Sec. 9.
Lien upon bond proceeds. All moneys received from any revenue bonds issued pursuant to this act shall be applied solely to the payment of the cost of the works or to the appurtenant sinking fund, and there shall be and hereby is created and granted a lien upon such moneys until so applied, in favor of the holders of the bonds or the trustee hereinafter provided for in respect of such bonds.
History: 1935, Act 147, Imd. Eff. June 4, 1935 ;-- CL 1948, 254.159
Structure Michigan Compiled Laws
Act 147 of 1935 - State Bridge Commission; Public Works (254.151 - 254.167)
Section 254.151 - State Bridge Commission; Issuance of Revenue Bonds for Public Works.
Section 254.152 - State Bridge Commission; Definitions.
Section 254.153 - State Bridge Commission; Membership, Oath, Bond.
Section 254.154 - State Bridge Commission; Acquisition of Necessary Property.
Section 254.155 - State Bridge Commission; Purchase of Public Works.
Section 254.156 - Improvement of Public Works.
Section 254.157 - Construction of Public Works; Agreements With Other States and Canada.
Section 254.159 - Lien on Bond Proceeds.
Section 254.160 - Trust Indenture; Collateral Security, Surety Bonds; Expenses.
Section 254.162 - Powers of Commission.
Section 254.163 - Action by Trustee and Bondholders.
Section 254.164 - Acceptance of Contributions; Use.
Section 254.165 - Competing Ferries.