Michigan Compiled Laws
Act 235 of 1947 - Joint Water and Sewage Disposal System (123.331 - 123.347)
Section 123.347 - Act Not Deemed Part of Bondholders' Contract; Proceedings Impairing Contracts Prohibited.

Sec. 17.
This act shall not be deemed to be a part of the bond contract between a public corporation hereafter issuing any revenue bonds and the holders of such bonds, and no proceedings shall be taken hereunder which will impair the contract rights of such bondholders.
History: 1947, Act 235, Eff. Oct. 11, 1947 ;-- CL 1948, 123.347

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 123 - Local Government

Act 235 of 1947 - Joint Water and Sewage Disposal System (123.331 - 123.347)

Section 123.331 - Public Corporation; Definition.

Section 123.332 - Water and Sewage Disposal System; Acquisition Through Change of Boundaries; Referendum.

Section 123.333 - Disposal System; Electors' Approval; Ordinance.

Section 123.334 - Disposal System; Joint Board or Commission, Control; Members, Election.

Section 123.335 - Disposal System; Alternative Plans for Division or Operation.

Section 123.336 - Disposal System; Retirement of Bonds; Noncallable Bonds; Bond and Interest Redemption Fund; Payment Priority; Bonds Subject to Revenue Bond Act of 1933.

Section 123.337 - Disposal System; Operation as a Single Unit; Segregation and Disposition of Revenues, Retirement of Bonds.

Section 123.338 - Disposal System; Operation as a Separate Unit After Retirement of Bonds; Collection and Disposition of Revenues.

Section 123.339 - Disposal System; Division Between Public Corporations; Proportionate Share of Expenses or Indebtedness.

Section 123.340 - Disposal System; Operation by Joint Board or Agency as Unit; Fund Payments; Depreciation, Contingent, and Surplus Funds; Revised Municipal Finance Act Inapplicable.

Section 123.341 - Disposal System; Apportionment of Revenues, Debts, Properties; Realty, Purchase, Use.

Section 123.342 - Disposal System Provisions Applicable.

Section 123.343 - Disposal System; Cumulative Effect of Act; Repeal of Authority Granted by Other Law.

Section 123.344 - Disposal System; Joint Acquisition by Public Corporations Under Other Statutes; Contracts.

Section 123.345 - Disposal System; Contracts for Division of Systems Existing or to Be Acquired.

Section 123.346 - Vote or Proceeding by Public Corporation Before Effective Date of Act; Validation.

Section 123.347 - Act Not Deemed Part of Bondholders' Contract; Proceedings Impairing Contracts Prohibited.