{"data":{"id":"us-mi/mich.-comp.-laws-141.31","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 141.31","heading":"Bond issues; requisite sinking funds.","body":"Sec. 1.\n\nThat from and after the passage of this act, before any county in the state of Michigan shall issue any bonds except serial bonds and bonds having a special security, the legislative body of such county shall pass a resolution providing for the levying and assessment in each year during the life of the bonds to be issued of a tax which shall raise annually a sufficient sum to pay the interest on said bonds as the same shall accrue and to pay the principal of said bonds at maturity. Said resolution may contain a proviso that the amount levied and assessed in any 1 year under the provisions of the resolution may be reduced by the amount of money earned by the sinking fund during the immediately preceding year. The county treasurer shall keep a separate and distinct account for each item of the sinking fund set aside and pledged to the retirement of each issue of county bonds.","path":["MI Code","Chapter 141","Act Act-161-of-1923"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-141-31","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"c19e7f6da767ca175d54a2dc7249e7f9e441ad9441d6b8665c396090fffc390d","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-141.324","next":"us-mi/mich.-comp.-laws-141.32"},"notice":"GroundRules: Original legal text. Not legal advice."}