Michigan Laws 41.350n – Provisions to which transaction authorized by MCL 41.350m subject
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 41.350n
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
A transaction authorized by section 20m is subject to the following provisions:
(a) A note shall be payable in annual installments the aggregate of which does not exceed 10 and the first of which is due not later than August 1 after the calendar year in which the note is issued. Subsequent maturity dates, if any, shall likewise be August 1. The note shall bear interest at a rate not exceeding 4% per year, payable semiannually, and may be made subject to redemption on an interest payment date before maturity at par plus accrued interest on terms and conditions provided in the authorizing resolution.
(b) The amount of a loan authorized by section 20m shall not, when payable, exceed the following percentage of the total aggregate revenues derived from sales tax money received by the township for the preceding 5 calendar years:
| (i) | For a loan payable in 10 installments……… | 40%. |
| (ii) | For a loan payable in 9 installments………. | 36%. |
| (iii) | For a loan payable in 8 installments………. | 32%. |
| (iv) | For a loan payable in 7 installments………. | 28%. |
| (v) | For a loan payable in 6 installments………. | 24%. |
| (vi) | For a loan payable in 5 installments………. | 20%. |
| (vii) | For a loan payable in 4 installments………. | 16%. |
| (viii) | For a loan payable in 3 installments………. | 12%. |
| (ix) | For a loan payable in 2 installments………. | 8%. |
| (x) | For a loan payable in 1 installment……….. | 4%. |
(c) The resolution authorizing the borrowing shall contain an irrevocable appropriation providing for the payment of the principal and interest from the money to be derived from state collected sales tax returned to the township. After the borrowing is authorized, the township treasurer shall set aside in a separate fund from the money received in each year an amount sufficient for the payment of the principal and interest of the loan maturing on August 1 of the next calendar year. The full faith and credit of the township shall not be pledged.