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WAM S06552'26_SB1081_INTR_1 k9c7vf
SENATE BILL NO. 1081
A bill to amend 1956 PA 40, entitled
"The drain code of 1956,"
by amending section 278 (MCL 280.278), as amended by 2016 PA 27.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 278. If bonds or notes are issued and sold by the drain 1
commissioner, installments of the drain taxes shall must bear 2
interest at a rate that is not greater than 1% per annum more than 3
the average rate of interest on the bonds or notes from the date of 4
the preparation of the assessment roll until due. not to exceed the 5
rate of interest payable on the bonds or notes. The bonds or notes 6
may provide, if the drain commissioner so determines, for the 7
June 25, 2026, Introduced by Senators ANTHONY, BAYER, CAVANAGH, GEISS and
JOHNSON and referred to Committee on Local Government.
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Final Page
WAM S06552'26_SB1081_INTR_1 k9c7vf
payment of interest semiannually. The installments and the interest 1
shall, must, as collected, be paid into the county treasury, and 2
placed to the credit of credited to the fund of the drain, to be 3
and used solely only for the payment of bonds or notes as they the 4
bonds and notes mature or are subject to mandatory redemption. 5
Money collected in anticipation of the payment of the bonds or 6
notes shall must be deposited by the county treasurer in a bank or 7
banks to be designated by the board of commissioners of the county 8
and the interest received shall must belong to the fund. Bonds or 9
notes issued and sold by the drain commissioner shall must bear 10
interest at a rate not to exceed the rate specified in the revised 11
municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. 12