Section 254.158 – Revenue Bonds for Public Works; Sale, Notice; Signature; Report to Administrative Board.
254.158 Revenue bonds for public works; sale, notice; signature; report to administrative board. Sec. 8. Revenue bonds. The commission is hereby authorized to provide by resolution for the issuance of revenue bonds of the state (A) for the purpose of paying the cost as hereinabove defined of any 1 or more public works which said […]
Section 254.159 – Lien on Bond Proceeds.
254.159 Lien on bond proceeds. Sec. 9. Lien upon bond proceeds. All moneys received from any revenue bonds issued pursuant to this act shall be applied solely to the payment of the cost of the works or to the appurtenant sinking fund, and there shall be and hereby is created and granted a lien upon […]
Section 254.160 – Trust Indenture; Collateral Security, Surety Bonds; Expenses.
254.160 Trust indenture; collateral security, surety bonds; expenses. Sec. 10. Trust indenture. In the discretion of the commission, any series or issue of such revenue bonds may be secured by a trust indenture by and between the commission and a corporate trustee, which may be any trust company or bank having the powers of a […]
Section 254.161 – Revenues; Contracts With State Highway Department and Ontario; Elimination of Tolls.
254.161 Revenues; contracts with state highway department and Ontario; elimination of tolls. Sec. 11. Tolls, fees, rents, rates or other charges shall be fixed, charged and collected for the use of such works and shall be so fixed and adjusted, in respect to the aggregate of such tolls, fees, rents, rates or other charges from […]
Section 254.162 – Powers of Commission.
254.162 Powers of commission. Sec. 12. Powers. The commission shall have power to make and enter into all contracts or agreements necessary or incidental to the execution of its powers under this act, and may employ engineering, architectural and construction experts and inspectors and attorneys, and such other employes as may be deemed necessary, and […]
Section 254.163 – Action by Trustee and Bondholders.
254.163 Action by trustee and bondholders. Sec. 13. Action by trustee and bondholders. Any holder of any of such revenue bonds or any of the coupons attached thereto, and the trustee, if any, except to the extent the rights herein given may be restricted by resolution passed before the issuance of the revenue bonds or […]
Section 254.164 – Acceptance of Contributions; Use.
254.164 Acceptance of contributions; use. Sec. 14. Contributions. The commission shall have authority to receive and accept contributions of either money or property or other things of value to be held, used and applied for the purposes in this act provided. The state highway department, subject to the approval of the state administrative board, is […]