Mich. Comp. Laws § 35.1036
This is the official text of Mich. Comp. Laws § 35.1036, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Bonds; disposition and disbursement of proceeds; deposit of premium and accrued interest.
Official statutory text
Sec. 16.
The proceeds of sale of the bonds or any series thereof shall be deposited in the state treasury in a separate account and shall be disbursed therefrom only for the purposes for which the bonds have been authorized and the expense of issuing said bonds. Any premium and accrued interest received on the delivery of the bonds shall be deposited in the general fund. Proceeds of sale of the bonds or any series thereof shall be expended for the purposes set forth in this act in the manner as provided by law.
History: 1974, Act 370, Imd. Eff. Dec. 23, 1974
The proceeds of sale of the bonds or any series thereof shall be deposited in the state treasury in a separate account and shall be disbursed therefrom only for the purposes for which the bonds have been authorized and the expense of issuing said bonds. Any premium and accrued interest received on the delivery of the bonds shall be deposited in the general fund. Proceeds of sale of the bonds or any series thereof shall be expended for the purposes set forth in this act in the manner as provided by law.
History: 1974, Act 370, Imd. Eff. Dec. 23, 1974
Status: in_force · Read it on the official government site
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