Drains: financing; interest charged for drain projects; limit. Amends sec. 278 of 1956 PA 40 (MCL 280.278).

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Plain-English Summary

This bill amends the Drain Code of 1956, specifically section 278, which deals with interest rates on drain taxes and bonds. It clarifies that drain tax installments must bear interest no more than 1% higher than the average bond interest rate, and not exceeding the bond's interest rate. The bill also states that money collected for bond payments must be deposited in a bank chosen by the county and that the interest earned will go to the drain fund.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

Votes

Sponsorship · 5 Sponsors

Democrat4Republican1Independent0Other0

D · PrimeSarah Anthony
D · CoRosemary Bayer
D · CoMary Cavanagh
D · CoErika Geiss
R · CoRuth Johnson

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