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Code · Michigan · Chapter 141 — Municipal Financing

141.1158b Amount held in trust.

82 words·~1 min read·/mi/chapter-141/141-1158b

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141.1158b Amount held in trust.
Sec. 8b.
Notwithstanding any ordinance of a city levying the tax or any other provision of this act, any utility, resale customer, other entity, or person that collects a tax or any money represented to be a tax authorized under this act holds the amount so collected in trust for the benefit of the city, or for bondholders secured by a pledge with a lighting authority.
History: Add. 2012, Act 393 , Imd. Eff. Dec. 19, 2012
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