Michigan Compiled Laws, Chapter 211. Taxation of Real and Personal Property § 211.402

Sec. 2. On and after the effective date of this act, the governing body of any municipality, by resolution, is hereby authorized to provide that general obligation bonds and coupons and other obligations of the municipality, either due or to become due, may be accepted at par in full or partial payment of taxes levied by such municipality which were delinquent prior to March tenth, 1935, and to provide that bonds and coupons issued by the Home Owners Loan Corporation in the refinancing of a mortgage by such corporation may be accepted on such basis as the resolution shall provide in full or partial payment of taxes levied by such municipality which were delinquent prior to March 10, 1935, against the property encumbered by said mortgage.