Sec. 5. After any indebtedness shall be incurred under the provisions of this act, it shall be the duty of the treasurer of the city or village, during each year such indebtedness shall continue, to set aside in a separate fund from such revenues as shall be received during such year from the motor vehicle highway fund an amount sufficient to pay the interest and principal upon the installment on such indebtedness next maturing.
Mich. Comp. Laws § 247.705
Revenues set aside; source
Applied in 1 court decision — leading case Porter v. Gore (2018)
Most recently applied in Porter v. Gore (December 2018)
1952, Act 175, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.