Michigan § 41.350n - Provisions to which transaction authorized by MCL 41.350m subject.
Full text of Michigan Michigan Compiled Laws § 41.350n — Provisions to which transaction authorized by MCL 41.350m subject., with citation guidance and answers to common questions.
§ 41.350n. Provisions to which transaction authorized by MCL 41.350m subject.
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.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 41.350n
What does Michigan Compiled Laws § 41.350n cover?
Section 41.350n ("Provisions to which transaction authorized by MCL 41.350m subject.") 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 § 41.350n?
A common citation format is "Michigan Compiled Laws § 41.350n" (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 § 41.350n 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.