Section 254.361 – Refunding Bonds; Issuance, Purpose.
254.361 Refunding bonds; issuance, purpose. Sec. 1. The state may borrow money and issue its refunding bonds for the purpose of refunding the following outstanding bonds issued by the Mackinac bridge authority, and agency and instrumentality of this state created by Act No. 21 of the Public Acts of the Extra Session of 1950, being […]
Section 254.362 – Refunding Bonds; Amount; Application of Funds, Pledge of State Credit, Appropriation.
254.362 Refunding bonds; amount; application of funds, pledge of state credit, appropriation. Sec. 2. The refunding bonds shall be issued in an amount sufficient to pay the costs of refunding of said outstanding bonds, which costs of refunding shall be deemed to include (a) the principal amount of the bonds to be refunded, (b) the […]
Section 254.363 – Refunding Bonds; Issuance and Sale, Terms and Conditions.
254.363 Refunding bonds; issuance and sale, terms and conditions. Sec. 3. The state highway commission, hereinafter sometimes referred to as the commission, may provide by resolution for the issuance and sale of the refunding bonds and for the retirement thereof, and for any other matters in connection with the refunding bonds not inconsistent with the […]
Section 254.364 – Refunding Bonds; Negotiability and Tax Exemption.
254.364 Refunding bonds; negotiability and tax exemption. Sec. 4. Refunding bonds issued under this act shall be deemed to be negotiable instruments under the laws of the state, and the principal of and interest on the bonds is not subject to taxation by the state or any taxing authority therein. History: 1966, Act 13, Imd. […]
Section 254.324b – Mackinac Straits Corridor Authority; Duties; Corridor Authority Board; Members; Terms; Powers.
254.324b Mackinac Straits corridor authority; duties; corridor authority board; members; terms; powers. Sec. 14b. (1) The Mackinac Straits corridor authority is created within the state transportation department. The Mackinac Straits corridor authority is a state institution within the meaning of section 9 of article II of the state constitution of 1963, and an instrumentality of […]
Section 254.324c – Straits Protection Fund.
254.324c Straits protection fund. Sec. 14c. (1) The straits protection fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source for deposit into the straits protection fund. The state treasurer shall direct the investment of the straits protection fund. The state treasurer shall credit to […]
Section 254.324d – Transfer of Funds, Duties, and Powers Related to Utility Tunnel to Corridor Authority Board; Report; Tunnel Agreement; Findings Required; Representation by Attorney General.
254.324d Transfer of funds, duties, and powers related to utility tunnel to corridor authority board; report; tunnel agreement; findings required; representation by attorney general. Sec. 14d. (1) All liabilities, duties, responsibilities, authorities, and powers related to a utility tunnel as provided in section 14a and any money in the straits protection fund shall transfer to […]
Section 254.324e – Funding From Any Source Other Than Straits Protection Fund; Agreement to Accept Liability of Utility Equipment by User of Utility Tunnel; Prohibited.
254.324e Funding from any source other than straits protection fund; agreement to accept liability of utility equipment by user of utility tunnel; prohibited. Sec. 14e. (1) Neither the Mackinac bridge authority nor the Mackinac Straits corridor authority may pay or obligate any money or assets related to the utility tunnel except money that is deposited […]
Section 254.325 – Construction of Act.
254.325 Construction of act. Sec. 15. This act being deemed necessary to the public health, welfare, convenience and prosperity, it shall be liberally construed to effect the intents and purposes hereof. History: 1952, Act 214, Imd. Eff. Apr. 30, 1952
Section 254.326 – Contracts, Books, Maps; Delivery to Authority.
254.326 Contracts, books, maps; delivery to authority. Sec. 16. The state highway department shall transfer and deliver to the authority all contracts, books, maps, plans, papers and records or certified copies thereof, pertaining to the subjects and matters relating to the designing and construction of the bridge, and particularly all such records, maps and papers […]