Michigan Compiled Laws 451-1994-iii-2-4-the-timber-indu Subpart 7 Bond Issuance Provisions (324.50156...324.50166)

• Section 324.50156 Resolution Authorizing Bonds; Provisions.
  A resolution authorizing bonds to be issued under the power granted in section 50135 may contain provisions, which shall be part of the contract...
• Section 324.50157 Resolution Authorizing Bonds; Principal, Interest, Payment, And Security; Full Faith And Credit; Trustees.
  (1) The bonds shall be payable and secured as set forth in the resolution authorizing the issuance. The resolution may provide that the principal...
• Section 324.50158 Special Debt Service Reserve Fund; Creation; Purpose; Sources And Use Of Money; Transfer Of Income Or Interest; Limitation On Approved Reserve Fund Requirement; Limitation On Issuance Of Bonds.
  (1) A district, with the approval of the department, may create and establish 1 or more special debt service reserve funds, to secure its...
• Section 324.50159 Statement Of Liability On Face Of Bond.
  The state shall not be liable on bonds of a district, and the bonds shall not be a debt of the state. The bonds...
• Section 324.50160 Applicability Of Part And Resolution; Enforcement Of Duties; Recital In Bond As Evidence Of Validity; Publication And Effective Date Of Resolution.
  (1) This part, and the resolution authorizing the issuance of bonds under this part shall remain applicable until the principal and interest on bonds...
• Section 324.50161 Refunding Bonds.
  A district may issue its bonds to refund in whole or part, at any time, bonds previously issued by the district under this part....
• Section 324.50162 Adoption Of Bonds By Resolution Of Majority Of Board; Bonds Subject To Revised Municipal Finance Act.
  The bonds of a district shall be authorized by resolution adopted by a majority of the board. The bonds are subject to the revised...
• Section 324.50163 Pledge And Lien Of Pledge Valid And Binding; Recordation Not Required.
  A pledge made by a district shall be valid and binding from the time the pledge is made. The money or property pledged and...
• Section 324.50164 Liability On Bonds.
  Neither the members of the board of a district nor a person executing the bonds is personally liable on the bonds or subject to...
• Section 324.50165 Pledge And Agreement Of State Not To Impair Rights And Remedies Of Bondholders; Bonds As Negotiable Instruments; Bonds As Securities; Investment In Bonds.
  (1) The state pledges and agrees with the holders of bonds issued under this part that the state will not limit or alter the...
• Section 324.50166 Exemption From Taxation.
  The state covenants with the purchasers and all subsequent holders and transferees of bonds issued under this part, in consideration of the acceptance of...

Last modified: October 10, 2016