Sec. 3. Such board shall be authorized to and shall agree, in the resolution provided for in the preceding section, to assume and pay all unpaid interest and principal of all outstanding drainage districts bonds in such county issued in anticipation of the collection of such special drain taxes. Such agreement shall constitute a general obligation of such county. The assumption of such liability shall not exceed constitutional limitations on the total indebtedness of such county.
Mich. Comp. Laws § 279.33
Drain taxes; unpaid interest and principal of outstanding drainage district bonds, payment; agreement
1953, Act 157, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.