254.222 Revenue bonds; statement, expenses.
197 words·~1 min read·
/mi/chapter-254/254-222A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
254.222 Revenue bonds; statement, expenses.
Sec. 2.
Revenue bonds issued under the provisions of this act shall not be deemed to constitute a debt of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision, but shall be payable solely from the funds provided therefor from revenues. All such revenue bonds shall contain on the face thereof a statement to the effect that neither the state nor the authority shall be obligated to pay the same or the interest thereon except from revenues of the project and that neither the faith and credit nor the taxing power of the state or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds.
All expenses incurred in carrying out the provisions of this act shall be payable solely from funds provided under the authority of this act and no liability or obligation shall be incurred by the authority hereunder beyond the extent to which moneys shall have been provided under the provisions of this act.
History: 1954, Act 99, Imd. Eff. Apr. 12, 1954