§ 11.09. Deferred Payment Contracts.

Latest version.

[A.]

The City may enter into installment contracts for the purchase of property or capital equipment. Each of the such contracts shall not extend over a period greater than fifteen (15) years or lesser period set forth in MCL 123.721 nor shall the total amounts of principal payable under such contracts exceed a sum equal to one and one quarter percent (1.25%) of the taxable value of all Real and Personal property in the City at the time the contract is executed unless otherwise permitted by law.

[B.]

All such deferred payments shall be included in the budget for the year in which the installment is payable.

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');