§ 11.7. Preparation and record.

Latest version.

Each bond or other evidence of indebtedness shall contain on its face a statement specifying the purpose for which the same is issued and it shall be unlawful for any officer of the City to use the proceeds thereof for any other purpose; any officer violating this provision shall be deemed guilty of a misdemeanor. All bonds and other evidences of indebtedness issued by the City shall be signed by the Mayor and countersigned by the Clerk/Treasurer under the Seal of the City. Interest coupons may be executed with the facsimile signatures of the Mayor or Clerk/Treasurer. A complete and detailed record of all bonds and other evidences of indebtedness issued by the City shall be kept by the Clerk/Treasurer. Upon payment of any bond or other evidence of indebtedness, the same shall be marked "Canceled."

State law reference

Cremation or disintegration of public obligations, MCL 129.121 et seq., MSA 3.996(1) et seq.

                    
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