Lien on Bond Proceeds - Mich. Comp. Laws Section 254.159
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Michigan Laws > Bridges > Lien on Bond Proceeds - Mich. Comp. Laws Section 254.159
254.159 Lien on bond proceeds.
Sec. 9.
Lien upon bond proceeds. All moneys received from any revenue bonds issued pursuant to this act shall be applied solely to the payment of the cost of the works or to the appurtenant sinking fund, and there shall be and hereby is created and granted a lien upon such moneys until so applied, in favor of the holders of the bonds or the trustee hereinafter provided for in respect of such bonds.
History: 1935, Act 147, Imd. Eff. June 4, 1935
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CL 1948, 254.159
Section: 254.152 254.153 254.154 254.155 254.156 254.157 254.158 254.159 254.160 254.161 254.162 254.163 254.164 254.165 254.166
Last modified: March 17, 2013
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