MI HB4758

Authorizes drainage districts to issue bonds with mandatory redemption provisions in addition to maturity dates, allowing flexibility in bond repayment schedules.

Permits bonds to have multiple principal maturity or mandatory redemption dates within a 12-month period, with final maturity no later than 2.5 years after the last assessment installment due date.

Requires collections of principal and interest on assessments be kept in separate bank accounts and used solely for bond payment until obligations are fully satisfied.

Updates bond issuance procedures to include mandatory redemption requirements in addition to traditional maturity dates for drainage district, water management district, and intercounty drain bonds.

Effective immediately upon Governor's approval on March 1, 2016.