238. Section 2. The council shall have authority to raise money by loan, in anticipation of the receipts from special assessments, for the purpose of defraying the costs of the improvement for which the assessment was levied. Bonds or notes may be issued for such loans which shall not exceed the amount of the assessment for the completion of the whole work, nor shall such loan be made until after the special assessment roll shall have been confirmed. The council shall pledge the faith and credit of the city for the payment of such loan.
Statutory reference:
Authority of city to borrow and issue bonds thereof in anticipation of the payment of special assessments, see M.C.L.A. § 117.4(a)(2)