Sec. 50518.
The state pledges to and agrees with the holders of bonds or notes issued under this part that the state shall not limit or restrict the rights vested in the authority by this part to fulfill the terms of an agreement made with the holders of authority bonds or notes, or in any way impair the rights or remedies of the holders of the bonds or notes of the authority until the bonds and notes, together with interest on the bonds or notes and interest on any unpaid installments of interest, and all costs and expenses in connection with an action or proceedings by or on behalf of those holders are fully met, paid, and discharged.
History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA
Structure 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)
Section 324.50501 - Purpose of Part.
Section 324.50502 - Definitions.
Section 324.50506 - Powers of Board.
Section 324.50509 - Bonds and Notes Generally; Expenses; Expenditures.
Section 324.50511 - Refunding Bonds or Notes.
Section 324.50512 - Security to Assure Timely Payment of Bond or Note.
Section 324.50514 - Resolution Authorizing Bonds or Notes; Provisions.
Section 324.50516 - Personal Liability on Bonds or Notes.
Section 324.50517 - Purchasing, Holding, Canceling, or Reselling Bonds or Notes.
Section 324.50518 - Rights and Remedies.
Section 324.50519 - Bonds or Notes as Legal Investments; Security.
Section 324.50521 - Liberal Construction; Broad Interpretation.