Sec. 11g.
The ordinance or resolution authorizing the bonds shall establish a bond and interest redemption fund into which shall be paid all cash rentals required to be paid by the incorporating unit or units under the contract of lease which are pledged for the payment of bonds issued under this act and such other sums as shall be required by the ordinance or resolution to be paid therein and shall establish such other funds and accounts and provide for deposits thereto as the governing body shall prescribe in the ordinance or resolution authorizing the bonds. All moneys in the funds and accounts established by the ordinance or resolution authorizing the bonds, including the proceeds of sale of the bonds, shall be deposited with 1 or more banks designated by the commission. Moneys in the bond and interest redemption fund shall be kept in a separate depository account kept with 1 or more of the banks or trust companies where the principal of and interest on the bonds are payable. Moneys in the several funds and accounts may be invested in United States government obligations or obligations the principal of and interest on which are guaranteed by the United States government or in interest bearing time deposits as shall be determined by the commission in the ordinance or resolution authorizing the bonds.
History: Add. 1973, Act 110, Imd. Eff. Aug. 19, 1973
Structure Michigan Compiled Laws
Chapter 123 - Local Government
Act 31 of 1948 (1st Ex. Sess.) - Building Authorities (123.951 - 123.965)
Section 123.952 - Joint Buildings and Parking Lots; Authorities; Incorporation; Purposes.
Section 123.953 - Incorporating Unit; Definition.
Section 123.954 - Incorporation of Authority; Procedure.
Section 123.955b - Board of Commissioners; Compensation, per Diem, Mileage.
Section 123.957 - Building Authority; Body Corporate; Powers.
Section 123.958c - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 123.959 - Building Authority; Acquisition of Property, Condemnation.
Section 123.960 - Amendment of Articles of Incorporation.
Section 123.961b - Ordinance or Resolution Authorizing Issuance of Bonds; Adoption; Contents.
Section 123.961c - Repealed. 2002, Act 306, Imd. Eff. May 13, 2002.
Section 123.961d - Bonds; Statutory Lien.
Section 123.961e - Bonds; Use and Disposition of Proceeds.
Section 123.961f - Additional Bonds.
Section 123.961g - Bond and Interest Redemption Fund.
Section 123.961h - Redemption of Bonds Prior to Maturity.
Section 123.961i - Repealed. 2002, Act 306, Imd. Eff. May 13, 2002.
Section 123.961j - Bonds Subject to Revised Municipal Finance Act; Tax Exemption.
Section 123.961k - Repealed. 2002, Act 306, Imd. Eff. May 13, 2002.
Section 123.962 - Tax Exemption for Property.
Section 123.963 - Bonds; Retirement; Conveyance of Title to Property.
Section 123.964 - Construction of Act.
Section 123.965 - Validation of Prior Authorities, Actions, and Bonds.