Sec. 20n.
A transaction authorized by section 20m is subject to the following provisions:
(a) A note shall be payable in annual installments the aggregate of which does not exceed 10 and the first of which is due not later than August 1 after the calendar year in which the note is issued. Subsequent maturity dates, if any, shall likewise be August 1. The note shall bear interest at a rate not exceeding 4% per year, payable semiannually, and may be made subject to redemption on an interest payment date before maturity at par plus accrued interest on terms and conditions provided in the authorizing resolution.
(b) The amount of a loan authorized by section 20m shall not, when payable, exceed the following percentage of the total aggregate revenues derived from sales tax money received by the township for the preceding 5 calendar years:
| (i) | For a loan payable in 10 installments......... | 40%. |
| (ii) | For a loan payable in 9 installments.......... | 36%. |
| (iii) | For a loan payable in 8 installments.......... | 32%. |
| (iv) | For a loan payable in 7 installments.......... | 28%. |
| (v) | For a loan payable in 6 installments.......... | 24%. |
| (vi) | For a loan payable in 5 installments.......... | 20%. |
| (vii) | For a loan payable in 4 installments.......... | 16%. |
| (viii) | For a loan payable in 3 installments.......... | 12%. |
| (ix) | For a loan payable in 2 installments.......... | 8%. |
| (x) | For a loan payable in 1 installment........... | 4%. |
History: Add. 1989, Act 83, Imd. Eff. June 20, 1989