Michigan Laws 41.344 – Contract for issuance and delivery of negotiable revenue bonds; interest, terms, and conditions
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 41.344
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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 section 1 to 20a and agreed upon between the township board and the lending corporation.