***** 120.15 THIS SECTION IS SUBJECT TO CONDITIONAL REPEAL: See (2) of 120.130 *****
Sec. 15.
Whenever in order to carry out the purposes of this act it becomes necessary to acquire property which cannot be wholly paid for out of any funds which may be available to the commission under the provisions of section 24, the commission is authorized and empowered to issue notes, bonds or other evidences of indebtedness which shall be a lien upon the property to be acquired for such purposes, which lien may be secured by a mortgage, trust deed, or other form of indenture, and is also authorized and empowered to, in the name of the port district, guarantee the payment in whole or in part of any and all such notes, bonds or other evidences of indebtedness according to the terms thereof, or of any mortgage, trust deed or other security issued in connection therewith.
History: 1925, Act 234, Eff. Aug. 27, 1925 ;-- CL 1929, 2304 ;-- Am. 1933, Act 67, Imd. Eff. May 1, 1933 ;-- CL 1948, 120.15 ;-- Am. 1958, Act 178, Imd. Eff. Apr. 18, 1958 ;-- Am. 1966, Act 318, Eff. Mar. 10, 1967 Compiler's Notes: For repeal of act, see MCL 120.130 and Compiler's note thereto.
Structure Michigan Compiled Laws
Act 234 of 1925 - Port Districts (120.1 - 120.36)
Section 120.1 - Port Districts; Incorporation, Exercise of Powers.
Section 120.4 - Election; Notice, Form of Ballot.
Section 120.5 - Formation; Procedure, Referendum, Effective Date of Creation.
Section 120.8 - Formation of District; Election and Survey Expense.
Section 120.9 - Port Commission, Appointment, Term, Vacancies.
Section 120.10a - Conducting Business at Public Meeting; Notice.
Section 120.11 - Port Commission; Submission of Propositions at Elections, Canvass of Votes.
Section 120.12 - Port Commission; Commissioners, Compensation; Mileage, Expenses.
Section 120.13 - Port Commission; Acquisition of Property.
Section 120.13a - Port Commission; Acceptance of Gifts, Grants or Loan; Approval.
Section 120.14 - Port Districts; Powers.
Section 120.15 - Port District Public Improvement; Issue of Evidence of Indebtedness.
Section 120.17 - Port District Public Improvements; Lands, Leases and Easements.
Section 120.18 - Port District Public Improvements; Streams.
Section 120.19 - Port District Public Improvements; Waterways, Creation.
Section 120.20 - Public Improvements; Income Producing; Payment in Lieu of Taxes.
Section 120.21 - Commodities; Tolls, Fees, Rents; Approval.
Section 120.22 - Lease of Property; Maximum Term, Bond.
Section 120.23 - Sale of Property; Approval.
Section 120.24 - Port Commission; Taxes, Special Assessments; Allocation of Millage.
Section 120.24a, 120.24b - Repealed. 1958, Act 178, Imd. Eff. Apr. 18, 1958.
Section 120.25 - Port Commission; Bond Issues, Limit, Approval by Governing Bodies or Electors.
Section 120.26 - Port Commission; Assistants and Employes.
Section 120.27 - Port Commission; Expenditures, Authority, Bids.
Section 120.28 - Port Commission; Lease of Harbor Area, Rents.
Section 120.29a - Availability of Writings to Public.
Section 120.32 - Power to Borrow in Anticipation of Tax.
Section 120.33 - Fund Created; Special Funds; Disbursement.
Section 120.34 - Annual Reports; Budgets; Budget Committee.
Section 120.35 - Construction of Act.
Section 120.36 - Repealed. 1966, Act 318, Eff. Mar. 10, 1967.