Sec. 12a.
A municipality contracting with the authority, either under section 7, section 10, or section 12, as additional security for the payment of its contractual obligations, may by resolution of its governing body, irrevocably pledge its full faith and credit, and may further irrevocably pledge not to exceed 25% of the money derived from the state sales tax levied pursuant to law, and from time to time returned to it under section 10 of article 9 of the state constitution of 1963, to the payment of its contractual obligations. The resolution may also authorize and direct the county treasurer or other official charged with the disbursement of those funds, to withhold and pay over to the authority sufficient of the money to make up any deficiency in funds to meet its contractual obligations.
History: Add. 1957, Act 299, Imd. Eff. June 19, 1957 ;-- Am. 1981, Act 154, Imd. Eff. Nov. 19, 1981
Structure Michigan Compiled Laws
Act 233 of 1955 - Municipal Sewage and Water Supply Systems (124.281 - 124.294)
Section 124.281 - Definitions.
Section 124.283 - Joint Authority; Articles of Incorporation, Contents.
Section 124.284 - Authority as Municipal Authority and Public Body Corporate; Powers Generally.
Section 124.284a - Rules and Regulations; Adoption by Resolution; Notice; Effective Date; Summary.
Section 124.284b - Violation of Rule or Regulation; Civil Fine.
Section 124.284c - Prohibitions and Penalties.
Section 124.284e - Discontinuance and Restoration of Service.
Section 124.288a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 124.292 - Financing Project by Issuance of Revenue Bonds; Charges and Rates.
Section 124.294 - Constituent Municipalities; Additional Powers.