Section 46.11b - Contract or agreement to purchase lands, property, or equipment; installment payments; limitations(1) A county, by resolution of the county board of commissioners, may enter into a contract or agreement for the purchase of lands, property, or equipment to be used for public purposes and, except as provided in subsection (6), to be paid for in installments over a period of not more than 10 years, or the useful life of the property, whichever is less. A contract or agreement described in this section made before August 21, 1975, is validated and made legal.(2) The aggregate outstanding balance of purchases made by a county pursuant to this section, excluding interest, shall not exceed 1/2 of 1% of the equalized assessed value of real and personal property in the county at the date of the contract or agreement, except that a contract or lease entered into pursuant to Act No. 31 of the Public Acts of the First Extra Session of 1948, as amended, being sections 123.951 to 123.965 of the Michigan Compiled Laws, or a contract or lease entered into with a public corporation or municipality, shall not be included in a calculation of the aggregate outstanding balance.(3) The county board of commissioners shall include in its budget and pay the sum or sums necessary each year to meet the payments of the installments, including interest, when they become due and overdue installments.(4) This section shall not authorize the county board of commissioners to levy taxes in excess of statutory limitations without the approval of the electors.(5) The limitations imposed in this section shall not be applicable to a contract for purchase of land declared surplus by the United States government or any of its agencies.(6) The installments for a contract or agreement to purchase lands, property, or equipment may be for a period of not more than 15 years if all of the following conditions are satisfied: (a) The lands, property, or equipment is entirely within the county.(b) The lands, property, or equipment is purchased from a city which is entirely within the county.(c) The lands, property, or equipment is used for airport purposes.(d) The purchase is made after June 30, 1983, and before July 1, 1984.Add. 1975, Act 206, Imd. Eff. 8/21/1975 ;--Am. 1983, Act 142, Imd. Eff. 7/18/1983.