Section 141.1070 State Pledge to and Agreement With Holders of Bonds or Notes.

MI Comp L § 141.1070 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Sec. 20.

This state pledges to and agrees with the holders of bonds or notes issued under this act that this state shall not limit or restrict the rights vested in the authority by this act to do any 1 or more of the following:

(a) Purchase, acquire, hold, sell, or dispose of municipal obligations or other investments.

(b) Make loans to a governmental unit.

(c) Establish and collect fees or other charges as are convenient or necessary to produce sufficient revenues to meet the expenses of operation of the authority.

(d) Fulfill the terms of an agreement made with the holders of authority bonds or notes, or in any way impair the rights or remedies of the holders of authority bonds or notes until the bonds and notes, together with interest on the bonds or notes and interest on any unpaid installments of interest, and all costs and expenses in connection with an action or proceedings by or on behalf of those holders are fully met, paid, and discharged.

History: 1985, Act 227, Eff. Mar. 31, 1986 ;-- Am. 1988, Act 316, Eff. Sept. 1, 1988 ;-- Am. 2000, Act 416, Imd. Eff. Jan. 8, 2001

Previous Section

Section 141.1069 Purchasing, Holding, Canceling, or Reselling Bonds or Notes of Authority.

Next Section

Section 141.1071 Investment of Sinking Fund, Money, or Other Fund by Banking Business, Insurance Business, or Fiduciary in Bonds or Notes; Bonds or Notes as Security for Public Deposits.