Sec. 25.
The revenues pledged for payment of debt service on bonds or notes shall be and remain subject to a statutory lien until the payment in full of the principal of and interest on the bonds or notes unless the resolution authorizing the bonds or notes provides for earlier discharge of the lien by substitution of other security. The pledge of revenues and any statutory lien that exists for the payment of debt service on bonds or notes shall be effective for all purposes without the delivery of any evidence in this regard or any recording.
History: 1986, Act 196, Imd. Eff. July 10, 1986
Structure Michigan Compiled Laws
Act 196 of 1986 - Public Transportation Authority Act (124.451 - 124.479)
Section 124.451 - Short Title.
Section 124.452 - Definitions.
Section 124.454 - Public Authority; Formation by Political Subdivision; Articles of Incorporation.
Section 124.456 - Articles of Incorporation; Contents.
Section 124.459 - Tax Limitations.
Section 124.460 - Validation and Ratification of Acts Taken Before Effective Date of Act.
Section 124.463 - Additional Powers of Public Authority.
Section 124.464 - Additional Powers of Public Authority.
Section 124.465 - Collective Bargaining Agreements; Employees Entering Military Service.
Section 124.466 - Exemption of Public Authority From Certain Acts in Exercise of Powers.
Section 124.467 - Public Transportation Service; Financing.
Section 124.468 - Tax Levy; Collection.
Section 124.469 - Additional Tax Levy.
Section 124.471 - Duties of Public Authority.
Section 124.472 - Notes and Bonds Generally.
Section 124.476 - Investments; Use of Investment Income.
Section 124.477 - Notes and Bonds as Securities.
Section 124.478 - Validation and Ratification of Prior Acts.