30 chapters · 3,111 sections in this title.
Mich. Comp. Laws § 324.21532 Contract with holders of bonds or notes; provisions.
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Sec. 21532. A resolution authorizing bonds or notes may provide for all or any portion of the following that shall be part of the contract with the holders of the bonds or notes: (a) A pledge to any payment or purpose of all or any part of the fund or authority revenues or assets…
Mich. Comp. Laws § 324.21533 Pledge as valid and binding; lien.
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Sec. 21533. A pledge made by the authority is valid and binding from the time the pledge is made. The money or property pledged by the authority is immediately subject to the lien of the pledge without a physical delivery or further act. The lien of a pledge is valid and binding …
Mich. Comp. Laws § 324.21534 Disposition of proceeds.
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Sec. 21534. The proceeds of bonds or notes issued pursuant to this part shall be deposited into the fund or bond proceeds account as authorized or designated by resolution indenture or other agreement of the authority.
Mich. Comp. Laws § 324.21535 Personal liability.
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Sec. 21535. A member of the authority, any person executing bonds or notes issued under this part, or any person executing any agreement on behalf of the authority is not liable personally on the bonds or notes by reason of their issuance.