Section 120.124 – Operating Budget.
120.124 Operating budget. Sec. 24. (1) The authority shall submit in writing a detailed estimate of the budget required for the business and conduct of an authority’s affairs, initially, for a 2-year period, and annually thereafter to the governing bodies of its constituent units, the department of commerce, and the department of state highways and […]
Section 120.125 – Surplus of Unencumbered Funds; Disposition.
120.125 Surplus of unencumbered funds; disposition. Sec. 25. If at the end of a fiscal year a surplus of unencumbered funds remains after providing for the operating expenses of an authority, the authority may pay that surplus into the general funds of the state and of its constituent units in the same proportion which the […]
Section 120.111 – Port Authority; Liability.
120.111 Port authority; liability. Sec. 11. Except with respect to docks or wharves owned, controlled, or operated by, the authority, this act shall not be construed to impose a duty upon an authority to a person using its waters in regard to the safety thereof, or to render an authority liable for loss of life […]
Section 120.112 – Acquisition of Property by Purchase, Lease, or Condemnation; Sale or Removal of Structures; Sale or Lease of Property.
120.112 Acquisition of property by purchase, lease, or condemnation; sale or removal of structures; sale or lease of property. Sec. 12. (1) An authority may acquire by purchase or lease, when it considers the purchase or lease expedient, lands, structures, property, rights, rights of way, franchises, easements, and other interests in lands as it considers […]
Section 120.113 – Contracts for Acquisition, Improvement, Enlargement, or Extension of Port Facilities; Payment of Cost; Pledge of Full Faith and Credit; Tax Levy; Methods of Raising Funds; Assessment of Costs.
120.113 Contracts for acquisition, improvement, enlargement, or extension of port facilities; payment of cost; pledge of full faith and credit; tax levy; methods of raising funds; assessment of costs. Sec. 13. (1) An authority and 1 or more constituent units may enter into a contract or contracts for the acquisition, improvement, enlargement, or extension of […]
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 […]