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 or assign the rentals and other revenues of the authority, but shall not convey or mortgage part or all of a project. The trust agreement shall contain provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including convenants setting forth the duties of the authority in relation to the acquisition or construction of a project and the extension, enlargement, improvement, maintenance, operation, repair, and insurance of a project and the custody, safeguarding, and application of all money and may contain provisions for the employment of consulting engineers in connection with the construction and operation of a project. The trust agreement shall set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action by the bondholders and may contain any other provisions the authority may consider reasonable and proper for the security of the bondholders.
History: 1978, Act 639, Imd. Eff. Jan. 11, 1979 Compiler's Notes: See Compiler's note to MCL 120.130.
Structure Michigan Compiled Laws
Act 639 of 1978 - Hertel-Law-T. Stopczynski Port Authority Act (120.101 - 120.130)
Section 120.101 - Short Title.
Section 120.102 - Definitions.
Section 120.103 - Port Authority; Exercise of Powers and Duties; Jurisdiction.
Section 120.106 - Bond of Secretary-Treasurer.
Section 120.107 - Advisory Committees and Councils.
Section 120.108 - Port Authority; Powers Generally.
Section 120.109 - Port Authority; Additional Powers.
Section 120.110 - Port Authority; Additional Powers.
Section 120.111 - Port Authority; Liability.
Section 120.114a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 120.116 - Revenue Bonds; Trust Agreement.
Section 120.117 - Bonds as Securities; Investment; Deposit.
Section 120.119 - Validation of Bonds or Notes; Contesting Validity.
Section 120.120 - Contract for Use of Port Facilities; Increase in Charges; Duration of Contract.
Section 120.121 - Dock, Waterfront, or Riparian Property; Transfer, Possession, or Control.
Section 120.122 - Tax Exemption.
Section 120.124 - Operating Budget.
Section 120.125 - Surplus of Unencumbered Funds; Disposition.
Section 120.126 - Entry on Lands, Waters, and Premises; Purpose; Reimbursement for Actual Damages.
Section 120.128 - Annual Report; Audit.
Section 120.129 - Liberal Construction; Powers Cumulative.
Section 120.130 - Repeal of MCL 120.1 to 120.35; Effective Date of Subsection (1).