Revenues Pledged for Payment of Debt Service on Bonds or Notes Subject to Statutory Lien; Substitution of Other Security - Mich. Comp. Laws Section 124.475
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Michigan Laws > Municipalities > Revenues Pledged for Payment of Debt Service on Bonds or Notes Subject to Statutory Lien; Substitution of Other Security - Mich. Comp. Laws Section 124.475
124.475 Revenues pledged for payment of debt service on bonds or notes subject to statutory lien; substitution of other security.
Sec. 25.
The revenues pledged for payment of debt service on bonds or notes shall be and remain subject to a statutory lien until the payment in full of the principal of and interest on the bonds or notes unless the resolution authorizing the bonds or notes provides for earlier discharge of the lien by substitution of other security. The pledge of revenues and any statutory lien that exists for the payment of debt service on bonds or notes shall be effective for all purposes without the delivery of any evidence in this regard or any recording.
History: 1986, Act 196, Imd. Eff. July 10, 1986
Section: 124.468 124.469 124.470 124.471 124.472 124.473 124.474 124.475 124.476 124.477 124.478 124.479 124.501 124.502 124.503
Last modified: March 17, 2013
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