Warrenville State Bank v. Farmington Tp.

KOSC3NSKI, District Judge.

Findings of Fact

1. Under Michigan’s “Revenue Bond Act of 1933, Public Acts of Michigan 1933”, as amended, and enabling ordinance pursuant thereto adopted by the Township Board, the defendant township, a political subdivision of Oakland County, State of Michigan, and a public corporation, as defined by the Act, on or about October 1, 1940, issued its “Section 36 Water Supply System Revenue Bonds” in the amount of $110,000 for improving, enlarging and extending an existing, but inadequate, water supply system. The bonds were in denominations of $1,000 each, with 4%%…