Bill
SB 1081
Drains: financing; interest charged for drain projects; limit. Amends sec. 278 of 1956 PA 40 (MCL 280.278).
2025-2026 Regular Session
Introduced by Sarah Anthony and 4 co-sponsors
Capped interest on drain tax installments at no more than 1% above the average bond rate and limited to the bond rate, with all payments strictly dedicated to debt service.
REFERRED TO COMMITTEE ON LOCAL GOVERNMENT