Michigan Laws 125.2213 – Revenue bonds
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Terms Used In Michigan Laws 125.2213
- Authority: means a resort district authority created pursuant to this act. See Michigan Laws 125.2202
- Board: means the governing body of an authority. See Michigan Laws 125.2202
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
The authority may borrow money and issue its negotiable revenue bonds for that money pursuant to the revenue bond act of 1933, Act No. 94 of the Public Acts of 1933, being section 141.101 to 141.139 of the Michigan Compiled Laws. Except as otherwise provided in this act, a revenue bond issued by the authority shall not be considered a debt of the township or the state. By majority vote of the members of the township board, the township may make a limited tax pledge of its full faith and credit to support the authority’s revenue bonds.