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Code · Michigan · Chapter 123 — Local Government

123.347 Act not deemed part of bondholders' contract; proceedings impairing contracts prohibited.

71 words·~1 min read·/mi/chapter-123/123-347

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123.347 Act not deemed part of bondholders' contract; proceedings impairing contracts prohibited.
Sec. 17.
This act shall not be deemed to be a part of the bond contract between a public corporation hereafter issuing any revenue bonds and the holders of such bonds, and no proceedings shall be taken hereunder which will impair the contract rights of such bondholders.
History: 1947, Act 235, Eff. Oct. 11, 1947 ;-- CL 1948, 123.347
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