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Code · Michigan · Chapter 324 — Natural Resources and Environmental Protection

324.4304 Mortgage bonds; manner of payment; sinking fund.

121 words·~1 min read·/mi/chapter-324/324-4304

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324.4304 Mortgage bonds; manner of payment; sinking fund.
Sec. 4304.
Bonds that are issued and secured by a mortgage on the utility as provided in this part shall not be a general obligation of the local unit of government, but shall be paid only out of revenues received from the service charges as provided in section 4303 or from a sale of the property and franchises under a foreclosure of the mortgage. If a service rate is charged, a sufficient portion shall be set aside as a sinking fund for the payment of the interest on the bonds and the principal of the bonds at maturity.
History: 1994, Act 451, Eff. Mar. 30, 1995
Popular Name: Act 451
Popular Name: NREPA
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