continue to be levied within the district as if the municipality did not withdraw from the district library until the principal of and interest on those bonds are paid in full.