Sec. 15.
Competing ferries. If the commission shall provide for the issuance hereunder of a single issue of revenue bonds for the purpose of paying the cost of constructing a bridge or tunnel and of acquiring a ferry or ferries within 5 miles of the location which shall be selected for such bridge or tunnel, the commission shall not be required to maintain or operate any such ferry but in the discretion of the commission any such ferry, with the appurtenances and property thereto connected and belonging, may be sold or otherwise disposed of or may be abandoned and dismantled whenever in the judgment of the commission it may seem expedient so to do. The proceeds of any sale or disposition of any ferry or ferries shall be paid into the sinking fund hereinabove provided for the bonds.
History: 1935, Act 147, Imd. Eff. June 4, 1935 ;-- CL 1948, 254.165
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.