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

Sec. 50165.
(1) The state pledges and agrees with the holders of bonds issued under this part that the state will not limit or alter the rights vested in a district to fulfill the terms of agreements made with the holders of bonds or in any way impair the rights and remedies of the holders until the bonds, together with the interest on the bonds, with interest on any unpaid installments of interest and all costs and expenses in connection with an action or proceeding by or on behalf of the holders, are fully met and discharged. A district shall include this pledge and agreement of the state in each agreement with the holders of the bonds.
(2) The bonds authorized to be issued by this part are negotiable instruments within the meaning of and for all the purposes of the uniform commercial code, Act No. 174 of the Public Acts of 1962, being sections 440.1101 to 440.11102 of the Michigan Compiled Laws, subject only to the provisions of the bonds for registration.
(3) The bonds of a district are securities in which each public officer or body of the state and each political subdivision of the state; each insurance company and association and any other person carrying on an insurance business; each bank, trust company, savings bank and savings association, savings and loan association, or investment company; each administrator, guardian, executor, trustee, or other fiduciary; and any other person who is authorized to invest in bonds or other obligations of the state, may properly and legally invest funds, including capital, which are either owned or controlled by the person or other entity.
History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA

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.