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30 chapters · 3,111 sections in this title.
Mich. Comp. Laws § 324.50512 Security to assure timely payment of bond or note.
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Sec. 50512. (1) The authority may authorize and approve an insurance contract, an agreement for a line of credit, a letter of credit, a commitment to purchase notes or bonds, an agreement to remarket bonds or notes, and any other transaction to provide security to assure timely p…
Mich. Comp. Laws § 324.50513 Bonds or notes; authority of board member, executive director, or other officer of authority.
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Sec. 50513. Within limitations that shall be contained in the issuance or authorization resolution of the authority, the authority may authorize a member of the board, the executive director, or other officer of the authority to do 1 or more of the following: (a) Sell and deliver…
Mich. Comp. Laws § 324.50514 Resolution authorizing bonds or notes; provisions.
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Sec. 50514. A resolution authorizing bonds or notes may provide for all 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 all or any part of authority revenues or assets to which its right then exist…
Mich. Comp. Laws § 324.50515 Pledge.
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Sec. 50515. A pledge made by the authority shall be valid and binding from the time the pledge is made. The money or property pledged and then received by the authority immediately is subject to the lien of the pledge without a physical delivery or further act. The lien of a pled…