Michigan Compiled Laws
451-1994-III-2-4-THE-TIMBER-INDUSTRY-501-7 - Subpart 7 Bond Issuance Provisions (324.50156...324.50166)
Section 324.50164 - Liability on Bonds.

Sec. 50164.
Neither the members of the board of a district nor a person executing the bonds is personally liable on the bonds or subject to personal liability or accountability by reason of the board's issuance or the person's execution of the bonds.
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.