Sec. 7.
If there is any default in the payment of principal of or interest on any bond issued hereunder, any circuit court having jurisdiction of the action may appoint a receiver to administer the industrial building and site and any industrial machinery and equipment on behalf of the municipality, with power to charge and collect rents sufficient to provide for the payment of any bonds outstanding, and for the payment of operating expenses and to apply the income and revenue in conformity with this act and the resolution made hereunder.
History: 1963, Act 62, Imd. Eff. May 8, 1963 ;-- Am. 1966, Act 340, Imd. Eff. Sept. 21, 1966
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 62 of 1963 - Industrial Development Revenue Bond Act of 1963 (125.1251 - 125.1267)
Section 125.1251 - Legislative Determination; Short Title.
Section 125.1252 - Definitions.
Section 125.1253 - Powers of Municipality Generally.
Section 125.1255 - Resolution Authorizing Issuance of Bonds; Contents.
Section 125.1256 - Redemption of Bonds.
Section 125.1257 - Default; Receiver.
Section 125.1258 - Repealed. 1966, Act 340, Imd. Eff. Sept. 21, 1966.
Section 125.1259 - Additional Bonds; Refunding Bonds.
Section 125.1260 - Cost of Project.
Section 125.1261 - Taxation of Lessee; Liens; Recovery.
Section 125.1262 - Referendum; Intention to Issue Bonds.
Section 125.1262a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 125.1264 - Sale of Bonds.
Section 125.1265 - Municipalities; Powers as to Industrial Buildings and Machinery.