Michigan Compiled Laws, Chapter 41. Townships § 41.344

Sec. 14. A township borrowing pursuant to section 13  1 may enter into a contract with the corporation described in section 13 for the issuance and delivery to the corporation or its assigns of self-liquidating and fully negotiable revenue bonds for the repayment of the loan with interest on the bonds not exceeding the legal rate, according to terms and conditions consistent with sections 1 to 20a  2 and agreed upon between the township board and the lending corporation.