Section 120.127 – Employees of Port Authority; Transfer and Payment of Sick Leave and Annual Leave; Salary Rate; Job Seniority and Pension Rights.
120.127 Employees of port authority; transfer and payment of sick leave and annual leave; salary rate; job seniority and pension rights. Sec. 27. (1) The employees of an authority, existing on the effective date of this act, of a city or county which creates or participates in an authority created under this act shall become […]
Section 120.128 – Annual Report; Audit.
120.128 Annual report; audit. Sec. 28. An authority shall make an annual report of its activities within 3 months after the close of its fiscal year to the governor and to the governing body of each constituent unit. The report shall include a complete operating and financial statement covering its operations during the year. The […]
Section 120.114 – Revenue Bonds; Applicability of Revenue Bond Act; Revenue Bonds Payable Solely From Revenues or Income.
120.114 Revenue bonds; applicability of revenue bond act; revenue bonds payable solely from revenues or income. Sec. 14. (1) An authority may provide by resolution for the issuance of revenue bonds of the authority for the purpose of providing funds for paying the cost of port facilities, or for paying the cost of an extension, […]
Section 120.114a – Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
120.114a Violation of MCL 168.1 to 168.992 applicable to petitions; penalties. Sec. 14a. A petition under section 14, including the circulation and signing of the petition, is subject to section 488 of the Michigan election law, 1954 PA 116, MCL 168.488. A person who violates a provision of the Michigan election law, 1954 PA 116, […]
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 […]