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.
Amends the Michigan Drain Code to limit the interest rate on drain tax installments to the rate payable on related bonds or notes, clarifies fund management procedures, and aligns bond interest rates with the Revised Municipal Finance Act.
Co-sponsored by Sens.
Referred to the Committee on Local Government
