Section 254.221 – International Bridge Authority; Definitions.
254.221 International bridge authority; definitions. Sec. 1. As used in this act, the following words have the following meanings, unless the context indicates a different meaning or intent: (a) “Authority” means the international bridge authority of Michigan created by section 2 of 1935 PA 237, MCL 254.202, or, if the authority is abolished, the board, […]
Section 254.222 – Revenue Bonds; Statement, Expenses.
254.222 Revenue bonds; statement, expenses. Sec. 2. Revenue bonds issued under the provisions of this act shall not be deemed to constitute a debt of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision, but shall be payable solely […]
Section 254.223 – International Bridge Authority; Powers and Duties; Value of Assets; Efficiencies.
254.223 International bridge authority; powers and duties; value of assets; efficiencies. Sec. 3. (1) The authority is hereby authorized and empowered to do the following: (a) Adopt bylaws for the regulation of its affairs and the conduct of its business. (b) Adopt an official seal and alter the same at pleasure. (c) Maintain an office […]
Section 254.223a – Expenditure From Bridge Revenues; Purposes; Payment.
254.223a Expenditure from bridge revenues; purposes; payment. Sec. 3a. If taxes or assessments are imposed by law in Canada on the Canadian portion of the project to be paid from bridge revenue under an interlocal agreement entered into pursuant to section 3(p), an equal sum may be expended in Michigan from bridge revenue for purposes […]
Section 254.224 – Real Property; Purchase and Conveyance by City of Sault Ste. Marie; Condemnation Proceedings; Title; Removal of Property.
254.224 Real property; purchase and conveyance by city of Sault Ste. Marie; condemnation proceedings; title; removal of property. Sec. 4. (1) The authority is hereby authorized and empowered to acquire by purchase, whenever it considers such purchase expedient, solely from funds provided under the authority of this act, such lands, structures, property, rights, rights-of-way, franchises, […]
Section 254.225 – Revenue Bonds; Issuance, Principal and Interest Payments, Date, Form, Signatures, Coupon or Registered, Sale, Approval, Proceeds, Use; Interim Receipts or Temporary Bonds.
254.225 Revenue bonds; issuance, principal and interest payments, date, form, signatures, coupon or registered, sale, approval, proceeds, use; interim receipts or temporary bonds. Sec. 5. The authority is hereby authorized to provide for the issuance, at one time or from time to time, of revenue bonds of the authority for the purpose of paying all […]
Section 254.226 – Revenue Bonds; Secured by Trust Agreement, Pledge, Provisions, Indemnifying Bonds, Expenses, Approval.
254.226 Revenue bonds; secured by trust agreement, pledge, provisions, indemnifying bonds, expenses, approval. Sec. 6. In the discretion of the authority the bonds issued under the provisions of this act may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having […]
Section 254.227 – Tolls; Collection; Contracts With Public Utilities; Appropriation of Revenue; Supervision and Regulation; Sinking Fund; Pledge.
254.227 Tolls; collection; contracts with public utilities; appropriation of revenue; supervision and regulation; sinking fund; pledge. Sec. 7. The authority is hereby authorized to fix, revise, charge, and collect tolls for the use of the project, and to contract with any person, partnership, association, or corporation for the placing of telephone, telegraph, pipelines, and electric […]
Section 254.228 – Trust Funds; Depository Acting as Trustee.
254.228 Trust funds; depository acting as trustee. Sec. 8. All moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this act. The resolution authorizing the bonds or the […]
Section 254.229 – Trust Agreement or Resolution; Enforcement.
254.229 Trust agreement or resolution; enforcement. Sec. 9. Any holder of bonds issued under the provisions of this act or any of the coupons appertaining thereto, and the trustee under any trust agreement, except to the extent the rights herein given may be restricted by such trust agreement or the resolution authorizing the issuance of […]