Act No. 332

Public Acts of 2002

Approved by the Governor

May 23, 2002

Filed with the Secretary of State

May 23, 2002

EFFECTIVE DATE: May 23, 2002

STATE OF MICHIGAN

91ST LEGISLATURE

REGULAR SESSION OF 2002

Introduced by Rep. Vander Veen

ENROLLED HOUSE BILL No. 5855

AN ACT to amend 1917 PA 5, entitled "An act authorizing organized townships and incorporated villages in the state of Michigan to borrow money and to issue bonds therefor for the purpose of establishing free public libraries, purchasing sites and constructing buildings thereon," by amending section 4 (MCL 397.324); and to repeal acts and parts of acts.

The People of the State of Michigan enact:

Sec. 4. If at an election a majority of the qualified electors present and voting upon the proposition vote in favor of the loan, the bonds shall be issued by the township board of the township or the village council or board of trustees of the village, as the case may be. Bonds issued under this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.

Enacting section 1. Section 5 of 1917 PA 5, MCL 397.325, is repealed.

This act is ordered to take immediate effect.

Clerk of the House of Representatives.

Secretary of the Senate.

Approved

Governor.