Michigan § 141.252 - Notes; issuance; provisions.
Full text of Michigan Michigan Compiled Laws § 141.252 — Notes; issuance; provisions., with citation guidance and answers to common questions.
§ 141.252. Notes; issuance; provisions.
All notes issued under this act are subject to all of the following provisions:
For the purpose of computing the amount that may be borrowed, a loan made under this act shall not, when payable as provided in this section, exceed that percentage of the total aggregate revenues derived from state collected taxes returned to a county for county road purposes pursuant to law for the 5 immediately succeeding years:
In 10 installments, 40%.
In 9 installments, 36%.
In 8 installments, 32%.
In 7 installments, 28%.
In 6 installments, 24%.
In 5 installments, 20%.
In 4 installments, 16%.
In 3 installments, 12%.
In 2 installments, 8%.
In 1 installment, 4%.
A loan payable in more than 2 installments shall not be authorized for any purpose other than for the construction, improvement, maintenance, or repair of highways. At no time shall the total loans outstanding under this act exceed 40% of the sum of the revenues derived from state collected taxes returned to the county for county road purposes for the immediately preceding 5 calendar years and not specifically allocated for other purposes.
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 taxes returned to the county for county road purposes pursuant to law that have not been previously specifically allocated for other purposes.
Frequently Asked Questions About Michigan § 141.252
What does Michigan Compiled Laws § 141.252 cover?
Section 141.252 ("Notes; issuance; provisions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 141.252?
A common citation format is "Michigan Compiled Laws § 141.252" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 141.252 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.