HOUSE BILL No. 5632


     February 12, 2002, Introduced by Rep. Hale and referred to the Committee on Tax Policy.


        A bill to amend 1994 PA 451, entitled

   "Natural resources and environmental protection act,"

   by amending section 34146 (MCL 324.34146), as added by 1995 PA

   59.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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             Sec. 34146.  The irrigation board may borrow money and issue

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        the bonds of the special assessment district for that money in

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        anticipation of the collection of special assessments to defray

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        the cost of any improvement made under this part after the spe-

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        cial assessment roll has been confirmed.  The bonds shall not

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        exceed the amount of the special assessments in anticipation of

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        the collection of which they are issued.  and shall bear interest

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        at a rate not exceeding 6% per annum.  Collections on special

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        assessments to the extent pledged for the payment of bonds shall

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        be set aside in a special fund for the payment of the bonds.  The


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        issuance of special assessment bonds shall be governed by the

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        general laws of  the  THIS state applicable to the issuance of

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        special assessment bonds and in accordance with the  municipal

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        finance act, Act No. 202 of the Public Acts of 1943, being

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        sections 131.1 to 139.3 of the Michigan Compiled Laws  REVISED

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        MUNICIPAL FINANCE ACT, 2001 PA 34, MCL 141.2101 TO 141.2821.

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        Bonds may be issued in anticipation of the collection of special

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        assessments levied in respect to 2 or more public improvements,

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        but no special assessment district shall be compelled to pay the

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        obligation of any other special assessment district.




































   05350'01          Final page.                            JLB