Michigan Compiled Laws
451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166)
Section 324.50159 - Statement of Liability on Face of Bond.

Sec. 50159.
The state shall not be liable on bonds of a district, and the bonds shall not be a debt of the state. The bonds shall contain on their face a statement to that effect.
History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 324 - Natural Resources and Environmental Protection

Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)

Article III - Natural Resources Management (324.30101...324.83109)

451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)

451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)

451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)

451-1994-III-2-4-THE-TIMBER-INDUSTRY-501 - Part 501 Forest Improvements (324.50101...324.50166)

451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166)

Section 324.50156 - Resolution Authorizing Bonds; Provisions.

Section 324.50157 - Resolution Authorizing Bonds; Principal, Interest, Payment, and Security; Full Faith and Credit; Trustees.

Section 324.50158 - Special Debt Service Reserve Fund; Creation; Purpose; Sources and Use of Money; Transfer of Income or Interest; Limitation on Approved Reserve Fund Requirement; Limitation on Issuance of Bonds.

Section 324.50159 - Statement of Liability on Face of Bond.

Section 324.50160 - Applicability of Part And Resolution; Enforcement of Duties; Recital in Bond as Evidence of Validity; Publication and Effective Date of Resolution.

Section 324.50161 - Refunding Bonds.

Section 324.50162 - Adoption of Bonds by Resolution of Majority of Board; Bonds Subject to Revised Municipal Finance Act.

Section 324.50163 - Pledge and Lien of Pledge Valid and Binding; Recordation Not Required.

Section 324.50164 - Liability on Bonds.

Section 324.50165 - Pledge and Agreement of State Not to Impair Rights and Remedies of Bondholders; Bonds as Negotiable Instruments; Bonds as Securities; Investment in Bonds.

Section 324.50166 - Exemption From Taxation.