Section 120.115 – Revenue Bonds; Form; Date; Denomination; Place of Payment; Redemption; Validity of Signature or Facsimile; Issuance in Coupon or Registered Form; Registration, Reconversion, and Interchange of Bonds.
120.115 Revenue bonds; form; date; denomination; place of payment; redemption; validity of signature or facsimile; issuance in coupon or registered form; registration, reconversion, and interchange of bonds. Sec. 15. An authority shall determine the form of the bonds of each series issued pursuant to section 14, including any interest coupons to be attached thereto, the […]
Section 120.116 – Revenue Bonds; Trust Agreement.
120.116 Revenue bonds; trust agreement. Sec. 16. Revenue bonds issued pursuant to this act shall be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company, within or without the state. The trust agreement may pledge […]
Section 120.117 – Bonds as Securities; Investment; Deposit.
120.117 Bonds as securities; investment; deposit. Sec. 17. (1) Bonds issued under this act are securities in which all public officers and public agencies of the state and its political subdivisions and all banks, trust companies, savings and loan associations, investment companies, and others carrying on a banking business, all insurance companies and insurance associations […]
Section 120.118 – Additional Bonds for Acquisition of Port Facilities; Authorization; Resolution; Issuance and Execution of Bonds; Seal; Negotiable Instruments; Maturities; Payment; Tax Exemption; Issuance of Bonds or Notes Subject to Revised Municipal Finance Act.
120.118 Additional bonds for acquisition of port facilities; authorization; resolution; issuance and execution of bonds; seal; negotiable instruments; maturities; payment; tax exemption; issuance of bonds or notes subject to revised municipal finance act. Sec. 18. (1) In addition to the bonds authorized in section 14, bonds may be issued for the purpose of acquiring port […]
Section 120.104 – Port Authority; Incorporation; Recommendations; Articles of Incorporation; Body Corporate and Politic; Public Purpose.
120.104 Port authority; incorporation; recommendations; articles of incorporation; body corporate and politic; public purpose. Sec. 4. (1) A city and county, a combination of counties or a combination consisting of at least 1 city and 1 county, by joint resolution of their respective governing bodies, may request the governor to authorize the incorporation of an […]
Section 120.119 – Validation of Bonds or Notes; Contesting Validity.
120.119 Validation of bonds or notes; contesting validity. Sec. 19. Bonds or notes issued under this act by an authority are validated. An authority acting under this act or any constituent unit, including the county, shall not contest the validity of bonds or notes issued under this act or any contract which provides the security […]
Section 120.105 – Port Authority; Appointment and Terms of Members; Vacancy; Reappointment; Chairperson, Vice-Chairperson, and Secretary-Treasurer; Quorum; Voting; Expenses; Liability.
120.105 Port authority; appointment and terms of members; vacancy; reappointment; chairperson, vice-chairperson, and secretary-treasurer; quorum; voting; expenses; liability. Sec. 5. (1) Except as provided in subsection (5), an authority shall consist of 5 or 7 members as follows: (a) One member shall be appointed by the governor. (b) The remaining members shall be appointed by […]
Section 120.120 – Contract for Use of Port Facilities; Increase in Charges; Duration of Contract.
120.120 Contract for use of port facilities; increase in charges; duration of contract. Sec. 20. Any 1 or more municipalities or other public corporations, either within or without an authority, may contract for the use of port facilities from an authority operating under this act. The charges specified in a contract shall be subject to […]
Section 120.106 – Bond of Secretary-Treasurer.
120.106 Bond of secretary-treasurer. Sec. 6. Before the issuance of any bonds, notes, or other evidences of indebtedness under this act, the secretary-treasurer of an authority shall execute a bond in the penal sum of $100,000.00, conditioned upon the faithful performance of the duties of the office and executed by a surety company authorized to […]
Section 120.121 – Dock, Waterfront, or Riparian Property; Transfer, Possession, or Control.
120.121 Dock, waterfront, or riparian property; transfer, possession, or control. Sec. 21. The governing bodies of constituent units may, by majority vote, and with or without consideration, transfer or cause to be transferred to the authority or may place in its possession and control, by lease, or other contract or agreement, either for a limited […]