Sec. 7.
The refunding bonds shall be sold at public sale upon such terms and conditions as shall be determined by the commission with the approval of the state administrative board. The proceeds from the sale of the bonds shall be made available for the redemption of the bonds to be refunded thereby, but in the meantime may be invested in United States government securities redeemable prior to the time the money is necessary for the redemption of the bonds to be refunded.
History: 1966, Act 13, Imd. Eff. Apr. 6, 1966
Structure Michigan Compiled Laws
Section 254.361 - Refunding Bonds; Issuance, Purpose.
Section 254.363 - Refunding Bonds; Issuance and Sale, Terms and Conditions.
Section 254.364 - Refunding Bonds; Negotiability and Tax Exemption.
Section 254.365 - Refunding Bonds; Execution, Officers, Manner.
Section 254.366 - Issuance and Sale of Refunding Bonds; Approval of Board, Commission or Agency.
Section 254.367 - Public Sale; Terms and Conditions; Disposition of Proceeds.
Section 254.368 - Powers of Commission.
Section 254.369 - Repealed. 2005, Act 329, Imd. Eff. Dec. 28, 2005
Section 254.370 - Fixing of Tolls, Fees, Rents, and Charges; Commission Powers, Legislative Intent.
Section 254.371 - Operation of Bridge as Part of State Highway System; Expenses, Tolls and Fees.
Section 254.372 - Employees of Authority; Transfer to Commission, Credit for Time.