Sec. 10.
If there be any default in the payment of the principal of or interest upon any of said bonds, any court having jurisdiction in any proper action may appoint a receiver to administer and operate on behalf of the borrower, under the direction of said court, any public improvement the revenues of which are pledged to the payment of such principal and interest; and by and with the approval of said court, to fix and charge rates and collect revenues sufficient to provide for the payment of any bonds or other obligations outstanding against the revenues of said public improvement and for the payment of the expenses of operating and maintaining the same and to apply the income and revenues of said public improvement in conformity with this act and the ordinance providing for the issuance of such bonds and in accordance with such orders as the court shall make.
History: 1933, Act 94, Imd. Eff. May 26, 1933 ;-- Am. 1946, 1st Ex. Sess., Act 23, Eff. June 7, 1946 ;-- CL 1948, 141.110
Structure 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 141.105 - Estimate of Cost and Period of Usefulness.
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 141.112a - 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 141.117 - 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 141.120c - Parking Revenue Bonds; Special Assessments on Benefited Properties.
Section 141.122 - Accounting of Revenues; Order of Priority; Disposition of Surplus.
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 141.133a - 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.