Section 254.231 – Purpose of Project; Taxation.
254.231 Purpose of project; taxation. Sec. 11. The exercise of the powers granted by this act will be in all respects for the benefit of the people of the state, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of […]
Section 254.313 – Repealed. 2005, Act 331, Imd. Eff. Dec. 28, 2005.
254.313 Repealed. 2005, Act 331, Imd. Eff. Dec. 28, 2005. Compiler’s Notes: The repealed section pertained to power of the authority to conduct preliminary examinations and provisions relating to appropriations.
Section 254.232 – Bonds Made Securities.
254.232 Bonds made securities. Sec. 12. Bonds issued by the authority under the provisions of this act are hereby made securities in which all banks, bankers, savings banks, trust companies, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an […]
Section 254.314 – Mackinac Bridge Authority; Bridge Construction, Bond Proceeds; Property Acquisition and Condemnation, Surveys, Easements.
254.314 Mackinac bridge authority; bridge construction, bond proceeds; property acquisition and condemnation, surveys, easements. Sec. 4. The authority is hereby authorized and empowered to construct a suitable bridge (as “construct” and “bridge” are above defined) joining and linking together the upper peninsula and the lower peninsula of Michigan and to operate, maintain, improve and repair […]
Section 254.233 – Revenue Refunding Bonds; Purpose, Regulation.
254.233 Revenue refunding bonds; purpose, regulation. Sec. 13. The authority is hereby authorized to provide for the issuance of revenue refunding bonds of the authority for the purpose of refunding any bonds then outstanding which shall have been issued under the provisions of this act, including the payment of any redemption premium thereon and any […]
Section 254.315 – Revenue Bonds; Purposes; Sale or Exchange of Refunding Bonds; Contracts for Fiscal Agents’ Services; Payment of Principal, Interest, and Redemption Premiums; Serial Bonds or Term Bonds; Statement; Signatures; Negotiability; Tax Exemption; Sale; Approval; Temporary Bonds; Recital; Scope of Section.
254.315 Revenue bonds; purposes; sale or exchange of refunding bonds; contracts for fiscal agents’ services; payment of principal, interest, and redemption premiums; serial bonds or term bonds; statement; signatures; negotiability; tax exemption; sale; approval; temporary bonds; recital; scope of section. Sec. 5. (1) The authority may by resolution of the board provide for the issuance […]
Section 254.234 – Vehicular Traffic Facilities; Covenant With Bondholders; Limitations.
254.234 Vehicular traffic facilities; covenant with bondholders; limitations. Sec. 14. The state of Michigan covenants and agrees with the holders of the bonds issued under the provisions of this act that it will not construct or operate, or permit the construction or operation of, any bridge, tunnel or ferry service for vehicular traffic between the […]
Section 254.316 – Mackinac Bridge Authority; Security, Trust Indenture; Authority, Duties; Annual Audit; Depository; Collateral Security; Approval.
254.316 Mackinac bridge authority; security, trust indenture; authority, duties; annual audit; depository; collateral security; approval. Sec. 6. In the discretion of the board any series of bonds hereunder may be secured by a trust indenture by and between the authority and a corporate trustee, which may be any trust company or bank having the powers […]
Section 254.235 – Authorization for Action; Project Maintenance and Operation, Report to Governor, Failure to Pay Tolls, Surveying.
254.235 Authorization for action; project maintenance and operation, report to governor, failure to pay tolls, surveying. Sec. 15. Any action taken by the authority under the provisions of this act may be authorized by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or […]
Section 254.236 – Bonds; Final Payment; Disposition of Property; Dissolution of Authority; Assumption of Powers and Responsibilities; Use of Property and Funds; Surveys and Studies; Availability of Data.
254.236 Bonds; final payment; disposition of property; dissolution of authority; assumption of powers and responsibilities; use of property and funds; surveys and studies; availability of data. Sec. 16. (1) When all bonds issued under this act in connection with the project and the interest on those bonds is paid or a sufficient amount for the […]