Michigan Compiled Laws
Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)
Section 141.109 - Statutory Lien on Net Revenues; Duration; Enforcement.

Sec. 9.
The net revenues which are pledged shall be and remain subject to the statutory lien until the payment in full of the principal of and interest upon the bonds unless the authorizing ordinance provides for earlier discharge of the lien by substitution of other security. The holder of the bonds, representing in the aggregate not less than 20% of the entire issue then outstanding, may protect and enforce the statutory lien and enforce and compel the performance of all duties of the officials of the borrower, including the fixing of sufficient rates, the collection of revenues, the proper segregation of revenues, and the proper application of the revenues. The statutory lien shall not be construed to give a holder or owner of a bond or coupon authority to compel the sale of the public improvement, the revenues of which are pledged to the improvement.
History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.109 ;-- Am. 1978, Act 216, Imd. Eff. June 5, 1978

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 141 - Municipal Financing

Act 94 of 1933 - The Revenue Bond Act of 1933 (141.101 - 141.140)

Section 141.101 - Short Title; Revenue Bond Act of 1933.

Section 141.102 - Construction of Act.

Section 141.103 - Definitions.

Section 141.104 - Municipal Public Improvements; Limitations; Bonds; Acquiring Utility for Supplying Light, Heat or Power; Referendum; Powers Exercised.

Section 141.105 - Estimate of Cost and Period of Usefulness.

Section 141.106 - Ordinances; Adoption; Purpose; Approval or Disapproval; Veto; Effective Date; Referendum; Record; Authentication; Publication.

Section 141.107 - Bonds; Issuance; Form; Term; Interest; Exclusion From Net Bonded Indebtedness; Registration; Pledge of Funds; Statutory First Lien.

Section 141.107a - Powers of Public Corporation in Determining to Issue Bonds; Terms of Payment; Interest; Sale or Remarketing; Tender of Bonds by Holders; Determining Aggregate Authorized Amount of Bonds Outstanding; Remarketing or Resale of Tendere...

Section 141.107b - Delinquent Tax Revolving Fund; Continuation Under MCL 211.87b; Borrowing Money and Issuing Revenue Notes; Order; Delinquent Tax Revenue as Security; Segregated Fund or Account; Requirements Applicable to Notes; Limited Tax Full-Fai...

Section 141.108 - Lien on Revenue in Favor of Bondholders.

Section 141.109 - Statutory Lien on Net Revenues; Duration; Enforcement.

Section 141.110 - Receiverships for Public Improvements.

Section 141.111 - Bonds; Application of Other Laws and Charters.

Section 141.112 - Bonds; Discount; Sale Price; Interest; Competitive or Negotiated Sale; Notice; Publication.

Section 141.112a - Bonds Subject to Revised Municipal Finance Act.

Section 141.112b - Bulletins; Issuance by Department of Treasury.

Section 141.113 - Bonds; Statement on Face of Bond or on Face of Interest Coupon.

Section 141.114 - Bonds; Qualities of Negotiable Instruments.

Section 141.115 - Bonds; Deposit and Investment of Sale Proceeds.

Section 141.116 - Bonds; Use of Sale Proceeds; Cancellation of Bonds Acquired by Purchase; Payment of Capitalized Interest.

Section 141.117 - Bonds; Validity of Signatures.

Section 141.118 - Charges for Services; Providing Medical Care Without Charge or at Reduced Rates.

Section 141.119 - Additional Bonds.

Section 141.120 - Revenue Refunding Bonds.

Section 141.120a - Combined Public Improvements; Bonds; Revenues Pledged; Retirement.

Section 141.120b - Issuance of Revenue Bonds to Retire Outstanding Bonds for Public Improvements; Revenue Refunding Bonds; Noncallable Unmatured Bonds.

Section 141.120c - Parking Revenue Bonds; Special Assessments on Benefited Properties.

Section 141.121 - Rates for Services; Sufficiency; Fixing and Revising; Pledge for Payment of Bonds; Charges for Services as Lien on Premises; Certification of Delinquent Charges; Notice of Tenants' Responsibility for Payment of Charges; Cash Deposit...

Section 141.121a - Issuance of Notes; Requirement That Delinquent Tax Revenues Be Fixed and Sufficient; Statutory Lien.

Section 141.122 - Accounting of Revenues; Order of Priority; Disposition of Surplus.

Section 141.122a - Delinquent Tax Revenues; Statutory Lien; Commingling; Designation of Note and Interest Redemption Account; Set Aside of Reasonable Excess Amount; Reserve; Transfer of Surplus to County General Fund.

Section 141.123 - Appropriation and Use of Revenues for Payment of Operation and Maintenance Expenses; Appropriation and Use of Moneys Raised by Tax Levy.

Section 141.124 - Money in Several Accounts of Public Improvement; Separate Deposit Account; Investment.

Section 141.124a - Deposit Accounts.

Section 141.125 - Fixing Dates of Operating Year for Public Improvement.

Section 141.126 - Receiving Fund Surplus; Deposit.

Section 141.127 - Issuance of Bonds by Public Corporation; Applicable Laws.

Section 141.128 - Effect of Approval Permitting Issuance of Bonds.

Section 141.129 - Service Rates Not Subject to Supervision by State Agency.

Section 141.130 - Books of Record and Account; Annual Audit Report.

Section 141.131 - Redemption of Bonds Before Maturity.

Section 141.132 - Breach of Contract Not Authorized; Pledging of Revenues; Disconnection of Lands Not to Affect Liability Under Bond Issue.

Section 141.133 - Issuance of Bonds Without Submitting Proposition to Voters for Approval; Notice of Intent to Issue Bonds; Petition Requesting Referendum; Special Election; Verification and Rejection of Signatures; Determining Number of Registered E...

Section 141.133a - Validation of Bonds Heretofore Issued.

Section 141.133b - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.

Section 141.134 - Liberal Construction of Act.

Section 141.136 - Immediate Necessity.

Section 141.137 - Condemnation of Property.

Section 141.138 - Trustee; Appointment; Powers and Duties; Pledging of Trust Funds.

Section 141.139 - Water Pollution; Prevention or Abatement; Public Corporation May Accept Grants or Aid From u.s. Government.

Section 141.140 - Allocation System for Private Activity Bonds; Establishment; Purpose; Applicability; Ratification of Prior Allocations; Revocation of Allocation; Applicability of Subsection (1).