Michigan Compiled Laws
451-1994-II-1-SEWAGE-DISPOSAL-AND-WATERWORKS-SYSTEMS-43 - Part 43 Waterworks Systems, Sewers, and Disposal Plants (324.4301...324.4312)
Section 324.4304 - Mortgage Bonds; Manner of Payment; Sinking Fund.

Sec. 4304.
Bonds that are issued and secured by a mortgage on the utility as provided in this part shall not be a general obligation of the local unit of government, but shall be paid only out of revenues received from the service charges as provided in section 4303 or from a sale of the property and franchises under a foreclosure of the mortgage. If a service rate is charged, a sufficient portion shall be set aside as a sinking fund for the payment of the interest on the bonds and the principal of the bonds at maturity.
History: 1994, Act 451, Eff. Mar. 30, 1995 Popular Name: Act 451Popular Name: NREPA

Structure Michigan Compiled Laws